Romney Retains Private Equity Stakes

Presidential candidate Mitt Romney and his wife Anne are worth between $190 million and $250 million, according to personal financial disclosure documents filed yesterday with the Federal Election Commission. This includes a substantial “allocation” to private equity, with most of it going to funds managed by Romney’s former colleagues at Bain Capital.

You can download the document here.

Romney left Bain in February 1999 to oversee the Salt Lake City Olympics, and agreed to a 10-year non-compete, non-hire and confidentiality agreement. In exchange, Romney was provided with a passive profit share as a “retired partner,” for Bain Capital entities formed on or before February 11, 2009. Four years later, Romney became governor of Massachusetts, at which point state law required that most of Romney’s investment assets be put into a blind trust.

The details of that trust were revealed in the FEC documents, and show that Romney still has positions in 34 Bain-related funds. This includes its general private equity funds, venture capital funds (Bain Capital Ventures), mezzanine funds (Brookside Capital) fixed income funds (Sankaty Advisors) and absolute return funds (Absolute Return Capital). His most recent investments – via the blind trust – came just this year, and his total Bain-related holdings were valued at a bare minimum of $10.21 million, as of March 31, 2007. They generated over $7 million in income, during the reporting period.

The Romneys also have positions in a handful of other private equity funds. They include the first fund from Sun Capital Partners (1999 vintage), the second fund from ABRY Partners (1995) and a pair of private equity vehicles from Goldman Sachs Capital Partners (1998 and 2000).