Public Pension Capital is a middle-market private equity fund that invests in a select group of industries: Industrial Services, Business & Financial Services and Healthcare Services.

The PPC team is led by former KKR partners Perry Golkin and Mike Tokarz.  The principals of PPC have worked together for a combined 70+ years with a successful investment record over that time.

Our experience allows us to add value to portfolio companies through industry relationships, new customer introductions, strategy development, regulatory understanding, operational improvements and implementation of best practices.

PPC is an open-end private equity firm with the ability to take in new capital commitments annually. The firm’s primary investors are public pension funds, as well as a select group of insurers and university endowments.

Our unique capital pool provides significant flexibility in investment size and holding period, including the ability for very long-term holds.

Industry Sector Focus

The principals of PPC have significant experience across the Fund’s industry verticals.

  • Environmental Services
  • Infrastructure and Facilities Maintenance
  • Route-Based Services
  • Sanitation and Waste Removal
  • Specialty Contractors
  • Asset & Wealth Management
  • Capital Markets
  • Technology-enabled Marketing
  • Information / Data Services
  • Insurance Services
  • Healthcare Delivery Models
  • Healthcare Information Technology
  • Healthcare Services
  • Medical Devices / Technology
  • Pharma Services

Select Investments

NextGuest Technologies

Business Services
NextGuest Technologies (“NextGuest”) provides industry leading guest acquisition and retention tools to the hospitality industry. NextGuest consists of HeBS Digital, a provider of content management and digital media technology, and Serenata, a provider of customer relationship management software.

Viteos Fund Services

Business Services
Viteos Fund Services (“Viteos”) is a provider of middle-and back-office solutions and fund administration services to alternative asset managers. The company leverages a proprietarily built technology platform to provide a range of post-trade accounting and operational solutions covering over 20 asset classes and 10 investment strategies.


Industrial Services
Inframark, LLC (“Inframark”) is an established provider of outsourced non-regulated operations and maintenance services to water and wastewater treatment facilities in the U.S. The Company’s core competence lies in technical expertise and know-how of servicing a diverse range of water and wastewater treatment applications and providing value-added asset management support to its customers.

Bluegrass Dairy and Food

Industrial Services
Bluegrass Ingredients (“Bluegrass”) is a manufacturer of dairy and non-dairy ingredients for ingredient houses and food & beverage companies. It formulates and manufactures cheese powders, specialty dairy powders, and a variety of specialty non-dairy ingredients.

Private Client Resources

Business Services
Private Client Resources, LLC ( “PCR”) is a financial technology company that provides automated, scalable data aggregation solutions to the wealth management sector. The Company aggregates, normalizes and reconciles data for over $500 billion of assets under administration across a large diversity of clients.

Mariana Systems

Business Services
Mariana Systems, LLC (“Mariana”) is a cloud-based, front-end portfolio management and credit underwriting software platform targeting investment managers, BDC’s and direct lending groups.




Mr. Golkin is Co-Founder and Chief Executive Officer of Public Pension Capital.  He is a senior investment professional with 30 years of private equity experience and prior experience as a corporate lawyer. He is also a certified public accountant.  Mr. Golkin was an executive with KKR from 1986-2011 and a general partner or member from 1995 through 2009. During his career at KKR he held various positions with the firm including: (1) serving on KKR’s Operating Committee; (2) serving on KKR’s Portfolio Management Committee and chairing that committee for 5 years; (3) serving as KKR’s New York Administrative Partner; (4) leading KKR’s investor relations and fundraising group; and (5) leading KKR’s financial services and homebuilding industry groups. Mr. Golkin has served on numerous corporate boards, both public and private. Prior to KKR he practiced corporate law with Simpson Thacher & Bartlett, was a staff accountant at Price Waterhouse & Co. and taught financial and management accounting at the University of Pennsylvania’s Wharton School of Business. Currently Mr. Golkin is an Adjunct Professor of Law at the University of Pennsylvania, serves as a trustee of the University of Pennsylvania and serves on the boards of both its Law School and health system. Additionally, in the spring term he teaches an interdisciplinary course entitled Business Strategy, Private Equity and Corporate Law to law students and MBA candidates at Penn.  Mr. Golkin graduated with a B.S., summa cum laude, and M.S. from the University of Pennsylvania’s Wharton School of Business and also received a J.D. from the University of Pennsylvania’s Law School.

michael-tokarzMr. Tokarz is Co-Founder of Public Pension Capital.  He is a senior investment professional with over 35 years of lending and investment experience. From November 2003 through today, Mr. Tokarz has served as Chairman and Portfolio Head of MVC Capital, Inc. a business development company. Prior to MVC, he was a general partner or member of KKR during a 17-year tenure with the firm. At KKR, among other responsibilities, Mr. Tokarz served as New York Administrative Partner, a member of KKR’s Portfolio Management Committee and head of the commercial banking industry group. He also had roles in some of KKR’s most successful investments including Beatrice Foods, Safeway Stores and Bank of New England.  Mr. Tokarz has served on numerous corporate boards and was the Chairman of the Board of the University of Illinois Foundation. Prior to his tenure at KKR, Mr. Tokarz was a commercial banker at Continental Illinois and ran the bank’s East Coast operation. He received his undergraduate degree with High Distinction in Economics and an MBA in Finance from the University of Illinois and is a certified public accountant. He was selected as one of the “Ten Best Corporate Directors in America” by Outstanding Directors Exchange in 2007.


