Steven Mnuchin’s private equity fund has announced US$2.5 billion in fresh capital. This funding effort attracted commitments from sovereign wealth funds in the Middle East, including Saudi Arabia, where he made several trips as Treasury secretary.
The fund was launched this year by Mr. Mnuchin, who was former President Donald J. Trump’s Treasury secretary for his full term. The core investment priority of the fund includes technology and financial services investments.
During the summer, Mr. Mnuchin opened an office in Tel Aviv, and also acquired a significant amount in fresh capital from Saudi Arabia’s Public Investment Fund.
Prior to his time in office, Mnuchin was a Goldman Sachs banker, film investor, and hedge fund manager. He is now leveraging the wealth of experience — and connections — to grow his wealth.
As of 2017 when he took up the job at Treasury, he was worth an estimated US$400 million.
Owing to the size of the investment his fund has garnered and the fact that it has drawn commitments from countries where Mr. Mnuchin traveled as Treasury secretary, some sources want the authorities to probe the possibility that he used his position in government to his private benefit.
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