Fresh off former Governor Mitt Romney's presidential campaign trail, the Republican candidate's oldest son Tagg Romney and Romney's former national finance director Spencer Zwick are back out raising money, only this time it's for a $200 million debut fund for their new private equity firm Solamere Capital.
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According to peHub's Dan Primack, the two recently co-founded Solamere along with John Miller, CEO of National Beef Packing Co., and Eric Scheuermann, a partner with Jupiter Partners and the son-in-law of another former Massachusetts governor Bill Weld.
While the team appears to have plenty of fundraising prowess, the firm starts out thin on dealmaking experience as only Scheuermann has real experience in a private equity firm. And in a environment where tight credit has made the middle market more competitive than ever, experience in getting a deal done counts more than ever.
Only time will tell if the old adage "like father, like son" is accurate. If it is, then maybe Solamere will become as synonymous with private equity as Mitt's old firm Bain Capital LLC is. - George White
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