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Tagg Romney's investment firm closes in on new fund

Dan Primack, author of Pro Rata

Photo by Chip Somodevilla/Getty Images

Solamere Capital, the Boston-based private equity shop co-founded by Tagg Romney (and chaired by dad Mitt), disclosed in SEC filings that its in the midst of raising its third fund.

Bottom line: Word is that capital is all committed and allocated, with a target just north of the $525 million raised for Fund II back in 2014.

No comment from Solamere, natch.

  • One big change will be that around 80% of the capital is slated for direct investments, while the remainder will go to fund-of-funds activities (Solamere technically is raising two funds, one for each purpose). Last time around, around $370 million of the $525 million was allocated for fund-of-funds.
  • Investors have not been given any special insight as to whether Mitt is running for Senate from Utah.

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Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.

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