Pershing Square completes IPO, converts to C-corp with $32.5B AUM and 98% permanent capital

Filed August 13, 2026 · Period ending June 30, 2026 · ~2 min read

Key Changes

• high

  Completed IPO on April 30, 2026, converting from Delaware limited partnership to Nevada C-corporation; issued 400M shares with 24.7M distributed to investors for no proceeds. Now subject to federal and state corporate income taxes for the first time.

  Risk Factors: Corporate Conversion verify on EDGAR →
• high

  Manages $32.5B total AUM with 98% classified as permanent capital (not subject to investor withdrawal), differentiating from traditional alternative managers dependent on frequent fundraising cycles.

  Risk Factors: Business Model verify on EDGAR →
• high

  Established $350M senior secured credit facilities ($250M revolver, $100M term loan) maturing April 2029; $234.8M drawn as of June 30, 2026, with financial covenants on leverage ratio and minimum AUM.

  Notes: Credit Facilities verify on EDGAR →