
Institutional capital for the North.
An Anchorage investment firm. Since 2013 we have backed companies that outside investors rarely reach, usually alongside the people already running them.
- Capital managed
- $400M+
- Founded in Anchorage
- 2013
- Portfolio companies
- 8
- Markets across the North
- 4
A different way of looking at the world.
From Anchorage, Reykjavík is about as far as New York.
Borealis Basecamp, Alpine Air Alaska, Vertical Solutions, All Alaska Tours, Alaska Private Touring, Greer Tank and Insulation Holdings
Greer Tank, Lakewood and Pasco, Washington
Keahotels, and Nova, which listed on Nasdaq Iceland in 2022
Nuuk. Our newest market.
A different way of looking at the world.
From Anchorage, Reykjavík is about as far as New York.
- FairbanksBorealis Basecamp, Greer Tank, Insulation Holdings
- Southcentral AlaskaAlpine Air Alaska, Vertical Solutions, All Alaska Tours, Alaska Private Touring, Greer Tank, Insulation Holdings
- Pacific NorthwestGreer Tank
- IcelandKeahotels
- GreenlandNuuk
Portfolio
Latest
All newsInsulation HoldingsPt-led group acquires Alaska Insulation Supply and Industrial Insulation.
Pt Capital on LinkedInBorealis BasecampAfar names Borealis Basecamp among the world's best places to see the northern lights.
AfarGreer TankGreer Tank opens a store in Pasco, Washington.
Tri-Cities Area Journal of Business
Founded in Anchorage in 2013, Pt Capital invests in established businesses across Alaska, Iceland and the wider North.
Our story
- Anchorage, 2013
Hugh Short grew up in rural Alaska and is Iñupiaq. After leading Alaska Growth Capital and chairing the Alaska Industrial Development and Export Authority, he saw strong Northern businesses without access to the right capital and partners. He co-founded Pt Capital in 2013 to close that gap.
- Beyond Alaska
Our first fund held its first close in 2015 with global and Indigenous investors. We took Pt to Iceland in 2017, backing Nova and Keahotels, and took Nova public on Nasdaq Iceland in 2022.
- A deeper team
Our people come from J.P. Morgan, Deloitte, KPMG, the Alaska Permanent Fund and Alaska Native organizations, and they bring those standards to every company we back.
- Today
We lead independent sponsor deals, advise owners on selling their companies through Pt Advisory, and are building partnerships in Greenland.
Invest
Growth and succession capital for established companies in the North.
Partner
Management stays in charge. We invest alongside Alaska Native corporations and co-investors.
Advise
Pt Advisory helps owners sell their companies, on their side of the table.
Northern frontier
- The far North: Alaska, Iceland and Greenland, and the Pacific Northwest that supplies them.
- Where established companies grow a long way from institutional capital.
- Where Pt Capital has invested since 2013.
Our team
Leadership




Team




Where we have worked
- J.P. Morgan
- Deloitte
- KPMG
- Alaska Permanent Fund Corporation
- Alaska Growth Capital
- Alaska Industrial Development and Export Authority
- Cook Inlet Tribal Council
- Alaska Native corporations
Work with us.
We post every opening on LinkedIn.
Hugh Short
Hugh co-founded Pt Capital in 2013 and leads the firm's strategy, capital raising and investment oversight. He has closed more than $900 million in debt and equity investments across energy, telecommunications, hospitality, real estate and infrastructure.
Hugh grew up in rural Alaska and is Iñupiaq. He was President and CEO of Alaska Growth Capital BIDCO, chaired the Alaska Industrial Development and Export Authority, and served as Mayor of Bethel.
Mike Moore
Mike joined Pt in 2014 and leads finance, tax, treasury and compliance. He was previously Senior Director of Finance at Cook Inlet Tribal Council and began his career at Deloitte and KPMG.

