Bob Grady Turns Down NJ Treasurer Job

From public service to private equity and back again?

That was the tidy career circle recently offered to Bob Grady, the former Bush 41 official who went on to spend more than nine years as a venture capital and growth investor with The Carlyle Group. As first reported by Private Equity Online, and since confirmed by peHUB, Grady recently declined an offer by recently-elected New Jersey Governor Chris Christie to serve as the Garden State’s next trasurer (an appointed position).

Grady originally is a Jersey boy, having grown up in the same town as Christie and beginning his career in state politics. More recently, he agreed to co-chair a budgetary task force for Christie, and could eventually serve on some sort of economic advisory council.

So why did he turn down a chance to help salvage his home state’s financial woes? One reason is that Grady last October agreed to serve as a managing director with Cheyenne Capital Fund, a Jackson Hole-based private equity firm whose $350 million debut vehicle is designed to make both direct and indirect (i.e., fund-of-funds) investments. I also hear that he’ll soon take on a venture partner role in Silicon Valley and a senior advisor role with a private equity firm.

Another explanation related to location. Grady might be from New Jersey, but that was a long time ago. He had been based in San Francisco while with Carlyle Group, and had kept a vacation home in Jackson Hole. He’s now switched primary residences, and both are more appealing than Trenton (in fact, I’d wager that no one’s ever left Jackson Hole for Trenton on their own accord).

Grady declined to comment.