Pershing Square (NYSE: PS) held its inaugural earnings call as a public company on [Date], led by Chairman and CEO Bill Ackman. He highlighted the firm’s commitment to growth through existing investments while planning the launch of Pershing Square Ventures in late 2026, which will target investments in private companies valued from hundreds of millions to tens of billions. The venture fund will operate as a permanent-capital vehicle, allowing ongoing investment during a company’s public lifecycle.
During the call, Ackman noted that the U.S. vehicle PSUS has invested approximately 95% of the $5 billion raised, capitalizing on significant market volatility to acquire stocks like Microsoft and Meta at discounted prices. The firm plans to incorporate 15% to 20% investment-grade leverage in PSUS while aiming to improve investor awareness due to its stock trading below net asset value, currently around $50 per share.
Additionally, Pershing Square maintains a policy to return substantial quarterly free cash flow to shareholders via dividends and is exploring opportunities for its SPARC (Special Purpose Acquisition Rights Company) structure to facilitate smoother transactions for private companies entering public markets.
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