Public Pension Capital

What Public Pension Capital does

Public Pension Capital, operating as PPC Enterprises LLC, is a New York-based middle-market private equity firm founded with investment experience dating back to 1985. The firm manages approximately $2.3 billion in committed capital on behalf of institutional limited partners, including pensions, endowments, insurance companies, and foundations. PPC invests equity tickets of $50 million to $200 million-plus in companies with $5 million to $50 million-plus EBITDA and enterprise values of $50 million to $500 million-plus, focused on controlling-interest acquisitions across three verticals: Industrial Services, Business & Financial Services, and Healthcare Services.

The firm has executed 21 platform investments and 19 add-on acquisitions historically, with current portfolio companies spanning intraoperative neurophysiological monitoring, alternative asset fund administration, specialty polymer distribution, specialty food ingredients, hospitality technology, education staffing, industrial automation, hotel management, financial data management, water/wastewater O&M, credit asset management, medical device contract manufacturing, organic waste recycling, anesthesia services, precast concrete manufacturing, wealth aggregation, automotive digital platforms, and financial services research. Notable recent transactions include the January 2021 acquisition of Life Science Outsourcing and the February 2023 acquisition of EduStaff, alongside exits including Viteos (sold to Intertrust N.V. in June 2019) and Inframark (sold in December 2020).

PPC generates revenue through three streams: management fees on committed capital under management, transaction and deal fees on acquisitions and portfolio activity, and performance-based carried interest on investment returns. The firm is led by co-founders Perry Golkin (CEO, former KKR General Partner with 38+ years PE experience) and Michael T. Tokarz (Founder, former KKR General Partner with 30+ years PE experience), supported by 20+ investment professionals, a CFO, Chief Compliance Officer, Chief Administrative Officer, dedicated heads of each vertical, and operating partners with healthcare and financial services expertise. The firm operates a single-fund structure with unique governance provisions designed to align interests among LPs, portfolio companies, and the firm.

Name

Public Pension Capital

Legal name

PPC Enterprises LLC

Website

http://ppcenterprises.com/

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Public Pension Capital (PPC Enterprises) is a New York-based middle-market private equity firm managing ~$2.3 billion in committed capital from pensions, endowments, insurance companies, and foundations, executing $50M-$200M+ controlling-interest investments across Industrial Services, Business & Financial Services, and Healthcare Services verticals.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate LP Programs (Corporate as LP in VC/PE funds) (FSANAHAH)

Keywords

• Middle-market private equity
• Institutional fund management
• Portfolio company investments
• Growth equity investing
• Buyout acquisitions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: PPC charges management fees on committed capital under management, generating recurring revenue from institutional investors.
2. Transaction / Deal Fees: Fees earned on executing acquisitions, add-on investments, and portfolio company transactions.
3. Carried Interest: Performance-based carried interest on investment returns, aligning the firm with investor and portfolio company outcomes.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

PPC Enterprises operates as a single-fund middle-market private equity firm that acquires and accelerates high-potential service businesses across three verticals: Industrial Services, Business & Financial Services, and Healthcare Services. The firm invests $50M-$200M+ of equity in companies with EBITDA of $5M-$50M+ and manages approximately $2.3 billion in committed capital on behalf of institutional limited partners.

Product overview

PPC Enterprises is a middle-market private equity firm that operates as a single fund structure managing approximately $2.3 billion in committed capital. The firm specializes in investments across three verticals: Industrial Services, Business & Financial Services, and Healthcare Services. The investment strategy focuses on stable, growth-oriented companies with equity investments ranging from $50 million to $200 million. Key portfolio companies include Life Science Outsourcing (medical device contract manufacturing), Inframark (water/wastewater O&M services), and Viteos (fund administration for alternative asset managers), among 21 platform investments and 19 add-ons.

Differentiator

Problem solved

Functional benefit

Products and services

• PPC Enterprises Private Equity Fund Single-fund private equity vehicle that invests $50M-$200M+ of equity in middle-market service businesses across Industrial Services, Business & Financial Services, and Healthcare Services verticals; provides institutional limited partners with exposure to middle-market private equity returns through a Growth Stewardship model combining discipline, depth, decisiveness, and drive.
• Industrial Services Investment Vertical Targeted investment vertical for service-oriented industrial businesses with large end markets and long-term growth potential; portfolio includes Inframark (water/wastewater O&M), Graham Engineering (extrusion/blow molding equipment), Bluegrass Ingredients, McGill (organic waste recycling), and Precast Specialties.
• Business & Financial Services Investment Vertical Targeted investment vertical for service businesses with untapped growth opportunities; portfolio includes Cendyn (hospitality technology aggregator), Hotel Equities (hotel management platform), Private Client Resources (financial aggregation), Viteos (fund administration), and Indus Valley Partners (data management technology for alternative assets).
• Healthcare Services Investment Vertical Targeted investment vertical for healthcare service businesses across multiple business models; portfolio includes Life Science Outsourcing (medical device contract manufacturing), Accurate Neuromonitoring (intraoperative neurophysiological monitoring), OrthoMed Anesthesia (ASC anesthesia services), and Life Science Outsourcing.

Quantifiable outcome

• Annual Recurring Revenue grew >50% during PPC's holding period for Viteos
• +2 more outcomes

Named customers19 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• H.I.G. Capital: Global middle-market private equity firm with flexible capital structures across multiple sectors. Comparable to PPC in middle-market focus, deal sourcing model, and ability to invest in complex carveouts and founder-led businesses.
• Crestview Partners: Middle-market private equity firm focused on business services, financial services, and healthcare. Highly comparable to PPC in sector focus, check size, and approach; PPC partner Asif Zaman previously worked at Crestview.
• Cerberus Capital Management: Large alternative investment firm with a substantial middle-market private equity business investing across multiple sectors. Comparable in deploying control capital into operating businesses and using operational improvement theses, though at materially greater AUM than PPC.
• MVC Capital / Barings BDC: Middle-market investment firm historically managed by The Tokarz Group Advisers (founded by Mike Tokarz), which merged with Barings BDC in 2020. Directly comparable through shared leadership and middle-market investment approach.
• Madison Dearborn Partners: Chicago-based middle-market private equity firm investing across business and financial services, healthcare, and industrial sectors. Highly comparable to PPC in target verticals and deal size; PPC partner Max Alper previously worked at Madison Dearborn.
• SK Capital Partners: Sector-focused middle-market PE firm investing in healthcare, pharmaceuticals, and specialty materials. Directly comparable in middle-market healthcare services investing; PPC partner Asif Zaman previously served as a senior executive at SK Capital.
• Compass Diversified: Middle-market PE investor focused on acquiring controlling interests in North American businesses across consumer and industrial sectors. Comparable in middle-market LBO focus; PPC senior associate Daniel Stingi previously worked at Compass Diversified.

Broad incumbents

• KKR & Co. Global private equity giant where PPC's founders (Golkin, Tokarz) spent the majority of their careers. Comparable as a benchmark PE platform and the institutional origin of PPC's network and approach, though KKR operates at vastly greater scale.
• Brookfield Asset Management: Large alternative asset manager with significant private equity operations across multiple strategies and geographies. Comparable as a PE employer and former employer of multiple PPC team members (Julianne Goodman, Michael Dolio).

Emerging players

• LionTree LLC: Advisory and merchant banking firm with growing private equity investing activities. Partially comparable through PPC partner Thomas Uger's prior role as Partner and Head of Merchant Banking at LionTree.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ppc-enterprises

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Public Pension Capital