Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Mitt Romney returns to private equity

March 7, 2013: 4:18 PM ET

Romney scoops ice cream in Milford, N.H.The former presidential candidate is once again a private equity executive, but not at Bain Capital.

FORTUNE -- Ever since getting waxed by Barack Obama last November, Mitt Romney has maintained an office at his son Tagg's investment firm, Solamere Capital.

It's a lot like my Fortune office, in that both are in Boston and both are usually empty. The only difference is that Mitt has been spending his time on the beaches of La Jolla, while I've been stuck in a suburban house during New England winter.

But now Mitt is heading East, for at least one week per month, as Solamere's executive committee chairman.

Solamere isn't publicly commenting on the hire, likely because the firm is in the midst of fundraising and uses very conservative attorneys (in the sense of caution, not politics).

For the uninitiated, Solamere is a private equity firm (not a hedge fund) that invests around half of its capital into third party private equity funds and the other half into direct investments (a mix of proprietary deals and co-investment opportunities). It sounds like Romney will be involved on the investment and operational sides of the business, since NBC News reports that he will not be involved in fundraising.

Mitt Romney has been an investor in Solamere since its 2008 formation.

Sign up for Dan's daily email newsletter on deals and deal-makers: GetTermSheet.com

Join the Conversation
About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

Email a Tip | @danprimack | RSS
Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.