Pershing Square Usa, Ltd. · NYSE:PSUS
Pershing Square Usa — IPO Roadshow (July 2024)
22 slides from Pershing Square Usa's IPO roadshow presentation, Jul 9, 2024
Slide 1: Pershing Square USA, Ltd. Initial Public Offering
Pershing Square USA, Ltd. Initial Public Offering July 2024 The information contained in this brochure and in the preliminary prospectus relates to the proposed offering of the common shares of beneficial interest (the “Common Shares”) of Pershing Square USA, Ltd. (“PSUS” or the “Company”) and is no
Slide 2: Pershing Square Capital Management at a glance
As of May 31, 2024. Reflects the net assets of Pershing Square Holdings, Ltd. ("PSH"), Pershing Square, L.P. (“PSLP”), Pershing Square International, Ltd. (“PSI Ltd”) (together, the “Core Funds”) calculated in accordance with GAAP without deducting accrued performance fees, while adding back the val
Slide 3: Cumulative Returns | Illustrative PSLP / PSH
S&P 500 603% 7.0x Illustrative PSLP / PSH Net Return(2) (2.0% Mgmt. Fee only) 3,501% 36.0x PSLP / PSH Net Return(1) (1.5% Mgmt. & 20%/16% Perf. Fee) 2,116% 22.2x Note: All market and return data as of March 31, 2024. Past performance is not necessarily indicative of future results. All investments i
Slide 4: Commitment to Core Investment Principles
Commitment to Core Investment Principles
Slide 5: Pershing Square's Asymmetric Hedging Strategy
Pershing Square’s Asymmetric Hedging Strategy Seek to identify asymmetric payoff structures Limited upfront investment and carrying costs Potential to earn large multiples of cost Limited downside in the event potential risk does not transpire Monetization often provides liquidity during periods of
Slide 6: Alignment of incentives and key features of PSUS
Alignment of incentives: $500 million investment by Pershing Square with a minimum ten-year hold period(1) No corporate or other entity-level taxation(2) Investment flexibility for Pershing Square’s equity & hedging strategy Ability to access low-cost, low-leverage, long-term, investment grade debt(
Slide 7: Permanent Capital Enables Pershing Square's Unique Franchise
Concentration: 12 to 15 holdings(1) of high-quality, large-capitalization, publicly-traded, durable growth companies Ability to effectuate change without paying a control premium Pershing Square’s unique asymmetric hedging strategy Economies of scale: Larger ownership stakes enhance our influence at
Slide 8: PSLP / PSH Net Return since inception
PSLP / PSH Net Return(1) (1.5% Mgmt. & 20%/16% Perf. Fee) Illustrative PSLP / PSH Net Return(2) (2.0% Mgmt. Fee only) Note: All market and return data as of March 31, 2024. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the ris
Slide 9: PSH Net Return since March 2018
PSH Net Return(1) (1.5% Mgmt. & 16% Perf. Fee) Illustrative PSH Net Return(2) (2.0% Mgmt. Fee only) Note: All market and return data as of March 31, 2024. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, includi
Slide 10: Pershing Square Investment Team
Pershing Square Investment Team Employee Education and Summary Prior Experience Career Experience (Years) PS Tenure (Years) Bill Ackman CEO / Portfolio Manager Gotham Partners, Co-Founder and Portfolio Manager (1992 - 2003) M.B.A., Harvard Business School, 1992 A.B., Harvard College, magna cum laude
Slide 11: PSUS Will Have Robust Investor Engagement
PSUS Will Have Robust Investor Engagement Investor Communications Quarterly analyst / investor conference calls Annual Meeting “Investor Day” event & presentation Expected research analyst coverage & index inclusion(2) Twitter / X (Bill has 1.3 million+ followers) for timely investor updates and Q&A
Slide 12: Highly Experienced & Independent Board
Highly Experienced & Independent Board Board Director Summary Experience Barry Barbash Independent Trustee Chairman of the Board Investment Management Consultant & Adjunct Professor of Law at Georgetown Law School Former Partner and Senior Counsel, Willkie Farr and Gallagher LLP (2006 – 2023) Former
Slide 13: PSUS Key Investment Highlights
$500 million investment by Pershing Square, 10+ year hold period(2) No corporate or other entity-level taxation(3) Unique investment strategy of concentrated, core equity holdings and asymmetric hedging Pershing Square has a 20-year investment track record of substantial outperformance Ability to ac
Slide 14: Summary of Offering Terms
Company Pershing Square USA, Ltd. Listing / Symbol New York Stock Exchange / NYSE: PSUS(1) Structure Non-diversified, closed-end management company registered under the 1940 Act Investment Manager Pershing Square Capital Management, L.P. Offering Price US$50.00 per share Management Fee Waived for fi
Slide 15: Supplemental Performance Information
The Company is a newly-organized, non-diversified, closed-end investment company. The performance information presented below is for: (i) Pershing Square Holdings, Ltd. (“PSH”), a Guernsey-registered closed-ended investment fund; (ii) Pershing Square, L.P. (“PSLP”), a private investment fund organiz
Slide 16: Annualized Returns (Supplemental Performance Information)
Annualized Returns As of March 31, 2024 Supplemental Performance Information (Cont’d) As of December 31, 2023 See Index Descriptions on page 19.
Slide 17: Annualized Returns Since PSH Inception
Annualized Returns As of March 31, 2024 Supplemental Performance Information (Cont’d) Since PSH Inception (December 31, 2012) As of December 31, 2023 As of March 31, 2024 See Index Descriptions on page 19.
Slide 18: Annualized Returns Since PSLP and PSIL Inception
Supplemental Performance Information (Cont’d) Annualized Returns Since PSLP Inception (January 1, 2004) As of December 31, 2023 As of March 31, 2024 Since PSIL Inception (January 1, 2005) As of December 31, 2023 As of March 31, 2024 See Index Descriptions on page 19.
Slide 19: Cumulative Returns and Index Descriptions
Supplemental Performance Information (Cont’d) Cumulative Returns Since PSLP Inception (January 1, 2004) and converted to PSH on the Conversion Date As of December 31, 2023 As of March 31, 2024 Index Descriptions The S&P 500 is an unmanaged capitalization-weighted index that measures the performance
Slide 20: Annual Returns
Supplemental Performance Information (Cont’d) Annual Returns See Index Descriptions on page 19.
Slide 21: Risk Considerations
Risk Considerations An investment in the Company carries a number of risks, including the risk that the entire investment may be lost. In addition to all other information set out in the Company’s preliminary prospectus, the following specific factors should be considered when deciding whether to ma
Slide 22: Risk Considerations (Cont'd)
Risk Considerations (Cont’d) Counterparty Risk. The Company will be subject to credit risk with respect to the counterparties to the derivative contracts entered into by the Company. Because derivative transactions in which the Company may engage may involve instruments that are not traded on an exc