Pritzker Private Capital (PPC), the investment firm founded by billionaire Illinois Governor JB Pritzker and his brother Tony Pritzker, has closed its fourth fund at a record $3.4 billion, surpassing the initial $3 billion target.
According to the company’s statement on Tuesday, around 17% of the capital came from firm members and related entities, while the rest was contributed by families and institutional investors across North America, Asia, Europe, and Latin America. The new fund has already made three investments.
The fundraising marks one of the largest by a Chicago-based private equity firm in recent times. Last year, Shore Capital Partners, led by billionaire Justin Ishbia, secured $1.9 billion across three funds and an additional $450 million for food & beverage investments. Similarly, Mesirow Financial raised $1.2 billion for its fifth real estate fund, while Madison Dearborn Partners is targeting $3 billion for its next vehicle, Bloomberg reported earlier.
Despite tighter fundraising conditions globally due to high interest rates, PPC’s latest fund has exceeded its 2021 close of $2.7 billion.
“We sincerely appreciate the continued support from our returning investors and are excited to welcome new investors to the PPC family,” said Tony Pritzker, CEO of PPC.
PPC, which focuses on middle-market investments in North America—particularly in manufacturing, products, and services—has already invested from the new fund in HeartLand (commercial landscaping, Chicago), Americhem (chemical manufacturer, Ohio), and Buckman (chemical water treatment, Tennessee).
To date, the firm has deployed over $10 billion in total capital. Much of the Pritzker family fortune traces back to the Hyatt Hotels empire, founded by JB and Tony’s uncle, Jay Pritzker. While JB Pritzker is currently focused on politics, he has not been involved in PPC since 2017.
