Hedge fund manager Bill Ackman has filed for a U.S. initial public offering of his investment firm Pershing Square Holdings, seeking to raise up to $10 billion according to regulatory filings.

The IPO would allow public investors to buy shares in Ackman's flagship hedge fund, which has generated significant returns for institutional investors over the years. Pershing Square is known for taking large concentrated positions in companies and pushing for changes to unlock shareholder value.

Ackman, who founded Pershing Square Capital Management in 2004, has become one of the most prominent activist investors on Wall Street. His fund has made high-profile investments in companies including Chipotle, Netflix, and Universal Music Group.

The proposed IPO structure would give retail investors access to Ackman's investment strategy, which has historically been available only to institutional investors and high-net-worth individuals. The filing comes as alternative investment managers have increasingly turned to public markets to raise capital and expand their investor base.

Pershing Square Holdings is already publicly traded on the Euronext Amsterdam exchange, where it has traded at varying premiums and discounts to its net asset value. The U.S. listing would provide American investors with easier access to the fund's shares.