Saturday, 27 August 2016
Last updated 3 hours ago
Jan 11 2008 | 8:15am ET
A top General Electric executive is making the move into private equity, joining a large group of other G.E. veterans.
Lloyd Trotter, the highest-ranking African-American in the history of G.E., is joining New York-based GenNx360 Capital Partners, Business Week reports. He currently serves as CEO of General Electric Industrial and a vice chairman of the parent company.
GenNx360, which is backed by G.E., will focus on commercial security, industrial water treatment, infrastructure and aerospace investments. It is expected to launch with more than $500 million in capital.
Trotter had planned to join the nascent p.e. firm more than a year ago, before being promoted to head G.E. Industrial. Though he won’t officially join GenNx360 until next month, he’s been an adviser for a year and a half. Most of the firm’s 17 current employees are African-American; many are former G.E. executives.
Trotter will serve as one of three general partners at GenNx360, alongside Ronald Baylock, the founder of investment bank Blaylock & Co., and Arthur Harper, the former chief of G.E. Equipment Services.