Romney Joins Son's Private Equity Firm

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.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note