It’s been about a year since we’ve heard from Tagg Romney and his team at private equity firm Solamere Capital, but we should expect a fund closing announcement any day.
In June 2008, Solamere Capital went to market with a $200 million target on its first fund, called Solamere Founders Fund I LP. A year later, the firm is closing in on that target, with $186 million in commitments from 39 investors, according to an SEC filing.
Tagg Romney, the son of Bain Capital founder and one-time presidential candidate Mitt Romney, formed Solamere with a varied crew of co-founders. They include Spencer Zwick, the director of finance on Mitt Romney’s campaign, John Miller, the former CEO of National Beef Packing Co. and Eric Scheuerman, formerly of Jupiter Partners. The firm also hired Allan Dowds, the former CFO of J.W. Childs Associates.
The firm’s strategy, according to its web site, it is identify private equity opportunities through the founders’ “unparalleled networks, business expertise, and access to compelling opportunities.” The site explains that that includes direct buyouts, co-investments and fund-of-fund investments.
No word yet on how much, if any, of that fund has deployed to date, or who its investors are, although we can surmise they include the same high net worth individuals which donated to Tag’s dad’s campaigns, since they share a fundraising point man.
Previously: A Different Romney Enters Private Equity