{
  "crd_number": 132982,
  "slug": "pershing-square-capital-management-l-p-new-york-ny-132982",
  "primary_business_name": "PERSHING SQUARE CAPITAL MANAGEMENT, L.P.",
  "legal_name": "PERSHING SQUARE CAPITAL MANAGEMENT, L.P.",
  "dbas": [
    "PERSHING SQUARE"
  ],
  "city": "New York",
  "state": "NY",
  "country": "United States",
  "cbsa_code": "35620",
  "metro": {
    "cbsa_code": "35620",
    "common_name": "New York",
    "msa_name": "New York-Newark-Jersey City, NY-NJ",
    "path": "/advisors/ny/new-york"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2004-12-02",
  "years_registered": 21,
  "period": "2026-10-01",
  "filing_date": "2026-06-03",
  "carried_forward": false,
  "raum_total": 25061606673.0,
  "raum_discretionary": 25061606673.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 48,
  "advisory_employees": 11,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 0.0,
      "count": 0
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 5673725492.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 19387881181.0,
      "count": 4
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 1
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 3,
  "states_registered": [
    "TX"
  ],
  "websites": [
    "https://linkedin.com/company/pershingsquare",
    "https://pershingsquareinc.com",
    "https://pscmevents.com",
    "https://x.com/BillAckman",
    "https://x.com/PershingSquare",
    "https://x.com/pscmnews",
    "https://youtube.com/@pershingsq"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/132982",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    }
  ],
  "city_as_filed": "NEW YORK",
  "url": "https://advisorcensus.com/firm/pershing-square-capital-management-l-p-new-york-ny-132982",
  "display_name": "Pershing Square Capital Management, L.P.",
  "summary": "Pershing Square Capital Management, L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 3, 2026.",
  "citation": "AdvisorCensus. Pershing Square Capital Management, L.P. (CRD 132982): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Pershing Square Capital Management, L.P. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Pershing Square Capital Management, L.P. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees; other."
    },
    {
      "q": "Where is Pershing Square Capital Management, L.P. located?",
      "a": "Pershing Square Capital Management, L.P.'s principal office is in New York, NY, according to its Form ADV."
    },
    {
      "q": "Is Pershing Square Capital Management, L.P. registered with the SEC or a state?",
      "a": "Pershing Square Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 132982."
    },
    {
      "q": "How much does Pershing Square Capital Management, L.P. manage?",
      "a": "Pershing Square Capital Management, L.P. reports $25,061,606,673 in regulatory assets under management in its Form ADV filing dated June 3, 2026 (100% discretionary)."
    },
    {
      "q": "How have Pershing Square Capital Management, L.P.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Pershing Square Capital Management, L.P.: Regulatory assets under management: $14,452,285,927 in the October 2021 data and $25,061,606,673 in the October 2026 data, up 73%. Total employees: 39 in October 2021 and 48 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Pershing Square Capital Management, L.P. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4); investment companies (1); corporations or other businesses not listed above (1)."
    },
    {
      "q": "Does Pershing Square Capital Management, L.P. report any disciplinary disclosures?",
      "a": "Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/132982"
    },
    {
      "q": "What changed in Pershing Square Capital Management, L.P.'s recent Form ADV filings?",
      "a": "In the July 2026 filing data: Regulatory assets under management went from $19,766,228,425 to $25,061,606,673 (+27%). Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 14452285927.0,
      "total_employees": 39,
      "filing_date": "2021-03-31"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 16798430681.0,
      "total_employees": 40,
      "filing_date": "2022-06-10"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 15999539524.0,
      "total_employees": 39,
      "filing_date": "2023-05-15"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 18634307414.0,
      "total_employees": 41,
      "filing_date": "2024-08-15"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 18251179289.0,
      "total_employees": 39,
      "filing_date": "2025-06-05"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 25061606673.0,
      "total_employees": 48,
      "filing_date": "2026-06-03"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Regulatory assets under management went from $19,766,228,425 to $25,061,606,673 (+27%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 10 to 11."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/pershing-square-capital-management-l-p-new-york-ny-132982.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 5673725492.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 4,
      "fewer_than_5": false,
      "raum": 19387881181.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 1,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports 3 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/132982",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}