Pershing Square Inc. operates as a leading alternative asset manager, managing approximately $30.7 billion in total assets under management (AUM) as of late 2025. The firm's business model is centered around managing permanent capital vehicles, which account for roughly 96% of its fee-paying AUM. Its primary investment vehicles include the publicly traded closed-end funds Pershing Square Holdings, Ltd. (PSH) and Pershing Square USA, Ltd. (PSUS), as well as private funds like Pershing Square, L.P. and Pershing Square International, Ltd. The company generates revenue primarily through predictable, recurring management fees and performance fees derived from its funds. For the fiscal year 2025, the firm generated approximately $762.5 million in total revenue. Additionally, Pershing Square Inc. earns advisory fees through a long-term services agreement with Howard Hughes Holdings Inc., an operating company in which it holds a significant economic interest. The firm is known for its activist investment approach, frequently engaging with portfolio companies to drive operational and governance improvements. Geographically, its investments are predominantly focused on large-cap, cash-generative businesses in North America.
