Pritzker Private Capital Raises $3.4 Billion for Latest Fund
The PPC IV fund, which has already made three investments, exceed its initial target of raising $3 billion, according to a statement on on Tuesday. About 17% of the funding came from the firm's members and related entities, with other families and institutional investors from North America, Asia, Europe and Latin America joining in.
The new fund adds to a number of capital raises by Chicago investment firms over the past year. Shore Capital Partners, led by billionaire Justin Ishbia, closed on $1.9 billion for three new funds in October and raised another $450 million for a vehicle investing in the food and beverages space. Mesirow Financial Inc. closed on more than $1.2 billion for its fifth real estate fund in May and Madison Dearborn Partners is seeking $3 billion for its newest fund, Bloomberg reported in March.
PPC, which invests in middle-market companies in North America, mainly in the manufacturing products and services space, was able to close on new funds even if the overall environment for fundraising has become tougher, in part due to high interest rates. The fourth fund also eclipsed the $2.7 billion brought in by the firm's last closing in 2021.
'We sincerely appreciate the continued support from our returning investors and are excited to welcome new investors to the PPC family,' Chief Executive Officer Tony Pritzker said in the statement.
PPC has deployed over $10 billion in total capital to date. The latest fund has invested in three companies already, Chicago-based HeartLand commercial landscaping; Americhem, a chemical manufacturer in Ohio; and Tennessee-based chemical water treatment company Buckman.
Much of the Pritzker family wealth was built on the Hyatt hotel brand, founded by Jay Pritzker, who was JB and Tony's uncle. JB is now focused on his political career and has had no involvement with PCC since 2017.
More stories like this are available on bloomberg.com
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