‘‘Fee-Paying AUM’’ reflects the portion of Total Firm AUM excluding debt that PSCM manages and earns a performance fee and/or management fee from.
“Permanent Capital” reflects the percentage of Fee-Paying AUM, that is not subject to withdrawal or redemption at the option of the fund investor or stockholder.
Note regarding January 2005 under “Our Story & Evolution”: Total assets under management calculated with respect to the funds managed by Pershing Square Capital Management, L.P. at the time, net of any capital redemptions (including crystallized performance fee, if any). Pershing Square II, L.P. was liquidated in 2019.
Note regarding December 2012 under “Our Story & Evolution”: Total assets under assets under management calculated with respect to the funds managed by Pershing Square Capital Management, L.P. at the time, net of any capital redemptions (including crystallized performance fee, if any).
Note regarding July 2020 under “Our Story & Evolution”: PSTH was ultimately liquidated and all capital raised was returned to investors in 2022.
