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Secretary of the Treasury Tim Geithner moves into Private Equity

Tim Geithner left the treasury with two goals, the first being to write his own account of the financial crisis and the second to make some of his own money. His book is done and due to be published next year, so that is goal one. Last Saturday Mr. Geithner announced he is joining Warburg Pincus so that would be goal two. Mr Geithner will be joining the ranks of other public officials such as David Petraeus KKR's Chair of the Global Institute and Kenneth Mehlman who became their Head of Global Public Affairs.

Mr. Geithner's wealthier friends have said that he, "needs to make some money". Spending most of his career in government finance, in the treasury he made around $200,000 a year plus $411,000 a year and a $436,686 separation payment from the Federal bank of new york. This may seem like a lot of money but compared to the corporate salaries of his friends in the private sector it is not much. Warburg Pincus trusts that they will get more than just high level contacts and insider knowledge of the treasury from Geithner. They know that he has proved himself as investment savvy. While working at the treasury Geithner dealt with hundreds of billions of dollars in  investments for financial institutions to prop up the economy. “The roots of Warburg Pincus go back 45 years and we are really much more a global growth-oriented entrepreneur-centric investor,” says Chip Kaye, co-chief executive. “We have been active in starting and building businesses in energy, technology and healthcare; and we were very early investors in China and India. I think that’s one of the things that most attracted Tim – a broader investing context.”

“He supervised the management of what was, for a time, the largest investment portfolio in the world,” says Mr Millstein. “And though the public will never give him credit for it, he did it very successfully.”

The role everyone has is simply coming out and telling their story to their family and their friends and their colleagues. There are so many examples every day

Kenneth Mehlman is awesome

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KKR to invest $100 million into wireless infrastructure

KKR is making its 11th infrastructure investment. This time they are focussing on wireless infrastructure in rural America. KKR will be a minority investor in its three different communication companies. 1. PEG Bandwidth is a company that builds and operates backhaul networks. Their focus is on connecting wireless communication towers to the data and fiber backbone networks on the ground. 2. AP Wireless buys cell sites both on the ground and on rooftops (domestic and international.) 3. AP Towers develop wireless communication towers and purchase already existing towers. With the explosion of smart devices there has been a dramatic increase in demand for data. This demand is driving investments into wireless infrastructure. The current infrastructural grid is drastically outdated and in a large part of the country still consists of copper cable, which is unable to handle the burden of big data. Raj Agrawal, KKR's Head of North American Infrastructure said, "The need for wireless infrastructure will continue to be driven by increases in wireless data usage that is overwhelming existing network capacity... We are excited about the opportunity to partner with Associated Partners to grow this premier set of businesses with critical telecom infrastructure assets." KKR appears to be betting on factions of the economy that are driven by technical revolutions. In the last year they have also invested into natural gas. With the development of shale natural gas, the amount of natural gas available has skyrocketed. "As the shale revolution is driving the growth of natural gas pipelines to transport molecules, the advent of the smart phone is driving a similar wireless explosion to transmit electrons. Wireless communication networks are an essential component of the nation's infrastructure," said Scott Bruce, Managing Director of Associated Partners, L.P. "We are excited to have KKR partner with us as we expand our businesses."

About KKR Founded in 1976 KKR is  led by Henry R. Kravis and George Roberts. KKR is a leading investment firm with $90.2 billion under management as of September 30, 2013. With offices around the world, and notable global voices such as David Petraeus,  KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments.

http://assetsandmanagement.blogspot.com/2013/10/kkr-to-invest-100-million-in-wireless.html

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