Bill Ackman is a self-described ‘Buffett devotee’—and wants his $28 billion Pershing empire to be the ‘modern-day’ Berkshire

Bill Ackman has never been one to temper his ambitions, but by filing to take Pershing Square public, he may have taken the first step toward reaching his biggest goal yet—to create his own “modern-day” Berkshire Hathaway by following in the footsteps of one of the world’s most successful investors, Warren Buffett.

Pershing Square Capital Management on Tuesday filed to be listed on the New York Stock Exchange, marking Ackman’s second attempt to take the company public after an ambitious play to raise $25 billion for the largest closed-end fund IPO in history failed in 2024.

This time around, Ackman lowered his target, aiming to raise between $5 billion and $10 billion. He’s also revamped his approach as he’ll aim to list both the closed-end fund and Pershing Square’s parent company—which will use the tickers PSUS and PS, respectively. To encourage investors, every 100 shares of the closed fund that investors buy will automatically give them 20 free shares of Pershing Square Capital Management. According to the Wall Street Journal, the minimum order size is a relatively accessible $5,000.

Through this approach, Ackman seeks to replicate Buffett’s success ...