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Bill Ackman’s Pershing Square deploys most PSUS IPO capital

Pershing Square says it has deployed more than 95% of PSUS capital across 14 investments since the fund’s roughly $5 billion IPO.

Sunday, August 16, 2026 · Written up by our desk · Fund Industry

Pershing Square, led by billionaire Bill Ackman, said in its second-quarter update that it has deployed more than 95% of the capital from PSUS, its new fund that completed a $5 billion initial public offering and listed on the New York Stock Exchange.

According to the update, the deployment includes six new positions in Visa, Mastercard, Intercontinental Exchange, Netflix, Alcon, and S&P Global, adding to the fund’s overall portfolio of 14 investments.

Ackman attributed the pace of deployments to what he described as an increasingly concentrated stock market, noting that the S&P 500 gained roughly 10% during the first six months of the year, with about 85% of those gains coming from just two sectors, semiconductors and technology hardware and equipment.

Pershing Square also pointed to a wider dispersion in stock performance, saying nearly 40% of S&P 500 companies saw negative share-price performance, and cited its long-term return focus, including a claim of gross return of 20% per annum since inception.

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