Pershing Square Inc.

Pershing Square Inc. is an alternative asset management company that manages pools of permanent capital invested in long-term, high-return investment strategies. The company operates through its wholly owned subsidiary Pershing Square Capital Management (PSCM), which serves as investment manager to its Core Funds — Pershing Square Holdings (PSH, listed on the London Stock Exchange), Pershing Square USA (PSUS, listed on the NYSE), Pershing Square L.P. (PSLP), and Pershing Square International (PSINTL) — as well as Howard Hughes Holdings Inc. (HHH). Revenue is derived from management fees (1.5% annually for PSH and Private Funds, 2.0% annually for PSUS) and performance fees (16% for PSH, 20% for PSINTL) earned above high-water marks. The company completed its IPO and Corporate Conversion in April 2026, transitioning from a limited partnership to a publicly traded Nevada corporation. Growth is driven by long-term compounding of assets under management and the opportunistic launch of new permanent capital vehicles across investment verticals and jurisdictions. A significant portion of performance fee revenue is allocated to CompCo for investment professional compensation and is not available for shareholder dividends. Updated Oct 8, 2026