Bill McDonnell
Bill first joined Pt in 2013 and returned in 2025 to lead Pt Advisory. He has worked in Alaska finance for more than 22 years, starting as a commercial lender in Fairbanks and later on M&A teams for Alaska Native corporations.
Kevin Payne
Kevin joined Pt in 2016 and oversees the firm's portfolio companies. He was previously a Credit Risk Associate at J.P. Morgan in Houston, covering energy clients.
Lutfi “Louie” Lena
Louie joined Pt in 2019 and has worked on many of the firm's major transactions, including Nova's listing on Nasdaq Iceland. He works on new investments and serves on portfolio company boards.

Roman Lajala
Roman joined Pt in 2025 and works on new investments, due diligence and portfolio support. He was previously an Investment Operations Analyst at the Alaska Permanent Fund Corporation.

Carolina Muehlenkamp
Carolina joined Pt in 2018 and runs the firm's accounting and reporting. She was previously Controller at Cook Inlet Tribal Council.

Linda Peterson
Linda joined Pt in 2014 and runs the Anchorage office. She previously spent 13 years in construction administration.
Capital where relationships decide the deal.
Middle-market companies across Alaska, Iceland and the wider North.
$2–25M
EBITDAGrowth, recapitalizations and ownership transitions, with management staying in charge. We invest alongside co-investors and Alaska Native corporations — not in place of the people already running the company.
- Alaska
- Pacific Northwest
- Iceland
- Greenland
- A defensible market position with high barriers to entry
- Room to grow, organically or through acquisitions
- An owner planning a transition, or a team ready for a long-term partner

Tourism and hospitality

Aviation

Industrial services and manufacturing
Telecommunications
Management stays in charge
We help with financing, acquisitions and reporting.
Alpine Air Alaska: alongside founder Keith Essex since 2018Local relationships
Operators, lenders, communities and Alaska Native corporations.
All Alaska Tours: a joint venture with Iceland’s Arctic Adventures, 2022Own a company in the North?
Companies we back


Borealis Basecamp
Glass-roofed igloos under the aurora, outside Fairbanks.


Alpine Air Alaska
Helicopter flightseeing, glacier tours and charter since 1991.


Vertical Solutions
Utility and tour flights from Valdez.


All Alaska Tours
Alaska and Yukon tours for the travel trade since 1991.


Alaska Private Touring
Personalized luxury travel across Alaska.


Greer Tank
Steel and polyethylene tanks since 1952.


Insulation Holdings
Mechanical insulation across Alaska.


Keahotels
Hotels in Reykjavík and across Iceland.


Nova
Icelandic mobile and fiber, listed on Nasdaq Iceland in 2022.


ICE Services
Remote worker housing on the North Slope.


HVAC
Mechanical systems for Interior Alaska.


Alaska Integrated Services
Building automation and controls.


Alaska Scrap & Recycling
Metal recycling in Anchorage.
Case studies show selected investments and are not representative of all investments. Past performance is not indicative of future results.


Borealis Basecamp
A Northern Lights resort outside Fairbanks, with glass-roofed igloos under the aurora.
- Sector
- Tourism and hospitality
- Location
- Fairbanks, Alaska
- Invested
- 2023
- Status
- Current
- Website
- borealisbasecamp.net
The company
Guests stay in igloos with curved glass ceilings and spend their days dog sledding, snowmobiling and flying over the Alaska Range.
Our partnership
- Added igloos and an Adventure Center in 2024 and 2025.
- Worked with the team on pricing, guest experience and year-round programming.
Company information is unaudited. Past performance is not indicative of future results.


Alpine Air Alaska and Vertical Solutions
Helicopter flightseeing, glacier tours and charter across Southcentral Alaska since 1991.
- Sector
- Aviation
- Location
- Girdwood and Valdez, Alaska
- Invested
- 2018
- Status
- Current
- Website
- alpineairalaska.com
The company
Alpine Air flies year-round flightseeing, glacier landings and summer glacier dog sledding from Girdwood, plus statewide charter for utilities, industry and remote sites. Vertical Solutions, founded in Valdez in 2009, adds utility and tour flights on Prince William Sound.
Our partnership
- Acquired a majority interest in 2018, partnering with founder Keith Essex.
- Added Vertical Solutions in 2020, run by the Alpine Air team.
- Bases in Girdwood, Anchorage, Seward and Valdez.
Company information is unaudited. Past performance is not indicative of future results.


