# P.W.B.

P.W.B. is a RIA based in Minneapolis, United States.

## Overview

- **Organization type:** RIA
- **Headquarters:** Minneapolis, United States
- **Region:** North America
- **Address:** Minneapolis, MN, United States
- **Founded:** 1992
- **Assets under management:** $1B - $5B (Altss estimate)

## Regulatory record

- **CRD number:** 123258
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/123258

## About

P.W.B., INC. is a state-registered investment adviser with approximately $4 million in regulatory assets under management. The firm advises clients on investment matters. It is subject to SEC oversight.

## Sectors

- Private Credit
- Real Estate
- Hedge Funds
- Private Equity
- Venture Capital

## People

- Whitney MacMillan — Former Chairman & CEO, Cargill; principal, P.W.B.
- W. Duncan MacMillan — Director, Cargill; principal, P.W.B.

## Questions

### Does P.W.B. invest in direct deals or only through third-party funds?

P.W.B. employs both strategies. It makes direct investments in private credit and real estate, while also committing capital as a limited partner to external private equity, venture capital, and hedge fund managers. This hybrid approach allows the office to blend co-investment economics with diversified access to top-tier GPs.

## Related profiles

- [Stonebrook Capital Management](https://altss.com/profile/stonebrook-capital-management-inc)
- [Mighty Oak Strong America Investment Company](https://altss.com/profile/mighty-oak-strong-america-investment-company)

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Last updated: 2026-07-06T01:24:23.811Z

Canonical page: https://altss.com/profile/pwb-inc

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