Pt Capital has held an initial close of its inaugural private equity fund – Pt Arctic Fund I, LP – with $125 million of capital commitments. The firm is targeting $250 million in total commitments.
Pt Capital invests in companies operating in Alaska, Canada, Greenland and Iceland across a range of industries. The firm is led by Hugh Short, CEO, and Mead Treadwell, President. Pt Capital was founded in 2013 and is headquartered in Anchorage (www.ptcapital.com).
Prior to co-founding Pt Capital, Mr. Short was president and CEO of Alaska Growth Capital BIDCO. Prior to his time at Alaska Growth, Alaska Governor Sean Parnell appointed Mr. Short to the Alaska Industrial Development Authority and the Alaska Energy Authority in 2011. Mr. Short also served as the mayor of Bethel, Alaska from 2002 to 2004, and is a board member for Rural Energy Enterprises and United Utilities, a subsidiary of General Communication (NASDAQ:GNCMA). Mr. Short received a bachelor’s in political science from the University of Alaska Anchorage.
Before joining Pt Capital, Mr. Treadwell served as Alaska’s lieutenant governor from 2010 to 2014. He is also a former Chairman of the US Arctic Research Commission – he was appointed to the commission by President George W. Bush – serving from 2006 to 2010. Earlier in his career Mr. Treadwell served in the cabinet of Alaska Governor Wally Hickel.
“The Arctic has seen large economic growth in recent years. GDP in our investment space has grown at a compounded annual growth rate of 5.8% for the last fifteen years, outpacing many emerging markets,” said Mr. Treadwell.
As part of the first close, a group of global investors and Arctic indigenous-owned businesses have committed capital to the new fund. “The general partners’ financial commitment to the fund, about 15 percent of funds raised so far, indicates our belief in the long-term value creation available in the Arctic,” said Mr. Short. “We’re proud to have leveraged local and global investment to bring needed capital to this part of the world.”
According to a 2012 study by Lloyds of London, investment in the Arctic may exceed $100 billion over the next decade, largely in the development of natural resources, services and support, and infrastructure. “Pt Capital connects regional stakeholders, indigenous businesses, and global investors. Due to the team’s Arctic investment experience, we believe that we are positioned to provide attractive returns to our limited partners,” said Mr. Short.
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-19-15