All Alaska Tours and Alaska Private Touring
Alaska and Yukon tours for the travel trade since 1991, and a luxury private-touring affiliate.
- Sector
- Tourism
- Location
- Anchorage, Alaska
- Invested
- 2022
- Status
- Current
- Website
- allalaskatours.com
The company
All Alaska Tours builds trips for more than 400 tour operators in 35 countries, working with over 1,000 Alaskan and Canadian suppliers. Alaska Private Touring designs personalized luxury trips.
Our partnership
- Acquired in 2022 in a joint venture with Iceland's Arctic Adventures.
- Bringing Icelandic adventure travel expertise home to Alaska.
Company information is unaudited. Past performance is not indicative of future results.


Greer Tank
Steel and polyethylene tanks for Alaska and the Pacific Northwest since 1952.
- Sector
- Manufacturing
- Location
- Alaska and Washington
- Invested
- 2024
- Status
- Current
- Website
- greertank.com
The company
Greer builds tanks for fuel, water and septic systems, plus custom fabrication, for energy, construction, government and residential customers.
Our partnership
- Acquired in 2024, keeping the leadership and craft culture in place.
- Opened a new location in Pasco, Washington, in 2025.
Company information is unaudited. Past performance is not indicative of future results.


Insulation Holdings
Alaska Insulation Supply and Industrial Insulation, combined into a statewide business.
- Sector
- Industrial services
- Location
- Anchorage, Kenai, Juneau and Fairbanks
- Invested
- 2025
- Status
- Current
- Website
- alaskainsulation.com
The company
Alaska Insulation Supply has served Southcentral and Southeast Alaska since 1983. Industrial Insulation has served Interior Alaska since 1999.
Our partnership
- Led the acquisition of both companies in December 2025.
- Each company keeps its own leadership.
Company information is unaudited. Past performance is not indicative of future results.


Keahotels
An Icelandic hotel group with hotels in Reykjavík and across the country.
- Sector
- Tourism and hospitality
- Location
- Iceland
- Invested
- 2017
- Status
- Current
- Website
- keahotels.is
The company
Founded in 1999, Keahotels operates around ten hotels, including Hotel Borg in central Reykjavík.
Our partnership
- Pt's first tourism investment, made in 2017 with co-investors and management.
- Added hotel leases to grow the group.
Company information is unaudited. Past performance is not indicative of future results.


Nova
An Icelandic mobile and fiber operator that Pt took public on Nasdaq Iceland.
- Sector
- Telecommunications
- Location
- Reykjavík, Iceland
- Invested
- 2017
- Status
- Realized
The company
Founded in 2006, Nova built one of Iceland's most modern networks and was first to launch 4G and 5G in the country.
Our partnership
- Led the 2017 acquisition in a 50/50 joint venture with Novator, backing the management team.
- Supported the move into fiber and business services.
- Took Nova public on Nasdaq Iceland in June 2022.
Today
Pt completed its exit in 2023.
Company information is unaudited. Past performance is not indicative of future results.


ICE Services
Remote worker housing and camp services on Alaska's North Slope since 1986.
- Sector
- Industrial services
- Location
- North Slope, Alaska
- Invested
- 2016
- Status
- Realized
The company
ICE houses and supports the people who work on the North Slope.
Our partnership
- Backed management through a full cycle of North Slope activity.
- Built an industrial services platform alongside HVAC and Alaska Integrated Services.
Today
Pt completed its exit in 2025.
Company information is unaudited. Past performance is not indicative of future results.


