PSH to Benefit from Reduction of Performance Fees

LONDON--(BUSINESS WIRE)--Apr. 30, 2026-- Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) today noted the closing of the initial public offering of the common shares of beneficial interest of Pershing Square USA, Ltd. (NYSE:PSUS), a NYSE-listed U.S. fund managed by PSH’s investment manager, Pershing Square Capital Management, L.P. (the “Investment Manager”), as well as the concurrent closing of the initial public offering of the common stock of the Investment Manager’s parent company, Pershing Square Inc. (NYSE:PS).

PSH and its shareholders will benefit from the initial public offering of PSUS, which was completed with an aggregate offering size of $5 billion, since PSH’s amended Investment Management Agreement provides that PSH’s performance fees are reduced by an amount equal to 20% of any management fees that the Investment Manager earns from certain Pershing Square funds – such as PSUS – that do not have performance fees or allocations.

This fee reduction provision was adopted in an amendment to the IMA in February 2024, as previously announced, supplementing an existing fee reduction provision that reduces PSH’s performance fees by an amount equal to 20% of any performance fees and allocation earned by Pershing Square from certain non-PSH funds.

“We are pleased that PSH shareholders will benefit from reduced performance fees going forward as a result of the successful completion of the IPO of PSUS, our new U.S. listed fund,” said Bill Ackman, CEO of Pershing Square Inc. “We believe our newly public management company, PS, has the potential to serve as a platform for other new funds to be launched in the future, which could yield further reductions in PSH’s performance fees.”

Rupert Morley, Chairman of PSH added, “On behalf of the PSH board, I want to congratulate the Investment Manager on its success in completing the IPOs of both Pershing Square USA and Pershing Square Inc. and recognise the positive impact for PSH shareholders. Thanks to the 2024 IMA amendment that introduced a new performance fee offset based on management fees from PSUS and other PS funds, the fees generated by PSUS will enable PSH to generate higher long-term returns, an alignment that grows more valuable as Pershing Square’s AUM grows over time."

This press release does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities.

About Pershing Square Holdings, Ltd.
Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) is an investment holding company structured as a closed-ended fund.

Category: (PSH:Other)

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Source: Pershing Square Holdings, Ltd.