Pershing Square Holdings, Ltd. (PSH), a closed-ended investment holding company managed by long-time S&C client Pershing Square Capital Management, L.P. (Pershing Square), completed an offering of $500 million of its 5.5% senior notes due 2032. The net proceeds from the offering will be used for general corporate purposes.
Pershing Square, led by its founder and CEO Bill Ackman, is a leading alternative asset manager that manages a concentrated portfolio of investments consisting predominantly of large-cap North American companies. As of September 30, 2025, Pershing Square had $19.2 billion in assets under management attributable to PSH.
PSH, a London Stock Exchange-listed Guernsey company, was established as a source of permanent capital to support Pershing Square’s investment strategy.
The S&C team representing PSH included William Farrar, Cameron Teschuk and Isabelle de Lange. Vanessa Blackmore, Emily Thomson and trainee solicitor Chloe Keung advised on EU and UK law. Jeff Hochberg, Saul Brander and Jeremy Zeitschel advised on tax matters. Saul Brander and Sizhuang Miao advised on ERISA matters.