What is it about former Joint Chiefs of Staff chairmen and private equity? First we had Colin Powell joining VC firm Kleiner Perkins as a strategic limited partner. Now comes word that Peter Pace is also entering the market, as an operating partner with mid-market buyout firm Behrman Capital.
This job actually seems a bit more “real” than does Powell’s, as Pace has already agreed to sit on the boards of two Behrman portfolio companies. The first is as chairman of Pelican Products, a Torrance, Calif.-based developer of advanced lighting systems and “virtually indestructible” cases for protecting valuable equipment. He also will serve as a director with ILC Industries Inc., a Bohemia, N.Y.-based maker of defense electronics, containment systems and inflatable devices like blimps and spacesuits.
Behrman is currently in the midst of raising its fourth fund with a $1 billion target. Its third fund closed on more than $1.2 billion in 2001. Its current portfolio includes two defense companies: ILC and Hunter Defense Technologies. It also makes investments in the healthcare, specialty manufacturing, B2B outsourcing and IT markets.