Bill Ackman rang the New York Stock Exchange opening bell on Wednesday as he prepared to launch a rare double‑listing strategy. He has secured $5 billion for a new equity fund, Pershing Square USA, which will debut under the ticker PSUS. The companion vehicle, Pershing Square, will trade later that day as “PS.” The move follows his earlier success with Pershing Square Holdings, which attracted institutional backing.

At roughly $5 billion, the offering sits among the ten largest IPOs of the past decade, according to Dealogic data. Analysts note that listing both a hedge‑fund manager and its investment vehicle simultaneously is unprecedented and could spark price swings. Bankers cautioned investors that shares of PSUS and “PS” may experience heightened volatility in early trading, and could influence pricing of future fund IPOs.

Ackman hopes the dual listing will lock in a stable capital base by tapping his social‑media following, yet early subscriber numbers suggest limited retail enthusiasm. Regardless, the simultaneous debut creates a fresh benchmark for activist fund structures and will test market appetite for blended hedge‑fund and public‑stock exposure. Investors will watch closely how the two securities trade relative to each other.