00:00 Speaker A
So we’re taking actually two companies public. Uh the first one is what we call Pershing Square USA. It’s an investment company. Uh some people call it a fund, we call it an investment holding company, but it’s the company that’s going to deploy capital in minority stakes in public companies.
00:15 Speaker A
We’re going to hedge risk using derivatives, the same strategy that we’ve done at Pershing Square for the last 22 years, but in a low-cost uh public New York Stock Exchange, you know, listed vehicle, uh at the lowest fee structure of any hedge fund in the world. So it will be uh become our sort of benchmark uh investment vehicle in our in our home market.
00:37 Speaker A
And if you have $50, you can buy one share and you can invest with us and you invest in the same companies in the same proportion as capital we manage for uh investors who have billions and billions of dollars.
00:50 Speaker A
That’s what we call Pershing Square USA. It’s part of the IPO, people got a what we call a gift with purchase, something called Pershing Square Inc. and Pershing Square Inc, the best analogy would be a Blackstone or a KKR or an Apollo, a so-called alternative asset management firm.
01:07 Speaker A
We’re taking it public almost like in a direct listing. And that business itself is also a very interesting business because it receives the fees from the funds that we manage and as our assets grow with performance and compounding, the assets under management and the fees grow over time.
01:23 Speaker A
So it’s a asset light, very fast growing uh business. Uh and it’s a business that actually does not need to reinvest capital into the business so we can pay very significant dividends. So that’s a very interesting operating business.
01:38 Speaker A
It’s the company I work for, the company I’m CEO of. And then this investment company, uh PSUS or Persian Square USA, is a US version of what today we only manage money uh in offshore funds. It’s our first US listed vehicle.
01:54 Speaker A
And it’s the first hedge fund, if you think about it as a hedge fund, it’s the first hedge fund that doesn’t charge a performance fee. And if you look at our record over uh 22 years, it’s been a 19% compounded return. And since we’ve had permanent capital over the last eight years, it’s been a 24.9% annual annualized return. So it’s been a high performance investment vehicle now available to the average investor.