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Tricor Pacific Capital
David Hsu's Tricor Pacific Capital runs a cross-border buyout strategy targeting founder-owned businesses in the US and Canada.
Tricor Pacific Capital
Tricor Pacific Capital was founded in 1997 by a group including Managing Partner David Hsu, who had previously invested in the lower middle market. The firm operates from Lake Forest, Illinois, and Vancouver, British Columbia, positioning itself as a cross-border investor in closely held North American companies. Rather than drawing on a single family's wealth, the firm raises committed capital from institutional investors and family offices for its control-equity buyout funds. The firm targets businesses with $5 million to $30 million in revenue, typically in the consumer products, food manufacturing, industrial services, and niche business services sectors. Its strategy is to acquire majority stakes and drive operational improvements over multi-year hold periods without relying on heavy financial engineering. Known portfolio companies have included Wizco Industries, a manufacturer of commercial kitchen ventilation systems, and ATM Pacific, a Vancouver-based ATM network operator. Geographic focus spans the US Midwest, the Pacific Northwest, and Western Canada. Tricor Pacific Capital operates with a lean team, historically raising fund structures rather than amassing a large permanent headcount. Its most recent flagship vehicle was raised in the late 2010s. In 2019, the firm sold Wizco Industries to a strategic buyer, realizing a return after a decade-long hold (per Mergers & Acquisitions, 2019). The firm does not maintain a visible philanthropic foundation or deal-club membership, operating instead as a classic committed-capital buyout shop. The structural differentiator is the firm's cross-border sourcing model. Few buyout shops of its size maintain genuine origination capability in both the US and Canada, particularly for founder-owned businesses where the sale decision is relationship-driven. This dual-country footprint allows Tricor to see proprietary deals that single-country funds miss, especially in the legacy manufacturing and food sectors where founder succession is the primary liquidity trigger.
General information
Firm type
Asset Manager
Year founded
1997
AUM
$500M - $1B (Altss estimate)
Location
Region
North America
Country
United States
City
Lake Forest
Corporate office
Lake Forest, IL, United States
Additional offices
Vancouver, Canada
Principals
David F. Hsu
Managing Partner
Richard Davis
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Tricor Pacific Capital?
Managing Partner David Hsu leads the investment team and has been with the firm since its founding in 1997. Partner Richard Davis shares responsibility for deal origination and portfolio oversight. The firm operates with a small partnership group, typical of lower-middle-market buyout shops.
How does Tricor Pacific Capital source proprietary deal flow?
The firm sources deals through its dual-office structure in Lake Forest, Illinois, and Vancouver, British Columbia. This cross-border presence gives it direct access to founder-owned businesses in both the US Midwest and Western Canada, where company sales are often relationship-driven rather than run through broad auctions.
What investment stages does Tricor Pacific Capital typically target?
Tricor focuses on control buyouts of small and lower-middle-market companies, typically with revenue between $5 million and $30 million. The firm acquires majority equity stakes and holds its investments for multi-year periods while driving operational improvements.
Does Tricor Pacific Capital make minority investments or participate in club deals?
The firm's strategy is built around majority control-equity buyouts rather than minority stakes or club deals. This control orientation allows Tricor to implement operational changes directly, which is central to its value-creation approach. The firm does not operate a visible co-investment club or offer minority deal participation to outside allocators on a deal-by-deal basis.
Which sectors does Tricor Pacific Capital avoid?
Tricor has historically avoided technology startups, life sciences, and highly regulated sectors such as financial services. Its focus remains on established, cash-flowing industrial, consumer, and business services companies where the core value-driver is operational improvement rather than technological disruption or regulatory arbitrage.
Is Tricor Pacific Capital a family office or a private equity fund manager?
Tricor Pacific Capital is structured as a committed-capital private equity fund manager, not a single-family office. It raises funds from external institutional limited partners — including family offices — and deploys that capital into control buyouts across North America.
What is Tricor Pacific Capital's exit strategy for portfolio companies?
The firm targets exits through strategic sales to larger industry buyers, as demonstrated by its 2019 sale of Wizco Industries. Its focus on founder-owned businesses means Tricor often acquires companies where selling to a strategic consolidator is the natural long-term liquidity path.
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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