Pershing Square plans a permanent capital vehicle targeting pre-IPO investments, aiming to democratize access to high-growth startups.
Billionaire hedge fund manager Bill Ackman announced plans to launch Pershing Square Ventures Ltd., an evergreen fund designed to invest in private companies before they go public. The move addresses retail investor frustration over missing early-stage opportunities like SpaceX, which debuted at a $1.5 trillion valuation.
The fund, slated for an SEC filing by late 2026, will differ from traditional private equity by holding assets indefinitely, including post-IPO. Ackman highlighted the disparity between institutional and retail access to pre-IPO investments during Pershing Square’s earnings call.
Pershing Square Ventures aims to provide average investors exposure to high-growth startups at earlier, lower valuations. The structure avoids forced sales around IPOs, offering long-term holding flexibility.