Pershing Square Holdings (LN: PSH) noted the closing of the initial public offering of Pershing Square USA (NYSE: PSUS) with an aggregate offering size of $5 billion. PSH’s amended Investment Management Agreement provides a 20% reduction in PSH performance fees tied to management fees earned by the Investment Manager from funds like PSUS. The amendment, adopted in February 2024, supplements an existing offset that reduces PSH performance fees by 20% of performance fees and allocations earned from certain non-PSH funds. Management says future new funds could yield further fee reductions for PSH shareholders.
Pershing Square (NYSE:PS) and Pershing Square USA (NYSE:PSUS) closed a combined IPO and private placement, generating $5 billion in gross proceeds before fees and offering expenses.
The PSUS and PSI registration statements were declared effective on April 28, 2026, and both classes began NYSE trading on April 29, 2026.