Pritzker Hits Fund III Hard Cap

Pritzker Hits Fund III Hard Cap

Fundraising began in September 2020 and reached its hard cap in just nine months

Pritzker Private Capital (PPC) has closed its oversubscribed third fund, PPC Fund III LP, at its hard cap of $2.7 billion.

PPC III is anchored by capital commitments from both Pritzker family investors and members of the PPC team. Interestingly, and a demonstration of the strong interest in PPC III, investors in PPC II collectively exceeded their prior capital commitments in backing the new fund. Other limited partners in PPC III include family groups and institutional investors from across North America, Europe and Asia.

“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, the chairman and chief executive officer of PPC. “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 has already closed on two transactions for PPC III with investments in ProAmpac, a Cincinnati-headquartered provider of flexible packaging products; and Vertellus, an Indianapolis-headquartered specialty chemicals company.

Fundraising for PPC III began in September 2020 and reached its hard cap of $2.7 billion in 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. According to PPC, its new fund is among the largest family investment vehicles raised in North America.

“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, the president and managing partner of PPC. “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.”

Chicago-based Pritzker Private Capital acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA of more than $15 million. Sectors of interest include manufactured products, services, and healthcare. The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital.

Credit Suisse Securities was the placement agent to PPC on this fundraise and Kirkland & Ellis provided legal services.

© 2021 Private Equity Professional | July 29, 2021

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