Clayton Dubilier & Rice may have briefly lost Edward Liddy to AIG, but as of this month, he’s back in action. The firm hired Liddy, the former CEO of Allstate, as an operating partner in May of 2008. He left Allstate a year prior.
Liddy wasn’t at CD&R for four months before the government recruited him to temporarily run AIG as part of its bailout of the failed insurance giant. He replaced Robert Willumstad. At the time, CD&R assured investors that Liddy would return to the firm once his stint ended at AIG.
Running bailed-out, taxpayer-owned AIG was naturally a bit less comfortable than the lush life of private equity. Reuters commented he may be best remembered for the “multiple public scoldings” Congress delivered him over executive bonuses for AIG’s financial products group executive. In August, he stepped down Robert Benmosche assumed the role. Since then, he’s taken a short break, with plans to officially rejoin CD&R this month. He has not yet been added to the firm’s website.
Yesterday peHUB reported CD&R closed its eighth fund with $5 billion in commitments. The New York-based firm originally began fundraising almost two years ago with listed hard cap of $7.5 billion, after having raised $4 billion for its seventh fund in 2006.