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TeleTracking Technologies
Michael Zamagias founded TeleTracking Technologies in 1991, evolving its hospital logistics platform wealth into a real estate and tech investing vehicle.
TeleTracking Technologies
TeleTracking Technologies was founded in 1991 by Michael Zamagias and developed into a dominant operational logistics platform for hospital systems, managing patient placement, bed turnover, and transport workflows. The underlying wealth originates from decades of software licensing revenue, hospital-system contracts, and a 2015 recapitalization that brought in a majority investment from The Carlyle Group, crystallizing significant founder liquidity. Zamagias's deployment strategy spans two distinct lanes: direct real estate repositioning, primarily through his related entity Zamagias Properties, which acquires and redevelops underperforming urban assets in Pittsburgh and select East Coast markets; and private technology investments concentrated in health-tech and enterprise workflow companies adjacent to the TeleTracking operational thesis. The capital base is deployed without a formal fund structure, operating instead through a single-family-office posture that blends proprietary tech investing with property-level real estate joint ventures. Geographic focus concentrates on Pittsburgh, broader mid-Atlantic metros, and opportunistic coastal infill. Total deployment and current household staffing remain undisclosed. The Zamagias office coordinates investment activity from Pittsburgh, with an additional footprint maintained in California. Adjacent vehicles include direct operating control of TeleTracking Technologies through the Carlyle partnership vehicle. The investment entity has not publicly disclosed new direct tech commitments or real estate acquisitions that can be independently confirmed within the last twenty-four months. This office is structurally distinct from most single-family offices in that its wealth originates not from a diversified exit but from a concentrated operating business that remains active and generates ongoing liquidity — making it more akin to an OCIO embedded inside a scaling operating company. The real estate and tech-investment functions sit alongside, not downstream of, the core software business.
General information
Firm type
Single Family Office
Year founded
1991
AUM
$250M–$1B (Altss estimate)
Location
Region
North America
Country
United States
City
Pittsburgh
Corporate office
Pittsburgh, PA, United States
Additional offices
San Francisco, CA · Long Beach, CA · Boston, MA · London, United Kingdom
Principals
Michael Zamagias
Chairman
Christopher Johnson
Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at the TeleTracking family office?
Michael Zamagias, TeleTracking's founder and Chairman, directs the overall investment strategy for the family's capital. He also leads Zamagias Properties, which executes the real estate repositioning portion of the portfolio. Day-to-day asset management responsibilities are not publicly detailed by the firm.
How is the single-family office related to the operating company?
The family office is intrinsically linked to TeleTracking Technologies, the hospital patient-flow software company Zamagias founded in 1991. The majority of TeleTracking's equity was sold to The Carlyle Group in 2015. The family's investment capital originates largely from the liquidity generated by that recapitalization and from ongoing operating distributions.
What does the TeleTracking family office invest in beyond the operating business?
Zamagias pursues a dual strategy of direct urban real estate redevelopment — typically acquiring and repositioning underperforming property assets — and direct private investments in enterprise technology companies, especially those with healthcare workflow applications. The office does not market itself as a third-party capital manager.
Is the real estate portfolio held through a separate entity?
Yes. The real estate repositioning activities are conducted through Zamagias Properties, a distinct operating entity under Zamagias's control that acquires, redevelops, and manages commercial and residential assets, primarily in Pittsburgh and select mid-Atlantic urban markets.
Does the office take outside capital or co-invest?
The office operates as a private family vehicle and does not publicly solicit outside limited partners. Any co-investment activity on the real estate side would likely flow through project-level joint ventures within Zamagias Properties, but no programmatic co-investment vehicle is known to exist.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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