Pershing Square is an alternative asset management firm founded by Bill Ackman in 2003. The firm runs concentrated, long-term equity portfolios across its investment funds, typically holding 8 to 12 positions at any time in large-cap, North American-listed companies. Pershing Square targets simple, cash-flow-generative businesses and actively engages with management and boards to improve operations and capital allocation — notable examples include Chipotle Mexican Grill and Canadian Pacific Railway. The firm also uses options and credit default swaps as asymmetric hedges against macro risks. Pershing Square manages roughly $30.7B in AUM across three core funds — Pershing Square Holdings (PSH), a closed-end fund listed on the London Stock Exchange; and two private funds, Pershing Square L.P. and Pershing Square International. The firm is also launching Pershing Square USA (PSUS), its first NYSE-listed vehicle open to U.S. retail investors, targeting $5B–$10B in initial capital. Roughly 96% of Fee-Paying AUM is permanent capital, meaning investors cannot redeem at will — a structure that gives Pershing Square stable, compounding AUM without continuous fundraising. The firm earns management fees (1.5%–2.0% of NAV annually) and performance fees on most funds. Pershing Square is also transforming Howard Hughes Holdings, in which it owns ~47%, into a diversified holding company modeled loosely on Berkshire Hathaway, beginning with HHH's acquisition of specialty insurer Vantage Group Holdings. The firm earns advisory fees from HHH under a long-term services agreement and expects to manage Vantage's insurance assets using its core equity strategy.