Bill Ackman is pursuing a complex listing strategy for Pershing Square, his London-listed hedge fund. Alongside a NYSE listing of the management company, Ackman proposes raising $5bn to $10bn for a new closed-end fund. For every 100 shares purchased in the fund, investors receive 20 shares in the management company.

This structure provides Ackman with permanent capital, shielding him from redemptions and enabling long-term bets similar to Warren Buffett's model. Pershing Square's assets under management total $30bn, with $20.7bn earning fees, generating $760mn in revenue last year. The firm's lean operation, featuring just 13 stocks like Alphabet and Meta, contrasts sharply with its high fees and staff compensation, including Ackman's $250mn take and $78mn in staff rebates.