Limited Investment Members
The firm’s area of specialty is in the institutional fixed income markets with a particular focus on the tax-exempt and public non-profit sectors. This narrow focus enables the firm to assure its resources are committed to areas in which the firm is a specialist.
Originally formed as a limited partnership, Prager became a Delaware limited liability company in 2004. With the exception of the Investment Members described below, the ownership is held exclusively by key individuals who are actively engaged in the ongoing operations of the firm.
The equity ownership in the LLC also includes three “Investment Members,” formerly our limited partners. Their normal level of support lies in their fixed capital investment in our firm. Perhaps more importantly they have proved ready and able in the past to provide our firm with additional “surge” capital infusions on an as-needed basis to support specific underwriting transactions.
As a consequence of this financial backing coupled with our net capital position, the firm is able to senior-manage or co-manage bond issues of virtually any size.
Our Investment Members are the Administrative Trust under the Hellman Family Revocable Trust, Arthur Rock and Tully M. Friedman. They have offices in the same building as the firm’s headquarters in San Francisco, making interaction with them ongoing and free of formality.
Through their investment in us we enjoy an informal affiliation with firms in which they also have major financial interests. Some of the most noteworthy being:
Founded in 1984 by F. Warren Hellman and Tully M. Friedman to make investments that offer superior risk-adjusted rates of return in companies characterized by talented management.
Arthur Rock & Co.
Boutique venture capital firm established to provide financial backing and ongoing managerial expertise to high-technology firms in Northern California.
Founded in 1998 by Tully M. Friedman to make investments that offer superior risk-adjusted rates of return in companies characterized by strong management and to provide top-quality merger and acquisition and other financial advisory services to a select group of clients.
Founded in April, 1983 by John S. Osterweis to provide portfolio management services, the firm focuses on undervalued equity opportunities.