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    <filerInfo>
      <registrantType>IM</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001623624</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <periodOfReport>06/30/2025</periodOfReport>
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      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2025</reportCalendarYear>
      <reportingPerson>
        <name>PSquared Asset Management AG</name>
        <phoneNumber>41 (0)43 5083760</phoneNumber>
        <address>
          <com:street1>DUFOURSTRASSE 43</com:street1>
          <com:city>ZURICH</com:city>
          <com:stateOrCountry>V8</com:stateOrCountry>
          <com:zipCode>8008</com:zipCode>
        </address>
      </reportingPerson>
      <reportInfo>
        <reportType>INSTITUTIONAL MANAGER VOTING REPORT</reportType>
        <confidentialTreatment>N</confidentialTreatment>
      </reportInfo>
      <fileNumber>028-16998</fileNumber>
      <reportingCrdNumber>000172051</reportingCrdNumber>
      <reportingSecFileNumber>802-80066</reportingSecFileNumber>
      <leiNumber>213800R5EKDBNQU86M37</leiNumber>
      <explanatoryInformation>
        <explanatoryChoice>N</explanatoryChoice>
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    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
    </summaryPage>
    <signaturePage>
      <reportingPerson>PSquared Asset Management AG</reportingPerson>
      <txSignature>Gary Penning</txSignature>
      <txPrintedSignature>Gary Penning</txPrintedSignature>
      <txTitle>Chief Operating Officer</txTitle>
      <txAsOfDate>08/14/2025</txAsOfDate>
    </signaturePage>
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