🇺🇸 Pt Capital joins AEC

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Pt Capital is an Alaska-based private equity firm founded by Indigenous Iñupiat entrepreneur and CEO Hugh Short. Over the past decade, Pt Capital has established a strong track record of investing across the Arctic region, working alongside local partners in key economic sectors. During this time, the firm has managed over $400 million in private companies spanning telecommunications, tourism, aviation, industrial support services, and manufacturing.A key factor in Pt Capital’s investment strategy is evaluating the track record and credibility of its operating partners. In the case of ICE Services, entrepreneur TJ Bourdon brought Pt Capital in as a partner in 2016, during a period of downturn in the oil industry. Through strategic collaboration, ICE Services achieved market dominance on the North Slope, securing major contracts, including ConocoPhillips’ $11 billion Willow project and Santos’ $3 billion Pikka project. This success was made possible through the cooperation between ICE Services and partnerships with other operators and Alaska Native corporations.In 2017, Pt Capital partnered with Novator, the investment firm founded by Björgólfur Thor Björgólfsson, to acquire a 50% stake in Nova. As a leader in Iceland’s telecommunications industry, Nova has consistently been the first to introduce new technologies, including 3G, 4G, 4G LTE, and 5G LTE. By 2022, Pt Capital had become the majority owner of Nova and successfully took the company public on NASDAQ Iceland, fully exiting the investment in 2023. The firm played a significant role in advancing Arctic telecommunications infrastructure through this investment.

The Arctic has experienced a surge in tourism, with Alaska and Iceland welcoming over five million visitors in 2024. This growth is driven by increased interest in adventure travel and the region’s unique natural landscapes, including glaciers, wildlife, and Indigenous cultures. Drawing on insights from Iceland’s tourism industry, Pt Capital has worked with Alaskan entrepreneurs to expand the winter tourism market. In 2024, the firm acquired a majority stake in Borealis Basecamp, a premier northern lights destination offering experiences such as dog sledding, snowmobiling, helicopter tours, and other winter activities. Located just 45 minutes from Fairbanks International Airport, Borealis Basecamp has become a key player in Alaska’s winter tourism industry.
Pt Capital’s investment strategy is rooted in identifying best-in-class entrepreneurs and fostering economic growth in remote Arctic regions often overlooked by traditional investment firms. This approach is based on a deep understanding of rural Arctic economies and the significance of relationships and cultural connections in achieving long-term success. With this philosophy in mind, the firm has been actively exploring investment opportunities in Greenland, working to support the country’s growing tourism sector as three new airports are set to open within the next 18 months. Strengthening ties between Inuit communities and Alaska Natives has been a key focus, fostering trust and sustainable investment opportunities in Greenland.

Pt Capital’s success in the Arctic is driven by three fundamental principles: partnering with top-tier local entrepreneurs, sharing risks and rewards with partners and team members, and respecting the land and cultures where investments are made. Through this approach, the firm aims to be a value-added member of the communities in which it operates.

Originally published on 10 March by Arctic Economic Council.

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