Brown to ad­vise Swiss pri­vate eq­uity firm’s fund

The Daily Telegraph - Business - - Front Page -

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.

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