Pershing Square Capital Management: Platform Profile

Overview

Pershing Square Capital Management, L.P. is a concentrated public-equity investment manager led by Bill Ackman.

Current legal identity:

• Legal adviser: Pershing Square Capital Management, L.P.
• CRD: 132982
• SEC number: 801-63688
• SEC registered investment adviser: Yes

Current Pershing Square Holdings materials identify PSCM as PSH's investment manager.

May fit better for

• qualified investors seeking concentrated activist/fundamental equity exposure;
• investors comfortable with high portfolio concentration;
• investors seeking asymmetric hedging alongside public equity;
• investors evaluating Pershing Square private vehicles;
• public-market investors considering listed PSH;
• investors who understand that listed and private Pershing Square structures have different terms.

May fit less well for

• investors seeking broad diversification;
• users expecting market-neutral positioning;
• investors who need one universal Pershing Square minimum;
• users who assume PSH's exchange liquidity applies to private funds;
• investors uncomfortable with concentrated single-name risk;
• users who interpret activist engagement as guaranteed value creation.

The current investment style is public equities plus asymmetric hedging

Current first-party homepage:

• Investment style: Public Equities and Asymmetric Hedging

PSH's portfolio is concentrated.

Current March 2026 first-party fact sheet describes the substantial majority of the portfolio as typically concentrated in a limited number of core large-cap positions.

Current August 31 portfolio had 17 long and zero short positions

Current August 31, 2026 report:

• Long positions: 17
• Short positions: 0
• Net equity and debt exposure: 125%
• Portfolio as of: 2026-08-31

These are dated portfolio facts.

Current public total firm AUM is $33.269B

Current August 31, 2026 report:

• PSH AUM: $17.574B
• Total Core Strategy AUM: $23.983B
• Total Firm AUM: $33.269B
• AUM as of: 2026-08-31

The report defines Total Firm AUM using the firm's disclosed methodology.

Regulatory AUM is $25.1B

Form ADV filings show:

• Regulatory AUM: $25.1B
• Regulatory AUM as of: 2026-06-03

The figures use different definitions and dates.

Pershing Square Holdings is a listed closed-ended company

Current first-party materials:

• Listed vehicle: Pershing Square Holdings, Ltd.
• Closed ended: Yes
• LSE listed: Yes
• Public share access: Yes

PSH shares trade in the public market.

The investor experiences:

• market price;
• NAV;
• possible discount/premium;
• listed-market liquidity.

Those are not the same as private fund subscription/redemption terms.

Pershing Square, L.P. carries a $5M regulatory-derived minimum reference

Current public private-fund data:

• Pershing Square LP minimum: $5M
• Pershing Square International minimum: $5M

Firmwide fee percentages are not public universal terms

PSH's own public-company expense economics are product-specific.

Private-fund economics are vehicle-specific.

Current corporate parent does not change the investment adviser identity

Current 2026 disclosures identify Pershing Square Inc. as the parent company of PSH's investment manager.

Assessment

Pershing Square has an unusually important public/private access distinction.

A public investor can buy shares of Pershing Square Holdings through the listed market.

That does not create access to Pershing Square's private funds.

The second major distinction is AUM:

• $33.269B current total firm AUM under Pershing Square's disclosed methodology;
• $25.1B regulatory AUM from the June 2026 Form ADV reference.

Both should remain labeled.