Senior Investment Professionals


Mr. Fisher is a senior investment professional with over 20 years of financial services and investment experience. From April 1, 1997, through April 1, 2012, Mr. Fisher served as Managing Member of Fisher Capital Corp. LLC, an affiliate of KKR, where he assisted in identifying and analyzing investment opportunities in financial services. Mr. Fisher has also spent a large portion of his career as an insurance executive at various companies. He was Chairman and CEO of Bristol West Holdings, Inc., a non-standard automobile insurer and a KKR portfolio company from 2000 to 2006, and prior to that, he was at American Reinsurance Corporation from 1986 to 1997, where his roles included Chief Financial Officer of American Re Corporation, President of American Reinsurance Financial Products and President and Chief Executive Officer of American Reinsurance Asset Managers. As a key member of KKR’s financial services team, Mr. Fisher also served on the boards of Willis Group Holdings Limited (global insurance and reinsurance broker), First Data Corporation (one of the largest credit card processing companies in the U.S.), and Alea Group Holdings (a Bermuda-based international reinsurance company). Prior to American Re Corporation, he was a Director of Insurance Industry Services at Price Waterhouse. He is a former Trustee for The National World War II Museum and the American Foundation for the Blind, and is a member of the Standing Committee of Lafayette College Board of Trustees. Mr. Fisher received a B.A. in Economics from Lafayette College, and is a certified public accountant.


Mr. Uger is a senior investment professional with over 18 years of private equity experience. Prior to joining PPC, Mr. Uger was a partner and head of merchant banking at LionTree LLC, a boutique investment bank.  Prior to LionTree, Mr. Uger was a partner and co-head of North America Media and Communications at KKR, where he worked for 16 years.  While at KKR, Mr. Uger served on the Boards of Ipreo, Weld North, Primedia and Evenflo.  Mr. Uger was also involved in numerous other KKR investments, including in PanAmSat, KSL Holdings and Nexstar Financial. Mr. Uger currently serves on the Board of Directors of New Alternatives for Children, a not-for-profit organization that provides health and social services to children with disabilities and chronic illnesses. Mr. Uger received a B.A. in Government from Dartmouth College.


Mr. Alper is a senior investment professional and leads Industrial Services investments at PPC. He was previously with KKR where he led private equity investments in the Services, Chemicals and Consumer sectors. He serves or has served on the boards of directors of Inframark, LLC, Bluegrass Dairy & Food, Inc., Del Monte Corporation, Big Heart Pet Brands, Brightview Landscapes, and The Brickman Group, and was also involved with KKR’s investment in The Nielsen Company. Prior to joining KKR Mr. Alper was with SAB Capital, Madison Dearborn Partners, and Morgan Stanley Capital Partners. Mr. Alper graduated from the University of Texas at Austin with a BBA/BA in Plan II and Business Honors, and received his MBA from Harvard Business School.

Asif Zaman

Mr. Zaman is a senior investment professional with over 16 years of private equity and investment banking experience. He is a managing director and leads investments in healthcare services. Prior to joining PPC, Mr. Zaman was a senior executive at SK Capital Partners, where he focused on investments in the healthcare services, pharmaceuticals, and chemicals sectors. Prior to SK Capital Partners, Mr. Zaman was with Crestview Partners and Lazard in the Special Situations Group, where he executed investments in the chemicals, healthcare services, media & telecom, and financial services sectors. Mr. Zaman has extensive experience in restructuring, distressed credit and corporate preparedness/takeover defense. Mr. Zaman has also served on the boards of directors of several healthcare services and chemicals companies. Mr. Zaman graduated from Georgetown University with a B.S./B.A. in Finance and Accounting with a minor in Economics and received his M.B.A. from the Stanford Graduate School of Business.

