Pt Capital has held the initial close of its inaugural private equity fund, Pt Arctic Fund I with commitments of over USD125 million.
Pt Capital, a private equity firm headquartered in Alaska, is focused exclusively on the emerging market of the Arctic. The Fund intends to invest in and grow, companies in Alaska, Canada, Greenland and Iceland in a broad set of industries. A diversified group of global investors and Arctic indigenous-owned businesses have invested in the Fund.
Hugh Short, an Inupiat Eskimo, who serves as the Chairman and CEO, says: "Pt Capital connects regional stakeholders, indigenous businesses, and global investors. Due to the team's Arctic investment experience, we believe that we are positioned to provide attractive returns to our LPs."
Mead Treadwell, President of Pt Capital, says: "The Arctic has seen large economic growth in recent years. GDP in our investment space has grown at a compounded annual growth rate of 5.8 per cent for the last fifteen years, outpacing many emerging markets."
"The General Partners' financial commitment to the Fund, about 15 per cent of funds raised so far, indicates our belief in the long-term value creation available in the Arctic," Short says. "We're proud to have leveraged local and global investment to bring needed capital to this part of the world."