HVAC
Commercial and industrial heating, ventilation and sheet metal for Interior Alaska.
- Sector
- Industrial services
- Location
- Fairbanks, Alaska
- Invested
- 2018
- Status
- Realized
The company
HVAC designs, fabricates and installs mechanical systems for commercial, military and public buildings.
Our partnership
- Acquired in 2018.
- Paired with Alaska Integrated Services' building controls.
Today
Sold with Alaska Integrated Services in 2024.
Company information is unaudited. Past performance is not indicative of future results.


Alaska Integrated Services
Building automation and controls for military, public and energy customers.
- Sector
- Building automation
- Location
- Anchorage and Fairbanks, Alaska
- Invested
- 2018
- Status
- Realized
The company
Founded in 2001, AIS designs and installs the systems that run heating, security, lighting and power in large buildings.
Our partnership
- Acquired in 2018 as its founders stepped back.
- Grew its work with federal, state and energy customers.
Today
Sold with HVAC in 2024.
Company information is unaudited. Past performance is not indicative of future results.


Alaska Scrap & Recycling
Metal recycling at the Port of Anchorage, in Soldotna and in Kodiak.
- Sector
- Recycling
- Location
- Anchorage, Soldotna and Kodiak
- Invested
- 2017
- Status
- Realized
- Website
- alaskascrap.com
The company
Alaska Scrap & Recycling buys, processes and sells ferrous and non-ferrous scrap metal, and takes in vehicles and appliances.
Our partnership
- Invested in February 2017.
Company information is unaudited. Past performance is not indicative of future results.
On your side of the table.
We help owners in Alaska and the Pacific Northwest sell their companies or plan a succession.
Planning to retire
Step back in the next few years, on your terms.
A family transition
Some owners sell, others stay. We design a deal that works.
An offer you didn’t ask for
Know what the business is worth before you answer.
Alaska Native corporations
Selling or buying a subsidiary, with an advisor who knows your priorities.
How a sale works
Prepare
Understand your goals and what the business is worth.
Position
Tell the company's story and prepare the materials.
Reach buyers
Approach strategic and financial buyers directly.
Select
Compare offers on price, terms and fit.
Diligence
Keep the buyer's review on track.
Close
Negotiate final documents and get to closing.
Questions
What happens to my employees?
We ask every serious buyer about their plans for your people, your name and your location, and compare those plans next to price.
Will my sale stay confidential?
Buyers learn your name only after signing a confidentiality agreement, and we share information in stages.

