Former Wal-Mart Stores Inc. chief H. Lee Scott Jr. has jumped into the private equity game and joined Solamere Capital, an investment firm cofounded by Tagg Romney, son of former Republican presidential candidate Mitt Romney.
Scott, who earlier this year ended a nine-year run as president and chief executive officer of Wal-Mart, will be an operating partner and member of the Lexington, Mass.-based firm’s investment committee.
Scott will review investment opportunities and help grow companies in which Solamere takes stakes.
“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,” Scott said.
Solamere was founded to pool funds from wealthy families and industry leaders.
“Lee’s leadership experience and his ability to identify growth opportunities will greatly benefit our investors, partner funds and future portfolio companies by adding substantial value to our investment process,” said managing partners Romney, Eric Scheuermann and Spencer Zwick and operating partner John Miller in a joint statement.
According to a filing with the Securities and Exchange Commission in May, Solamere has 39 investors who put up a total of $186 million. The minimum buy-in for outside investors was $10 million. Solamere expects to pay its management $16.8 million over its first six years.