Pritzker Private Capital hires and promotes
Pritzker Private Capital, a US leader in family office direct investing, has strengthened its team through two promotions and three hires.
Michael Nelson has been promoted to take overall charge of manufactured products and services investing, enhancing PPC’s ability to identify and execute new opportunities.
Nelson will remain co-leader of the manufactured division while its operating partner David Gau has been promoted to overall head of operations at PPC. Ryan Roberts continues as co-leader for service companies.
Former investment banker Eric Kieras has been hired as a principal for the services investing. He was previously managing director at JZ Partners which specialises in mid-market deals.
Meghan Slentz has joined PPC as head of partner relations and marketing, including relations with co-investors. She previously worked at Waud Capital and Madison Dearborn.
Carter Cast has signed up as senior adviser. A former chief executive of Walmart.com, he will develop e-commerce, marketing and talent opportunities. He also serves as an operating partner at Pritzker Group Venture Capital
PPC buys mid-market companies in the healthcare sector, as well as manufactured and services. Tony Pritzker, PPC chairman, said: “As a family-owned firm ourselves, we are passionate about building businesses for long-term success. By strengthening PPC’s senior team we are poised to execute on the next phase of our growth as the ideal partner for family and entrepreneur owned businesses in North America.”
Alfred P. Sloan Foundation looks for senior investment specialists
The Alfred P. Sloan Foundation, one of the best-known benefactors in the US, is seeking to boost its investment team by hiring a senior asset allocation specialist.
The initiative coincides with a search by the Gordon and Betty Moore Foundation for an individual qualified to lead a two-year project involved in managing of real assets.
According to consultants moves like these reflect a search for alternatives to bonds following a dramatic fall in yields. Cambridge Associates has said family offices should consider raising their weighting in private assets to 40%. This leads to an asset allocation challenge, as the range of investments increases.
Money is also being redirected to venture capital. The next generation is also pushing for a sustainable investment approach.
Overall this is leading to an uptick in searches, although one recruitment consultant said family offices and foundations already retain more expertise in alternatives than other institutions.
The late Alfred Sloan used to be chief executive at General Motors who established his foundation in 1934. It sets out to fund research and education in science, technology, engineering, mathematics and economics.
Sloan wants to hire an investment director skilled in managing a portfolio diversified across public equity, fixed income, hybrid credit, alternative strategies and private assets. The individual will report to chief investment officer Elizabeth Hewitt who joined Sloan in 2015 from the Robert Wood Johnson Foundation. She was previously at Lazard Asset Management.
He, or she, will work alongside senior investment director William Maslovsky who introduced hedge funds, private credit and hybrid strategies to Sloan’s portfolio mix.
The Moore Foundation was funded by the late Gordon Moore, former chief executive at Intel Corporation, where he predicted the exponential growth of computing power through Moore’s Law.
The foundation invests extensively in science, technology, education and conservation. The two-year project on offer involves managing a global portfolio of real estates, including property, choosing to use funds rather than investing direct.