News
2026
Pt CapitalHugh Short speaks at Arctic Encounter 2026 in Anchorage.
Arctic EncounterBorealis BasecampNorthwest Travel & Life features aurora stays at Borealis Basecamp.
Northwest Travel & Life
2025
Borealis BasecampAARP recommends Borealis Basecamp for watching the aurora in comfort.
AARPGreer TankBlueprint profiles Greer Tank president David Kapla and the move into Pasco.
BlueprintBorealis BasecampNational Geographic points aurora travelers to Borealis Basecamp's igloos.
National Geographic via YahooPt CapitalPt team ships 109 heaters to typhoon-hit communities in western Alaska.
Pt Capital on LinkedInKeahotelsHotel Grímsborgir, run by Keahotels, named Iceland's Best Golf Hotel for a second year.
World Golf AwardsBorealis BasecampBorealis Basecamp adds igloos, cube suites, an Adventure Center and Alpine Air helicopter tours.
Travel Professional NewsICE ServicesPt completes its exit from ICE Services.
Case study
2024
HVACHVAC and Alaska Integrated Services join Chugach.
ChugachGreer TankPt acquires Greer Tank.
Case studyKeahotelsKeahotels appoints Thelma Thorarensen to run operations across its hotels.
Vísir, in IcelandicBorealis BasecampTravel + Leisure previews Borealis Basecamp's new family Cube Suite.
Travel + Leisure via YahooAlaska Private TouringAlaska Private Touring named Tour Operator of the Year by Visit Anchorage.
Visit Anchorage
2023
Borealis BasecampPt invests in Borealis Basecamp.
Pt CapitalKeahotelsKeahotels takes on Hotel Grímsborgir, its tenth hotel.
Vísir, in IcelandicNovaPt sells its remaining shares in Nova.
ArcticTodayNovaNova tops Iceland's customer satisfaction index for a 14th straight year.
Nova, in Icelandic
2022
NovaNova and Sýn agree to share 5G sites across Iceland.
Vísir, in IcelandicNovaNova lists on Nasdaq Iceland.
Nasdaq IcelandAll Alaska ToursPt and Arctic Adventures acquire All Alaska Tours and Alaska Private Touring.
Press releaseNovaNova gives its staff shares ahead of the listing.
Nova, in IcelandicKeahotelsHotel Borg reopens its restored Art Deco Golden Hall as Borg Restaurant.
Vísir, in IcelandicNovaNova named a VR Company of the Year for a third straight year.
Nova, in IcelandicKeahotelsSigló Hotel in Siglufjörður joins Keahotels.
Vísir, in Icelandic
2021
NovaPt buys Novator's remaining stake in Nova.
Kjarninn, in IcelandicPt CapitalAlaska Business quotes Hugh Short on relationship investing in Alaska.
Alaska Business
2020
Vertical SolutionsVertical Solutions joins Alpine Air Alaska.
Alpine Air AlaskaAlpine Air AlaskaAlpine Air Alaska names Sasha Swift general manager.
Alaska BusinessKeahotelsHotel Borg marks its 90th year.
Vísir, in IcelandicNovaNova switches on 5G, first in Iceland.
Nova, in Icelandic
2019
KeahotelsLiv Bergþórsdóttir becomes chair of Keahotels.
Vísir, in IcelandicPt CapitalAlaska Public Media interviews Hugh Short on investing in Alaska.
Alaska Public Media
2018
NovaMargrét Tryggvadóttir becomes CEO of Nova.
Vísir, in IcelandicAlpine Air AlaskaPt acquires a majority of Alpine Air Alaska.
Press release
2017
NovaNova agrees to buy Símafélagið.
Vísir, in IcelandicNovaNova launches 4.5G, first in Iceland.
Kjarninn, in IcelandicKeahotelsPt completes its investment in Keahotels.
Press releaseNovaPt completes its investment in Nova.
Press releaseAlaska Scrap & RecyclingPt invests in Alaska Scrap & Recycling.
Case study
2016
NovaAnchorage Daily News covers Pt's agreement to buy Nova.
Anchorage Daily News
2015
Pt CapitalPt Arctic Fund I holds its first close.
Press release
2014
Pt CapitalBloomberg interviews Hugh Short on investing in the Arctic.
Bloomberg
No stories of this kind yet.
Legal and privacy
Terms of Use
Privacy Policy and User Agreement
Thank you for visiting the Pt Capital website. By using this website you are deemed to be representing and warranting that the applicable laws and regulations of your jurisdiction allow you to do so, and that you accept and agree to abide by the following terms and conditions. Pt Capital cannot guarantee that the website, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any jurisdiction from which you access it. If you choose to access this website, you do so at your own risk and Pt Capital will not be liable for any breach of local law or regulation that you or others may commit as a result of doing so. See also “International Use” below.
If you do not accept these conditions, please do not use this website.
Pt Capital may change this Privacy Policy and User Agreement from time to time, based upon any changes to our website, applicable law and our users’ experience on it. Pt Capital may delete or make changes to the information contained within this website without updating this site to reflect these changes. Furthermore, Pt Capital reserves the right to suspend or withdraw access to any page(s) included on this site without notice at any time and accepts no responsibility for these pages not being available.
Regulatory Disclosures
Pt Capital Advisors, LLC (which is owned 100% by Pt Capital, LLC) is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Neither Pt Capital nor any of its affiliated entities is registered with any other U.S. or foreign regulator. All investments and services mentioned are directed solely to non-U.S. persons, or United States persons who qualify as accredited investors under the Securities Act of 1933, as amended.
