Business

The family investment co-investment model gains momentum with latest fundraising success

Goldman Sachs reckons family offices are competing against private equity funds more than ever. A successful fundraising effort by one of the leaders in the family office co-investment area underlines this trend.

Pritzker Private Capital announced it had raised $2.7 billion in a recent fund backed by families and institutions, exceeding its target by $700 million. This makes Chicago-based PPC one of the biggest family investment vehicles anywhere and shows the power of its brand in the private equity and family office world. 

“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 PPC, in a statement. “We believe that family direct investing, with the right strategy and the right team, is an attractive alternative to traditional private equity.”

The success of PPC’s strategy and the growing realisation by family offices that if they are to compete again with the big PE funds, they need to attract outside assets means more single-family offices are following the co-investment model. Kirk Kapital, the Danish family office of Lego heiress Gunhild Kirk Johansen, recently stepped up its efforts to accept outside money, as Family Capital reported earlier this week. 

Carbone told Family Capital that PPC’s commitment to a long-term approach to its investments is proving a big plus in attracting assets. 

“We work in close partnership with our companies to help them execute on their long-term strategies,” he says. “We are careful to appropriately align goals and approaches with our management teams and family partners.”

He added: “To put it simply, our flexible approach means we can help our companies make the right decisions, for the right reasons and for the right duration. This also means we can honour legacies in ways that others in the market cannot, which is very important for both family investors and family-led companies.”

 

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