Chicago-based institutional asset manager (founded 1990) running about $90bn across fixed income, real estate debt, private and structured credit, private equity and CLOs.
PPM America, Inc. is a Chicago-headquartered institutional asset manager founded in 1990 and registered with the SEC since 1992. The firm provides customized investment solutions to institutional clients - including insurance companies, pension funds and other institutional investors - spanning public fixed income, commercial real estate debt, private and structured credit, private equity, and collateralized loan obligations. Assets under management stood at approximately $90 billion as of September 30, 2025, a figure that includes committed but unfunded capital in the private equity and real estate businesses and assets related to CLO vehicles.
Within that platform, the private equity business runs alongside committed-but-unfunded capital in commercial real estate debt, giving professionals exposure to illiquidity premia, capital deployment pacing and portfolio construction across alternative credit and equity. The firm's stated objective is the generation of attractive risk-adjusted returns against long-term client value targets, pursued through disciplined investment processes and in-depth research rather than thematic bets.
Human capital is weighted toward the investment function: of more than 225 professionals, over half occupy investment roles, with an average of 17 years of industry experience. Analysts and deal professionals joining the firm can expect a research-intensive environment in which senior tenure is the norm, and in which private equity sits within a multi-asset institutional platform at 225 West Wacker Drive, Chicago, Illinois.
