Bill Ackman Sees Once-in-a-Generation Buying Opportunity as Geopolitical Fears Depress Blue-Chip Valuations

Major tech stocks including Amazon, Alphabet, Meta, Uber, and Brookfield Corp have sold off 20% or more since late February. Bill Ackman believes the best businesses in the world are now at some of the lowest valuations in their history.

The Iran conflict has increased equity risk premiums, driving down large-cap stock prices. Ackman argues the uncertainty will fade, and he’s positioning for a rebound by launching a $5 billion to $10 billion closed-end fund, Pershing Square USA (PSUS), priced at $50 per share. The offering includes $2.8 billion in committed capital from a private placement and targets a 98% permanent capital structure to avoid forced sales during volatility.

For every five PSUS shares purchased, investors receive one free bonus share in Pershing Square Inc, the fund’s management company—a structure Ackman describes as delivering the IPO pop directly to investors. The fund is expected to price April 28. If fully subscribed, Pershing Square’s total assets under management will rise from $20 billion to $30 billion by mid-2026.