PPC racks up $2.7bn for third fund

Pritzker Private Capital has closed its third fund at a hard cap of $2.7 billion, beating its $2 billion target. Kirkland & Ellis LLP served as legal counsel to PPC while Credit Suisse Securities (USA) LLC acted as private placement advisor and placement agent for the fund. PPC invests in middle-market companies based in North America, targeting the manufactured products, services and healthcare sectors.

PRESS RELEASE

CHICAGO – July 28, 2021 – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced the final closing of PPC III at its hard cap of $2.7 billion. Oversubscribed and substantially exceeding its original target of $2.0 billion, PPC III is among the largest family investment vehicles raised in North America.

PPC III is anchored by core commitments from certain Pritzker family investors and members of the PPC team, creating strong alignment among the vehicle’s investors. Investor partners in PPC’s predecessor investment vehicle collectively exceeded their prior commitment levels in support of PPC III and are joined by other premier, 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. This differentiated, long-duration capital base provides PPC with significant flexibility regarding investment holding periods and transaction structure. PPC will continue its successful 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. In less than four years, PPC has raised $4.5 billion in total committed capital from certain Pritzker family investors and its other investor partners.

“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 innovates, 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.

About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.