lynchMr. Lynch is the head of PPC’s Chicago office and has over 20 years of consulting, operations and private equity experience. Mr. Lynch is also a managing director of MVC Capital with responsibilities for deal sourcing, execution and monitoring of portfolio investments. Prior to joining MVC in 2007, Mr. Lynch was a Managing Director at FTI Consulting (NYSE:FCN) and a Leader of the Intellectual Property Transactions practice. Previously, Mr. Lynch worked at Deloitte & Touche Financial Advisory Services as a Practice Leader of Deloitte’s Intellectual Asset Management service line.  At both Deloitte and FTI, Mr. Lynch managed global teams that performed innovation and corporate finance engagements for Fortune 500 corporations, financial institutions, entrepreneurial ventures and public sector institutions. The client engagements included corporate finance, M&A and intellectual property transactions, strategic innovation and operational consulting, technology commercialization and the creation of new business enterprises. Before Deloitte, Mr. Lynch worked in business competitive intelligence and internal audit for Owens Corning Corporation (NYSE:OC).  Mr. Lynch holds a Bachelor of Science in Accounting from Purdue University and an MBA from the University of Illinois.

seidenbergMr. Seidenberg is a managing director with over 15 years of experience in private equity and venture capital investing, corporate finance, operations and general management. Mr. Seidenberg is also a managing director and former CFO at MVC Capital, which he joined in 2005 and has played a key role in MVC’s growth, debt and equity capital raises, execution and monitoring of investments. Mr. Seidenberg previously served as a Principal and Chief Operating Officer of Nebraska Heavy Industries and worked on engagements including serving as CFO of Commerce One, Inc. (NASDAQ:CMRC). Prior to Mr. Seidenberg’s tenure at NHI, he served as the Director of Finance and Business Development and as Corporate Controller for Plumtree Software, Inc. (NASDAQ:PLUM) where he was responsible for driving strategic initiatives and managing the finance and accounting staff.  Before joining Plumtree, Mr. Seidenberg worked at AlliedSignal. While at AlliedSignal, Mr. Seidenberg held a variety of roles including Controller and Manager of Financial Operations. Mr. Seidenberg has served in a variety of roles including General Manager at several small manufacturing companies. Mr. Seidenberg received his bachelor degree and MBA from Cornell University.

Mr. Shah is an investment professional with over a decade of experience in private equity, investment banking and equity capital markets. At PPC, Mr. Shah has been involved in sourcing, evaluating and executing investment opportunities. Mr. Shah is also an investment professional at MVC Capital, which he joined in 2010. Prior to joining PPC and MVC, Mr. Shah held several roles at Edelweiss Capital Limited in Mumbai, India, from 2004 to 2009, where he was most recently the Chief Operating Officer of its investment banking group. Prior to Edelweiss Capital, Mr. Shah worked with KPMG in its Mumbai office.  Mr. Shah received a Bachelor of Commerce from Mumbai University, India where he was on the Dean’s list and is a rank holder Chartered Accountant from The Institute of Chartered Accountants of India, and an MBA from The University of Chicago Booth School of Business.

Dr. Doss is an investment professional responsible for sourcing, executing and monitoring investments. Prior to joining PPC, Dr. Doss was a Managing Director at BlueMed, a healthcare solutions and advisory firm serving clients in North America, Asia and Africa. Prior to BlueMed, Dr. Doss was a Director at Pylon Holding, where he advised companies on mergers and acquisitions, operational turnarounds and corporate restructurings. Dr. Doss received his medical degree from Cairo University Medical School and his MBA with honors from The University of Chicago Booth School of Business. Dr. Doss is board certified in healthcare management by the American College of Healthcare Executives.

Ms. Kawatra is an investment professional responsible for sourcing, executing and monitoring investments. Prior to joining PPC, Ms. Kawatra was an Associate at Silver Oak Services Partners, where she focused on healthcare, business and consumer services investments. Ms. Kawatra previously worked at BMO Harris Bank where she assisted in the underwriting of debt facilities supporting private-equity backed companies. Ms. Kawatra began her career as an Analyst in the medical technology investment banking group at Piper Jaffray. Ms. Kawatra graduated from the University of Minnesota with a B.S. in Finance and a B.S. in Biomedical Engineering and received her MBA from The Wharton School at the University of Pennsylvania.

Mr. Müller is an investment professional responsible for sourcing, executing and monitoring investments and currently serves on the board of directors of Inframark and PCR. Prior to joining PPC, Mr. Müller was an Associate at Corsair Capital, where he focused on business services and financial services investments. Mr. Müller began his career as an investment banking Analyst at Morgan Stanley, where he advised companies on mergers and acquisitions and capital raising transactions. Mr. Müller graduated from the Huntsman Program in International Studies and Business at the University of Pennsylvania, magna cum laude, where he received a B.S. in Economics from the Wharton School and a B.A. in International Studies from the College of Arts and Sciences.

