Signal Equity Partners

Terrence Pegula and Gregory Peterson share decision-making authority as co-founders. Peterson, a former investment banker, typically handles deal structuring and financial oversight, while Pegula sets broad strategic direction. The firm does not maintain an external investment committee or accept co-investor consent rights.

It functions as a single-family office managing the Pegula family's personal capital exclusively. Despite the name suggesting outside investors, Signal does not raise third-party funds or manage external commitments, making it operationally a family office rather than a traditional private equity firm.

The wealth comes from the 2010 sale of East Resources, a private natural gas exploration and production company founded by Terrence Pegula, to Royal Dutch Shell for $4.7 billion. A year prior, a minority interest was sold to Kohlberg Kravis Roberts, validating the asset value ahead of the full exit.

Pegula Sports and Entertainment, a wholly owned holding company under the Signal umbrella, controls both franchises. The Buffalo Bills were acquired in 2014 for $1.4 billion after the passing of original owner Ralph Wilson. The Buffalo Sabres, along with their arena and associated real estate, were purchased in 2011.

The Pegula family maintains a philanthropic presence through the Pegula Family Foundation, which supports youth sports, medical research, and community development primarily in Western New York and South Florida. The foundation operates separately from the investment entity.

Signal does not syndicate its deals or accept co-investors. The firm's acquisitions — including the record-priced Buffalo Bills purchase — are executed with family capital exclusively. This allows complete operational control and avoids external reporting requirements common to pooled vehicles.

The portfolio is highly concentrated in three buckets: professional sports franchises (NFL, NHL), associated real estate and hospitality assets, and legacy energy investments. The Bills alone likely represent the single largest line item, given NFL franchise valuation growth to approximately $4.2 billion as of 2024 (per Forbes, 2024).