Bill Ackman's $5 billion IPO, set to debut on the New York Stock Exchange, marks a step towards building a Berkshire Hathaway-style investment platform. The transaction creates two separate entities: closed-end fund Pershing Square USA Ltd., PSUS, and asset manager PershingSquare Inc. The IPO was priced at $50 each and was designed to appeal to both institutional and retail investors. The listing gives public investors their first direct stake in Ackman’s investment platform, which runs a concentrated portfolio of 10 large-cap names. Since inception in 2004, Pershing Squares has generated cumulative net returns of more than 2,600%, outpacing the roughly 836% gain in the S&P 500 over the same period.