Pershing Square Capital Management, L.P. filed an initial statement of beneficial ownership for Pershing Square USA, Ltd., which trades under the symbol PSUS. The firm is identified as a director as well as an investment adviser and trustee, and no share transactions are reported in this filing.
Pershing Square USA, Ltd. reported that Chief Investment Officer Ryan Israel became a reporting person by filing an initial Form 3. This filing establishes his status under insider reporting rules and, in this excerpt, shows no reportable transactions or derivative positions.
Pershing Square USA, Ltd. filed an initial Form 3 for President Hakim Ben, which is a required statement of beneficial ownership for insiders. This filing reports no purchases, sales, option exercises, gifts, tax withholdings, or other transactions in the company’s securities.
Pershing Square USA, Ltd. and co-registrant Pershing Square Holdco, L.P. (to become Pershing Square Inc.) filed a Pre-Effective Amendment No. 3 to a Form N-2 registration statement describing a combined offering that pairs an IPO of the Company’s common shares with the initial public offering of PS Inc. The filing states PS Inc. expects to deliver 1 share of PS Inc. common stock for every 5 Common Shares purchased in the Company offering. The amendment revises the exhibit index and files additional exhibits; prospectuses and financial statements are unchanged in this amendment.
Pershing Square USA, Ltd. files an amended Form N-2 to register a public offering of Common Shares as part of a combined transaction with the initial public offering of Pershing Square Inc. The prospectus sets an initial public offering price of $50.00 per Common Share and describes the combined offering mechanics whereby PS Inc. will deliver 1 share of PS Inc. Common Stock for every 5 Common Shares purchased in the public offering. The filing discloses a Combined Private Placement of 56.3 million Common Shares at $50.00 per share, representing aggregate proceeds to the Company of $2.8 billion, and states the Company is seeking an aggregate combined transaction size of at least $5,000,000,000 (with a stated upper intent not to exceed $10,000,000,000 of gross proceeds prior to any overallotment).
The prospectus describes the Manager (Pershing Square Capital Management, L.P.), its assets under management of $26.6 billion ($17.0 billion fee-paying as of March 31, 2026), the Manager’s planned Pershing Square Investment (aggregate $150 million across common shares and $50 million Series A Preferred liquidation preference), the Company’s intended leverage policy (issue of $50 million Series A Preferred and an anticipated long-term debt target of ~15% to low‑20s% debt to total assets), and key risks including no investing history, potential trading at a discount to NAV, leverage risks, counterparty risk, tax and regulatory constraints, and concentration due to the non-diversified structure.