“It was a difficult time to be raising a fund, the market timing was not ideal, but the product we offered was unique and most of our investors did not have access to private equity,” Tagg Romney said in an interview with Buyouts.
Solamere Capital plans to commit two-thirds of the fund to new private-equity funds managed by professionals with long track records across a variety of strategies, including buyouts, turnarounds, growth equity and venture capital. The balance the firm plans to devote to co-investments. The firm has so far committed to 14 funds and made three co-investments. Solamere Capital typically makes commitments to $5 million to $20 million, and makes co-investments in the same size range.
Most of the Lexington, Mass.-based firm’s limited partners are high-net worth individuals and families, Romney said.
Romney, the former chief operating officer for the Los Angeles Dodgers and director of strategic planning at Elan Pharmaceuticals, founded the firm alongside Eric Scheuermann, formerly a partner at