Price Capital Management

The principal is Michael F. Price, who generated his wealth by managing the Mutual Series Fund through his firm, Heine Securities. He sold the business to Franklin Resources in 1996 for roughly $670 million in cash and stock. Price reinvested the proceeds and manages a concentrated pool of capital through his family office, focusing on value equities and distressed credits (per The New York Times and SEC filings from 1996).

The strategy centers on deep-value and special-situations investing: corporate spin-offs, post-bankruptcy reorganizations, and distressed debt exchanges. In private markets, the office provides structured credit and bridge loans to companies undergoing operational or financial restructuring. The public portfolio, when reported through 13F filings, has historically shown concentrated positions in energy, financial services, and post-reorganization equities.

No. Since the sale of Mutual Series, Michael Price has not returned to managing commingled outside capital in a permanent-vehicle format. The office exists solely to manage the personal and family assets of Michael Price and does not operate as a registered investment adviser to third-party clients.

The Price Family Foundation is a separate philanthropic entity that deploys grant capital independent of the investment office, focusing on early childhood education, healthcare, and youth development in both the United States and sub-Saharan Africa. Michael Price serves as Chairman of the foundation, but the foundation does not co-invest alongside the family office.

Price Capital Management does not rely on intermediary-driven deal flow from private equity sponsors or placement agents. Deal sourcing primarily follows the same pattern as the Mutual Series era: screening screens for corporate events (spinoffs, rights offerings, tender offers) and building direct relationships with management teams of distressed or under-followed public companies to structure bespoke private placements.