Founded in 1986 as an out-growth from a family office,
the mandate to our founders was clear:
1. Investor Capital is precious. Take prudent risks while
seeking to protect capital over full market cycles.
2. Know what you own, own what you know. Knowledge
allows conviction and the ability to be contrarian investors.
3. Never forget the first responsibility. Look for opportunities
that can double capital over 5-year periods.
Private Capital Management commenced operations as an internal investment group within the Collier Family Office in Naples, FL.
In 1987, PCM registered with the SEC and began accepting outside investors in its Diversified U.S. Value strategy.
1988 – Gregg Powers joins PCM
Gregg J. Powers, who today serves as PCM’s CEO and Lead Portfolio Manager, joined PCM and Collier Family operations in 1988. A technologist by inclination and a healthcare analyst by training, Gregg gained exposure to a broad range of Collier Family business interests, including residential and commercial real estate development, agricultural operations, banking, media and oil & gas. These experiences fostered in Gregg an intimate understanding of operating businesses and instilled in him an owner-operator mentality that remains central to the way PCM approaches public equity investments. This owner mentality continues to guide us today, reflected in our time horizons, our focus on free cash flow, as well as our investment mindset that begins our diligence of potential investments with the fundamental question: would we be owners of this business?
PCM launches its Concentrated U.S. Value strategy with Gregg Powers as lead portfolio manager.
PCM was acquired by Legg Mason in 2001. The Firm’s management and investment operations remain independent of its corporate parent.
In 2013, PCM returns to employee ownership when Gregg Powers re-purchases the firm from Legg Mason and subsequently distributes ownership interest to PCM’s current partners cementing a new generation of the firm’s leadership group.
PCM launches Harmonic Investors LLC to offer qualified investors hedged equity portfolio strategy options.