Pershing Square PS

Pershing Square is a leading alternative asset manager with approximately $30.7 billion in total assets under management and $20.7 billion in fee-paying assets under management as of December 31, 2025. The firm employs a disciplined, research-intensive approach to fundamental value investing, focusing on acquiring long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies with strong financial profiles and exceptional management. Its strategy emphasizes concentrated portfolios, limited trading activity, and constructive engagement with portfolio companies to drive long-term value creation.

Pershing Square generates revenue primarily from predictable and recurring management fees based on net asset value, paid quarterly, and annual performance fees contingent on fund returns exceeding a high-water mark. The firm also earns income from HHH through a quarterly base management fee of $3,750,000 and a quarterly variable fee of 0.375% of HHH’s stock price relative to a reference price. These fee streams are supported by the firm’s permanent capital base, which constitutes 96% of fee-paying assets under management and enables steady, recurring earnings less sensitive to market-driven fundraising cycles.

The company operates through the following segments: Pershing Square Holdings, Ltd. (PSH), Pershing Square, L. P. (PSLP), Pershing Square International, Ltd. (PSINTL), and Pershing Square USA, Ltd. (PSUS).

• PSH: Pershing Square Holdings, Ltd. is a FTSE 100-listed, closed-end investment company publicly traded on the London Stock Exchange, with approximately $15.0 billion in fee-paying assets under management as of December 31, 2025. It accounts for about 73% of the firm’s total fee-paying assets under management and serves as the largest vehicle for Pershing Square’s core investment strategy. PSH invests in long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations.
• PSLP: Pershing Square, L. P. is a private fund with approximately $1.5 billion in assets under management and $648 million in fee-paying assets under management as of December 31, 2025. It follows the same core investment strategy as PSH but is not actively marketed to new investors, remaining open for employees and long-term investors. The fund employs a 20% or 30% performance allocation structure depending on investor election, subject to loss carry forward accounts.
• PSINTL: Pershing Square International, Ltd. is a private fund with approximately $409 million in assets under management and $225 million in fee-paying assets under management as of December 31, 2025. It mirrors the investment approach of PSH and PSLP, focusing on long-term holdings in high-quality companies with strong financials and predictable free cash flow generation. PSINTL charges a management fee of 0.375% quarterly and allocates performance fees based on realized and unrealized gains above a high-water mark.
• PSUS: Pershing Square USA, Ltd. is a non-diversified, closed-end investment company registered under the 1940 Act and expected to be listed on the NYSE following the PSUS IPO. It will serve as the firm’s flagship NYSE-listed permanent capital vehicle, pursuing the same core investment strategy without performance fee compensation. PSUS is designed to be a near-mirror image of PSH but without the regulatory marketing limitations, U. S. ownership restrictions, and unfavorable tax characteristics for U. S. taxpayers.

Pershing Square holds a differentiated position in the alternative asset management industry due to its permanent capital model, with 96% of fee-paying assets under management classified as permanent capital as of December 31, 2025. This structure provides a competitive advantage over peers reliant on fundraising, enabling long-term investment horizons and reduced sensitivity to redemption pressures. The firm’s track record of outperformance, driven by its concentrated portfolio strategy, constructive engagement with portfolio companies, and asymmetric hedging, has demonstrated resilience during bear markets such as the global financial crisis, the COVID-19 pandemic, and the 2022 elevated interest rate environment.

Pershing Square serves a diverse customer base including retail investors, high net worth individuals, family offices, funds of funds, and institutional investors. Its largest vehicle, PSH, is publicly traded on the London Stock Exchange, providing access to a broad range of investors. Following the PSUS IPO, the firm expects to expand its reach to U. S. retail and institutional investors through its NYSE-listed permanent capital vehicle.