Simpson Thacher advised Pershing Square Inc. on the combined initial public offering of shares of its common stock (“PSI Shares”) and common shares of beneficial interest (“PSUS Shares") of Pershing Square USA, Ltd. The combined offering raised total gross proceeds of $5 billion (inclusive of the gross commitments of $2.974 billion from a private placement of PSUS Shares and PSI Shares which was settled concurrently with the closing of the combined offering).
The PSUS Shares and PSI Shares began trading on the New York Stock Exchange under the ticker symbols “PSUS” and “PS,” respectively, on April 29, 2026.
Pershing Square Inc. is the parent company of Pershing Square Capital Management, L.P., which serves as investment manager to PSUS, a closed-end investment management company registered under the Investment Company Act of 1940, as amended, as well as Pershing Square Holdings, Ltd., a FTSE 100-listed, closed-end investment company publicly traded on the London Stock Exchange, and Howard Hughes Holdings Inc., a diversified holding company listed on the New York Stock Exchange.
The Simpson Thacher team included Josh Bonnie, Will Golden, Aarthy Thamodaran, Amy Donofrio and Austin Pattan (Capital Markets); Marcy Geller, Caroline Phillips and Benjamin Bressler (Tax); Jamin Koslowe, Tristan Brown, and Mtume Sangiewa (Executive Compensation and Employee Benefits); Charles Mathes, Brandon Adoni and Joshua Traube (Public Company Advisory Practice); James Rapp and Bettina Elstroth (Section 16/Section 13); Matthew Mears (Regulatory); Leah Malone (U.S. Environmental, Social and Governance); Matt Feehily and Carina Mitchell (U.K. Environmental, Social and Governance); Alex Franchilli and Camilla Gelson-Thomas (Intellectual Property); David Blass, Ryan Brizek, Debra Sutter, Andy Madore and Margaret Foster (Registered Funds); Owen Lysak and Jack Harrison (Private Funds); Jonathan Lindabury and Nathan Utterback (Derivatives); and Deborah Harris, Nicholas Westbrook and Luqman Meedin (London – Corporate). Patrick McCamy, Drake Carden and Kelsey Henderson also provided valuable assistance.