Pritzker Alternative Strategies (PAS) announced it has formed a dedicated family capital investment firm for passive investing in high-quality private equity funds. Chaired by Tony Pritzker, PAS allocates Pritzker family capital to often harder-to-access lower and middle-market private equity funds. Guided by the Pritzker family legacy of building businesses, PAS has extensive family and private equity relationships and a proven private market investing track record.
PAS is headed by Paul Carbone, who helped build Pritzker Private Capital’s (PPC) direct investing franchise over a decade as managing partner before announcing a planned leadership transition in 2022. And PAS is a separate entity from PPC and will operate independently. Trusts for the benefit of Tony Pritzker and his family are committed to making a substantial investment with PAS. Tony Pritzker is not involved in PAS’ day-to-day operations but does serve as Chairman of the Board in a non-investment capacity.
Through a committed investing platform, PAS expects to target limited partner commitments of $10 million to $25 million per underlying fund and $3 million to $7 million per Alpha Product, diversified across the services, technology, value-oriented and healthcare sectors. And Alpha Products that PAS expects to invest in may include equity co-investments, continuation vehicles, secondary LP interests and other specialized opportunities.
In executing its strategy, PAS has already made several funding commitments.
Along with the experience of co-founders Tony Pritzker and Paul Carbone, PAS has created an experienced and culturally aligned team to execute its differentiated strategy.
1.) Shanna Otto has joined as Chief Operating Officer, Chief Compliance Officer and Partner. She leads all internal operations alongside the PAS operations and investment team. Otto joined PAS from Promus, a private investment firm focused on fund and direct investments, where she most recently was CFO.
2.) Jack Farr has joined as Principal – Investments. And he is responsible for executing and overseeing fund and Alpha Product investments. He joined from Pantheon, where he was a senior member of the firm’s U.S. investment team.
3.) Some of the other PAS team members include Jacob Thilman, Senior Associate – Investments, previously at Adams Street Partners; Ruben Torres, Senior Associate – Investments, previously at Northwestern University endowment and GCM Grosvenor; Jessica Hackett, Senior Associate – Finance & Operations, previously at Adams Street Partners; and Angela Baroni, Private Markets Coordinator, with experience at PPC and GTCR.
KEY QUOTES:
“PAS is more than just another investment firm. We believe that family capital has many inherent advantages. Private equity has historically strong performance as an asset class and that passive investing in high-quality private equity funds can represent an attractive investment strategy. At PAS, we will look to collaborate with other family investors as we deliver family capital to the private equity market with experience, discipline and certainty.”
“The private equity market is crowded and complex, and we believe that fund manager selection and partnership are critical to achieving attractive returns. Using our diligent evaluation process, deep market relationships and disciplined portfolio construction, PAS aims to build a diversified portfolio of high-quality funds, particularly in harder to access lower middle-market managers.”
Paul Carbone, Co-Founder and President of PAS, and Chair of the Firm’s Investment Committee
