Bill Ackman is negotiating to launch a new Pershing Square fund that will bet on market complacency, per FT.
The strategy mirrors COVID‑19 trades where Ackman spent $27 million on derivatives that generated a $2.6 billion profit after bond market declines.
Pershing Square’s flagship fund fell over 16% by end‑March 2026; the new fund will keep short‑term U.S. debt before larger credit bets.
Pershing Square is listed in Amsterdam, highlighting its public‑company structure for the upcoming fund launch.