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Former Wal-Mart CEO joins fund of funds Solamere Capital Former Wal-Mart CEO joins fund of funds Solamere Capital

12 Nov 2009. Source: AltAssets
The former CEO of  Wal-Mart, Lee Scott, has joined Solamere Capital as an operating partner and member of its investment committee.  The private equity firm, founded by the son of 2008 US presidential candidate Mitt Romney, manages fund investments, as well as direct and co-investments.

Scott started his career at Wal-Mart in 1979 and rose through the ranks to president and CEO in 2000.  He is currently chairman of the executive committee of the board of directors of Wal-Mart Stores Inc.

Scott said, “I am excited to be working with Solamere’s management team and founding investors.  I believe that Solamere Capital and its network of partners are uniquely positioned to help a broad range of businesses add topline growth. I am encouraged about Solamere’s distinctive approach to private equity and I am looking forward to being a part of the long-term development of this firm.”

Solamere is narrowing in on the closing its first fund, Solamere Founders Fund I, almost a year after the firm began its initial fundraising.  Reports suggest that as of the end of May the firm had raised around $185m of its $200m target.

Copyright © 2009 AltAssets

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