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Former Treasury secretary Mnuchin raises $2.5 billion for fund

by Mike Robinson

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© Reuters. FILE PHOTO – Steve Mnuchin, former Treasury secretary, speaks at a press conference in Washington to announce that the Trump administration has lifted sanctions against Iran. Patrick Semansky/Pool via REUT

(Reuters) – Steve Mnuchin, a former Goldman Sachs (NYSE:) executive who served as U.S. Treasury secretary during the Trump administration, has raised $2.5 billion at his private equity firm, according to a Bloomberg News report https://www.bloomberg.com/news/articles/2021-09-20/trump-treasury-secretary-steven-mnuchin-raises-2-5-billion-fund?sref=V7uxlNge on Monday.

According to the report, most of the capital raised by Liberty Strategic Capital, Washington D.C., came from sovereign wealth funds located in the Middle East. This includes Saudi Arabia’s Public Investment Fund.

Mnuchin founded Liberty Strategic in 2012. It focuses on investments in financial and technology companies, as well as firms involved in the creation of new content.

In July, Cybereason was funded with $275 million by the private equity firm.

Mnuchin started hiring staff for an investment fund that would seek backing from Persian Gulf State funds, the Washington Post first reported in https://www.washingtonpost.com/business/2021/02/23/mnuchin-investment-fund-gulfFebruary, citing people familiar with the plans.

Mnuchin was a 17-year veteran of Goldman Sachs prior to his joining Trump’s Administration. In 2002, he founded Dune Capital Management.

He was also an investor in Hollywood movies like “Avatar”, Mad Max: Fury Road and “Suicide Squad” as a Hollywood finance.

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