Pritzker Private Capital, a family office, has closed PPC III at its hard cap of $2.7 billion.
PPC III is anchored by core commitments from certain Pritzker family investors and members of the PPC team. Investor partners in PPC’s predecessor investment vehicle collectively exceeded their prior commitment levels in support of PPC III and are joined by other long-term focused family groups and institutional investors from across North America, Europe and Asia.
Consistent with PPC’s strategy of seeking to hold investments for the right duration, PPC III has a longer-term compared to traditional private equity funds. PPC will continue its strategy of deploying capital and operations expertise to partner with family- and entrepreneur-owned businesses in the manufactured products, services and healthcare sectors.
“For nearly 20 years we have pioneered the evolution of family direct investing with a proven track record of building successful businesses,” said Tony Pritzker, chairman and chief executive officer of Pritzker Private Capital. “We are grateful for the trust and continued support of our investor partners. We remain committed to our time-tested values of honesty, integrity and loyalty as we execute on the next phase of our firm’s growth.”
PPC launched its capital raise for PPC III in September 2020 and reached its hard cap of $2.7 billion in approximately nine months. The firm first raised outside capital with the late 2017 launch of PPC II, which closed in July 2018 at its hard cap of $1.8 billion.
“Raising one of North America’s largest family investment vehicles is an important milestone for our franchise and the overall family direct investment market,” said Paul Carbone, president and managing partner of Pritzker Private Capital. “We believe that family direct investing, with the right strategy and the right team, is an attractive alternative to traditional private equity. We will continue connecting family capital with family-owned and founder-led companies to help build leading businesses for sustained success and positive impact.”
Pritzker Private Capital has already completed two investments in PPC III: ProAmpac and Vertellus. ProAmpac engineers and manufactures flexible and sustainable packaging and material science solutions. Vertellus provides specialty products for various consumer goods, food and agriculture, healthcare and industrial markets.
Kirkland & Ellis LLP served as legal counsel to PPC, and Credit Suisse Securities (USA) LLC acted as private placement advisor and placement agent for the investment vehicle.