Bill Ackman's Pershing Square Plans Evergreen Fund to Offer Retail Access to Pre-IPO Tech Giants

Pershing Square Inc. is preparing to launch Pershing Square Ventures Ltd., an evergreen investment vehicle designed to give retail investors access to late-stage technology startups and pre-IPO equities. According to a shareholder letter co-authored by founder Bill Ackman and Chief Investment Officer Ryan Israel, the firm plans to file paperwork with the U.S. Securities and Exchange Commission, targeting a vehicle launch between the fall and the end of 2026, as first reported by Yahoo Finance.

Structured as a permanent capital vehicle, Pershing Square Ventures will operate without the fixed lifespan typical of traditional venture capital or private equity funds. The evergreen fund framework allows the entity to acquire equity in private tech firms and retain those stakes through and after their initial public offerings, avoiding mandatory liquidity events often dictated by standard fund lifecycles.

The vehicle will be seeded at launch with private assets currently held on Pershing Square's balance sheet, alongside select private investments drawn from Ackman's personal family office. During an earnings call on Aug. 13, Ackman noted that the fund's target deal universe will encompass tech companies valued from several hundred million dollars to decacorns worth more than $10 billion.

During the August call, Ackman pointed to retail investor frustration over missing early valuation creation in major tech firms as a primary motivation for the vehicle, highlighting his firm's private stakes in companies like SpaceX, X, and xAI. "One of the biggest complaints of the average investor today is that while SpaceX is an amazing company and still has a great trajectory, their first chance to invest in SpaceX was at a $1.5 trillion valuation," Ackman said on the call. "I got to invest in SpaceX and X and xAI at much lower valuations. We want to give that opportunity to the average person on the street."

The fund's planned arrival comes during a active window for mega-cap private technology debuts. Artificial intelligence developer OpenAI is seeking to raise more than $60 billion while pursuing a target public valuation of at least $1 trillion. Meanwhile, AI competitor Anthropic filed confidential IPO documentation in June 2026 and is targeting a public debut as early as October at a valuation expectation of $2 trillion or more.

retail demand for pre-IPO technology access has driven several competing products into public markets throughout 2026, including dedicated funds from Robinhood Markets and the Fundrise Innovation Fund. The appetite follows secondary price swings in recent major tech debuts, including SpaceX's public listing on June 12, which priced at $135 per share, rose to $225.64, and subsequently dropped more than 50 percent from its peak before partially recovering.

Pershing Square's broader management portfolio includes Pershing Square USA, a closed-end fund that raised roughly $5 billion and is approximately 95 percent invested in core public tech and financial holdings including Microsoft, Meta Platforms, Netflix, Visa, and Mastercard. In the second quarter of 2026, Pershing Square initiated new public positions in Visa, Mastercard, and Netflix. Shares of Pershing Square (PS) recently traded around $40.83, below their $50 IPO price, compared to a reported net asset value of $50.32 per share.