His obituary said Smith was involved in public affairs for more than 60 years and it heralded him as a "quietly generous champion of efforts to ensure a more economically and politically secure world." Smith led private equity firms in corporate acquisitions and venture investments for more than 40 years. Earlier, he worked with DigaComm LLC from 1997 to 2014 and as the president of Peter W. Smith & Co. from 1975 to 1997. Before that, he was a senior officer of Field Enterprises Inc., a firm that then owned the Chicago Sun-Times and was held by the Marshall Field family, his obituary said.