Earning a royalty on compounding

Through our three permanent capital vehicles, Pershing Square Holdings, Pershing Square USA, and Howard Hughes, we invest in high-quality businesses with dominant and defensive market positions that generate predictable free cash flow streams and have attractive valuations.

About Us

Bill Ackman founded Pershing Square Capital Management in 2003 with a long-term goal of generating the best long-term investment record ever.

With a deep commitment to core investment principles, a unique permanent capital structure, and a family-oriented culture within a lean organizational structure defined by an exceptional team, Pershing Square has become a leading alternative asset management company with $33 billion in total firm AUM.

“Volatility is the enemy of the asset manager with short-term capital, and the friend of the investor with permanent capital.”
-Bill Ackman

Our Story & Evolution

April 2026

Pershing Square executes concurrent Initial Public Offerings of Pershing Square USA (PSUS), marking the company’s first U.S.-listed fund, and Pershing Square Inc. Both entities begin trading on the New York Stock Exchange.

December 2025

HHH announces its intention to acquire Vantage Group Holdings, a leading specialty insurance and reinsurance company, marking a milestone event in the transformation of Howard Hughes into a diversified holding company.

May 2025

PSCM invests $900 million to acquire nine million newly issued shares of Howard Hughes Holdings, bringing Pershing Square’s total ownership to 47% and signifying a first step in HHH’s transformation to a diversified holding company.

June 2024

Pershing Square Capital Management announces the sale of a 10% stake to a group of world-class, long-term investors to help accelerate growth in existing and new strategies.

September 2023

Pershing Square SPARC Holdings, Ltd. (SPARC) announces launch.

December 2020

PSH was added to the FTSE 100 Index achieving a significant milestone for Pershing Square.

July 2020

Pershing Square Tontine Holdings Ltd. (PSTH) shares were admitted to trading on the New York Stock Exchange.

May 2017

PSH shares were admitted to trading on the London Stock Exchange.

October 2014

PSH shares were admitted to trading on Euronext Amsterdam marking Pershing Square Capital Management’s first permanent capital vehicle.

December 2012

Pershing Square Holdings, Ltd. (PSH) commenced investing as a private fund.

January 2005

Pershing Square II, L.P. and Pershing Square International, Ltd. commenced investing.

January 2004

Pershing Square, L.P. commenced investing.

December 2003

Pershing Square Capital Management was formed to serve as an investment adviser. The office was located at 110 East 42nd Street in Pershing Square, the intersection of Park Avenue and 42nd Street in front of Grand Central Station.

Our Strategy

We take a long-term approach to investing with a deep commitment to our core investment principles.

Simple, predictable, free-cash-flow generative

Formidable barriers to entry

Limited exposure to extrinsic factors

Strong financial profile

Minimal capital markets dependency

Large market capitalization

Attractive valuation

Exceptional management and governance

We also seek to opportunistically invest in asymmetric hedges to protect our portfolio against macroeconomic and geopolitical risks and capitalize on market volatility.

Senior Leadership and Investment Team