John W. Morgan

Mr. Morgan is an operating executive with over 35 years of experience in the healthcare sector. Prior to joining PPC in 2018, Mr. Morgan had been Chief Executive Officer for Avamere Health Services, a Portland OR based family of independent companies providing integrated senior care in the Pacific Northwest, Colorado and Idaho. Before joining Avamere, Mr. Morgan served as the President of Cambia Health Solutions’ Direct Health Solutions division (Parent company of Regence Blue/Cross Blue Shield), overseeing the growth and development of the company’s portfolio of direct investments and purposes built companies and was responsible for Cambia’s corporate and business development function. Mr. Morgan has held CEO positions in several healthcare technology and medical device companies and currently serves on the board of directors of Cambia Health Solutions. Previously he has served on the boards of Advamed (Advanced Medical Technology Association), GNS Healthcare, BioQ Pharma, Care Team Connect, Rise Healthcare, NEA and the Oregon Healthcare Association. Mr. Morgan is a graduate of the University of Arizona where he received his B.S. degree in Economics and Public Administration.

Mr. Smith is an investment professional responsible for sourcing, executing, and monitoring investments. Prior to joining PPC, Mr. Smith was an investment banking Associate Director at UBS, where he focused on real estate, lodging and leisure related businesses. Mr. Smith began his career at Duff & Phelps where he was an analyst in the Complex Asset Solutions group. Mr. Smith graduated from Princeton University with a B.S.E. in Operating Research & Financial Engineering, and received his M.B.A. from The Wharton School, where he also received a Certificate of Study in Law at the University of Pennsylvania Law School.


Operations & Administration

Ms. Guarnaccio is responsible for the day-to-day management of the PPC offices.  She is involved in managing the budget, obtaining service contracts and developing policies. Ms. Guarnaccio is also responsible for investor relations including maintaining communication and coordination with the investors.  Prior to PPC, Mrs. Guarnaccio spent 32 years at KKR where she worked in a number of capacities including Director of Fund Administration.


Mr. Schuenke is responsible for overseeing the financial operations of PPC.  He also provides financial expertise and monitoring to various portfolio companies and assists investment professionals in deal sourcing, due diligence, modeling and closing activities.  Mr. Schuenke also oversees the financial operations of The Tokarz Group (a family office owned by Michael Tokarz), MVC (a publically traded Business Development Company), and its wholly-owned subsidiaries.  Prior to joining PPC/TTGA, Mr. Schuenke was a compliance officer with US Bancorp Fund Services, LLC, where he was responsible for financial reporting and compliance oversight of more than 15 open- and closed-end registered investment companies. Mr. Schuenke also worked in the audit and assurance services area with PricewaterhouseCoopers, LLP. Mr. Schuenke received a B.B.A. from the University of Wisconsin, Milwaukee, a M.P.A. from the University of Wisconsin, Whitewater, and an MBA from the Northwestern University Kellogg School of Management. Mr. Schuenke is a Certified Public Accountant licensed in the State of Wisconsin.


Senior Advisors

Jeffrey Krauss

Mr. Krauss is a senior advisor with over 26 years of private equity experience. Prior to joining PPC, Mr. Krauss was a member of Psilos Group Managers, LLC, from 2000 to 2012, with a focus on investments in the healthcare services, healthcare information technology, and medical technology segments. Prior to joining Psilos Group Managers, LLC, Mr. Krauss was a general partner at Nazem & Company, a New York-based venture capital firm, from 1990 to 2000. While at Nazem & Company, he specialized in investments in the healthcare services and healthcare information technology segments. Prior to joining Nazem & Company, Mr. Krauss was an attorney with the law firm of Simpson Thacher & Bartlett, where he specialized in private equity transactions. Mr. Krauss was an auditor with the accounting firm of Ernst & Young before joining Simpson Thacher & Bartlett. Mr. Krauss is currently a volunteer with the New York City Investment Fund in the Fund’s Healthcare Sector Group, as well as several healthcare-related not-for-profit entities. Mr. Krauss received a B.S. in Accounting, magna cum laude, from the State University of New York at Albany and received a J.D., cum laude, from Harvard Law School. He currently serves on the board of several private companies.



PPC was founded as a unique partnership between leading state pension funds, other long term investors and the principals of PPC. PPC offers its investors a high degree of transparency, governance and alignment of financial incentives. PPC’s structure is designed to provide its investors with attractive, long-term risk-adjusted returns.


ESG: A founding principle of Public Pension Capital is better governance in private equity. We extend a similar philosophy to enhancing value in our portfolio companies, which includes focusing on environmental, social and governance (“ESG”) issues. PPC is committed to investing responsibly by integrating material ESG considerations into our investment processes.

In support of the many people seriously impacted by the COVID-19 pandemic, Public Pension Capital and its employees have, and will continue to make donations to the following organizations: Achilles International, City Meals on Wheels,, Feeding America, God’s Love – We Deliver, and New Jersey Pandemic Relief Fund.

Citizenship: Public Pension Capital has provided internships to undergraduate scholars from The Jackie Robinson Foundation and Girls Who Invest. PPC will continuously endeavor to invest in human capital both within the firm and in its portfolio companies.


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T: 312-380-6000