Pritzker Alternative Strategies

Paul Carbone, co-founder and president, heads the investment committee. Chairman Tony Pritzker sits on the board, while Shanna Otto manages operations and compliance as COO. The team structure is compact, with senior associates and a principal supporting sourcing, underwriting, and manager relationships.

PAS sources primarily through relationships with emerging managers raising their first three funds and through a network of like-minded family groups. The firm's website emphasizes that these families share investment opportunities and collaborate across deals, creating a collective origination channel that individual allocators would not access alone.

It operates as a fund-of-funds manager built to invest Pritzker family capital, but its structure resembles a club vehicle. The firm pools capital from aligned family groups into funds, co-investments, continuation vehicles, and secondary LP interests, blending the discretion of a single-family office with the syndication features of a multi-family investment platform.

PAS engages in both. Its primary strategy targets fund commitments to lower- and middle-market buyout managers, while its Alpha Products encompass equity co-investments, continuation vehicles, and secondary LP transactions alongside those same managers.

The Pritzker family fortune originates from the Hyatt Hotels chain and the Marmon Group, a diversified industrial conglomerate. The family's business interests have spanned hospitality, manufacturing, and investments over multiple generations, providing the capital base that PAS deploys.