The Mills family, one of the richest families in the world, is set to launch its own investment firm to deploy its massive assets, reported Bloomberg.

Based in Chicago, US, the family rose to the category of one of the affluent families in the world after it sold Medline Industries last year.

Medline president Andy Mills has already set up a firm called Council Ring Capital.

The fourth-generation member of The Mills family has also hired a bunch of people to oversee a part of the family’s wealth, a person privy to the development told the news agency.

Council Ring has nearly $5bn in assets, added the unnamed person.

The Mills witnessed one of the biggest liquidity episodes after they sold a 79% stake in Medline Industries, which supplies medical products, to a consortium of private equity firms in a deal valued at around $32bn.

The family still owns a minority stake in Medline, which is currently operated by Andy Mills along with his cousin Charles Mills and brother-in-law Jim Abrams.

The transaction was considered to be one of the major deals across the globe where a family-owned entity was involved, Bloomberg stated at the time of the deal.

The Mills family received most of the proceeds from the deal where Blackstone Group, Carlyle Group and Hellman & Friedman invested.