# Pershing Square Capital Management, L.P.

> 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.

- CRD: 132982
- Filed as: PERSHING SQUARE CAPITAL MANAGEMENT, L.P.
- Also doing business as: PERSHING SQUARE
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: June 3, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/132982
- AdvisorCensus page: https://advisorcensus.com/firm/pershing-square-capital-management-l-p-new-york-ny-132982

## Quick answers

**How is Pershing Square Capital Management, L.P. compensated?**
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.

**Where is Pershing Square Capital Management, L.P. located?**
Pershing Square Capital Management, L.P.'s principal office is in New York, NY, according to its Form ADV.

**Is Pershing Square Capital Management, L.P. registered with the SEC or a state?**
Pershing Square Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 132982.

**How much does Pershing Square Capital Management, L.P. manage?**
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).

**How have Pershing Square Capital Management, L.P.'s assets and staff changed since 2021?**
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.

**What types of clients does Pershing Square Capital Management, L.P. serve?**
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).

**Does Pershing Square Capital Management, L.P. report any disciplinary disclosures?**
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

**What changed in Pershing Square Capital Management, L.P.'s recent Form ADV filings?**
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).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees
- Other

### Regulatory assets under management (Item 5.F)
- Total: $25,061,606,673
- Discretionary: $25,061,606,673
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $5,673,725,492 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $19,387,881,181 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 1 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2004 (21 years)
- Employees: 48 total, 11 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): 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?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): 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?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/132982

### Websites listed on Form ADV (Item 1.I)
- pershingsquareinc.com
- pscmevents.com
- LinkedIn @pershingsquare
- X @BillAckman
- X @PershingSquare
- X @pscmnews
- YouTube @pershingsq

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $14,452,285,927 | 39 | March 31, 2021 |
| October 2022 | $16,798,430,681 | 40 | June 10, 2022 |
| October 2023 | $15,999,539,524 | 39 | May 15, 2023 |
| October 2024 | $18,634,307,414 | 41 | August 15, 2024 |
| October 2025 | $18,251,179,289 | 39 | June 5, 2025 |
| October 2026 | $25,061,606,673 | 48 | June 3, 2026 |

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.

## Changes in the filing (last 12 months)

### July 2026
- 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).

### April 2026
- Employees performing advisory functions went from 10 to 11.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pershing Square Capital Management, L.P. (CRD 132982): Form ADV filing data as of October 2026.