Bill Ackman has launched Pershing Square Ventures Ltd., a venture fund structured with permanent capital allowing investments in private companies before their IPO. Unlike a traditional venture fund with a fixed lifespan, this one can hold positions indefinitely, including after portfolio companies go public. Pershing Square conducted a dual IPO in April 2026, raising $5 billion with $2.8 billion coming from a private placement. The fund targets artificial intelligence and biotechnology, two sectors where much of the value creation now occurs in private markets before companies reach public exchanges. This move positions Pershing Square in competition with established crossover funds like Tiger Global, Coatue, Andreessen Horowitz, and Sequoia.
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