Pershing Square

Pershing Square Capital Management, L.P. is an American hedge fund and alternative asset manager headquartered in New York City. The firm specializes in activist investments, focusing on acquiring significant, long-term minority stakes in a concentrated portfolio of high-quality, large-capitalization, predominantly North American-listed companies. Pershing Square employs a research-intensive, fundamental value investing strategy, often engaging actively with management to catalyze operational and governance changes aimed at unlocking substantial and enduring shareholder value. The firm also utilizes opportunistic asymmetric hedging strategies to mitigate macroeconomic risks and market volatility.

Pershing Square Capital Management, L.P. was founded on January 1, 2004, by Bill Ackman, a prominent hedge fund manager who previously co-founded Gotham Partners. The firm was initially capitalized with Ackman's personal funds and additional capital from Leucadia National. In October 2014, Pershing Square Holdings, Ltd. (PSH), a closed-ended investment fund managed by Pershing Square Capital Management, made its initial public offering on the Euronext Amsterdam, and later listed on the London Stock Exchange in May 2017, though it delisted from Euronext Amsterdam in January 2025.

The firm has a history of high-profile activist campaigns and investments across various sectors. Current and recent portfolio companies include major names such as Alphabet Inc., Amazon.com, Inc., Uber Technologies, Inc., Meta Platforms, Inc., Universal Music Group N.V., Brookfield Corporation, Howard Hughes Holdings Inc., Hilton Worldwide Holdings Inc., and Restaurant Brands International Inc. Historically, Pershing Square has engaged with companies like Wendy's, Herbalife, Chipotle Mexican Grill, and Netflix.

Pershing Square Capital Management is led by its founder and Chief Executive Officer, Bill Ackman, a well-known figure in the investment management industry. The investment team is dedicated to deep research and active ownership to drive value creation within their portfolio companies. Key leadership also includes Ben Hakim as President and Michael Gonnella as CFO. The Board of Directors for Pershing Square Holdings, Ltd. includes Rupert Morley (Chairman), Charlotte Denton (Senior Independent Director), Halit Coussin (Chief Legal Officer and Chief Compliance Officer of PSCM), Andrew Henton, Jean-Baptiste Wautier, and Bilge Ogut.