Pritzker Private Capital announced today its third fund with $ 2.7 billion, This makes it one of the largest family investment vehicles in North America. This is the latest sign that family offices are playing an increasingly important role in private capital, a trend we’ve covered at length our April cover story.
Known especially in Chicago, the Pritzker family is one of the richest families in the USA and earned a large part of their money by founding the Hyatt Hotels Corp. (NYSE: H). PPC is led by the CEO Tony Pritzker (Brother of the Governor of Illinois) JB Pritzker) and Paul Carbone.
While traditional family offices usually only invest their own money, PPC has developed a club strategy and works with like-minded co-investors to take a common long-term approach to building businesses. In 2020, for example, PPC has. teamed up Concentric Equity Partners and Duchossois Capital Management recapitalize Energy distribution partner (EDP), a propane and light fuel distributor in North America. “EDP is a great local company and we teamed up with two other families from Chicago to close the deal,” Carbone told us.
There is much more to come. Carbone said, “Family direct investing will continue to evolve and alternative strategies across the M&A industry will continue to spread and become more prominent as the industry matures and investors adapt to the demands of a highly competitive market.”
– Demitri Diakantonis