Sunday, 28 August 2016
Last updated 1 day ago
Mar 7 2013 | 11:32am ET
Before he was governor of Massachusetts or a two-time presidential hopeful, Mitt Romney made his name and fortune in private equity. Now, forcibly retired by the voters from public life, Romney is returning to the sector.
The 2012 Republican presidential nominee, whose campaign was hamstrung in part by President Barack Obama's attacks on his p.e. background, has joined his son's firm, Solamere Capital. Romney, who founded Bain Capital and led it from 1984 through 1999, will serve as chairman of the Boston-based firm's executive committee and as a member of its investment committee.
Solamere was established in 2008 by Romney's eldest son, Taggart, and two others: Eric Scheuerman, formerly of Jupiter Partners, and Spencer Zwick, a former chief of staff to Romney during his term as governor of Massachusetts and his chief fundraiser for both the 2008 and 2012 presidential campaigns.
"Governor Romney's track record in the private equity field is extraordinary, and we are honored to have him more involved in the firm," Tagg Romney, Scheuerman and Zwick wrote to clients yesterday. "We believe that Governor Romney's experience and insight in private investing will enhance Solamere's distinctiveness in this regard, and will be a large benefit to you, our investors."
Romney has actually had an office at Solamere's Newbury Street headquarters since shortly after his defeat in November. At the time, his adviser said that it was merely to handle personal matters and that Romney would not be joining the firm.
Romney recently resumed a more active public life, rejoining the board of directors at Marriott and giving an interview criticizing Obama. He's also due to speak at the Conservative Political Action Committee Conference this month.
Solamere has more than $240 million in commitments.