The information on this website is provided for illustration and discussion purposes only and is not intended to be, nor should it be construed or used as, financial, legal, tax or investment advice or an offer to sell, or a solicitation of any offer to buy, an interest in any investment funds that may be managed by Pt Capital or its affiliates. Any offer to sell or solicitation to buy interests in any investment vehicle that may be managed by Pt Capital or its affiliates will be made only by means of a confidential private offering memorandum delivered by an employee or agent of Pt Capital. Each potential investor or client should consult their own advisers regarding the legal, tax, and financial suitability of this type of investment. No person should invest who is not, either alone or with their advisers, capable of evaluating the merits and risks of prospective investments.
No representation is made that Pt Capital or any of its affiliates will or is likely to achieve its investment objectives or that any investor or client will or is likely to achieve results comparable to those shown or will make any profit at all or will be able to avoid incurring substantial losses. Additionally, no representation is made that Pt Capital will make and/or maintain any investments on behalf of any investment vehicles or accounts. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Past performance is not indicative of future results.
Before making any investment, you should thoroughly review all of the materials provided by Pt Capital with your financial and tax advisor to determine whether the investment is suitable for you in light of your financial situation.
Privacy Policy
Pt Capital respects the privacy of visitors to this website. This policy describes how and when we gather information from visitors to our website, including visitors who are U.S. persons and individuals, how such information is used, how it is shared, and what choices such users have regarding the sharing of their nonpublic personal information.
Aggregate Data
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We will not provide any personally identifiable information to any other persons, except if we are required to make disclosures to the government or private parties in connection with a lawsuit, subpoena, investigation or similar proceeding or as otherwise required by applicable law. We can (and you authorize us to) disclose any such information in those circumstances.
User Agreement
Restrictions on Use
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As our website indicates, we welcome your questions about us and our services. Please be advised that any comments, suggestions, ideas or other information that you send to us through our website will not be treated as confidential, and that we will own and have the right to use them as we choose, without payment to you. Please do not send any information to Pt Capital that constitutes a trade secret or is confidential or proprietary. Pt Capital cannot agree to obligations of confidentiality or non-disclosure with regard to unsolicited information submitted to us.
International Use
Due to the global nature of the Internet, this website may be accessed by users in countries throughout the world. We make no warranties that materials on this website are appropriate or available for use in such locations. If it is illegal or prohibited in your country of origin to access or use this website, then you should not do so. Those who choose to access this website do so on their own initiative and are responsible for compliance with all local laws and regulations.
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The website may include links to external third party websites. These are provided for your interest and for ease of internet navigation. Such external links do not in any way indicate any sponsorship, endorsement, authorization of, association with or responsibility for the contents for third party websites or their owners or providers by Pt Capital. Pt Capital accepts no responsibility of any nature whatsoever for third party websites or any information contained in them.
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The materials in this website, including information accessed by hypertext link, is for general information purposes only. Information has been obtained from various sources that are believed to be reliable but has not been independently verified. While reasonable care has been taken to ensure the veracity, accuracy and completeness of the contents of this website (other than information accessed by hypertext link), we make no representation as to their veracity, accuracy or completeness and expressly disclaim any and all liability or responsibility for (i) use of, or liability to update the contents of this website or (ii) any other liability whatsoever for any loss or damage howsoever whether direct or inconsequential arising from, or in reliance upon, any part of the contents of this website or (iii) any error, omission or inaccuracy in any such information or (iv) from any action resulting therefrom. Should you intend to take any further action after reviewing this website, you are strongly advised to do so only after verifying the contents, obtaining independent and internal professional advice, conducting necessary due diligence and assessing applicable regulatory and jurisdictional compliance. The information contained on this website is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations.
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By accessing this website you agree that Pt Capital will not be liable, to the maximum extent permitted by law, for:
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Limitations of Liability
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