Brown to advise Swiss private equity firm’s fund
GORDON BROWN is to become an adviser for the Swiss private equity firm Partners Group on its so-called impact investments.
Partners, which has $78bn (£61bn) of assets under management, started its $1bn “impact” fund PG Life last year. The fund is focused on investments that meet the United Nations’ sustainable development goals, such as eliminating poverty and improving healthcare.
The former prime minister is joining Partners’ co-founder Urs Wietlisbach and the former UN General Assembly president Vuk Jeremić on the fund’s advisory council, which examines how it is meeting its goals.
Mr Brown’s appointment, first reported by The Wall Street Journal, means the former Labour prime minister is following in the footsteps of the pop star Bono, who advises TPG on a similar impact fund.
His fees will be paid to The Office of Gordon and Sarah Brown, a business set up to support the couple’s charity work.
Politicians’ experience and contacts books have long been valued by private equity firms, and Mr Brown’s Conservative predecessor John Major worked for Carlyle at the turn of century. The Washington-based private equity firm was at one point nicknamed “the ex-presidents club” because of the number of former politicians, including US president George Bush Snr, it had on its books.
The former chancellor George Osborne also moved into finance after politics, taking up a part-time role as adviser for the investment manager BlackRock alongside a job editing the London Evening Standard.
Earlier this week the World Bank’s outgoing president Jim Yong Kim announced he was joining New Yorkbased private equity firm Global Infrastructure Partners.