Steve Mnuchin, a former Goldman Sachs executive who served as U.S. Treasury secretary during the Trump administration, has raised $2.5bn at his private equity firm, according to a Bloomberg News report here on Monday.

Most of the money raised for Washington D.C.-based Liberty Strategic Capital came from sovereign wealth funds in the Middle East, including Saudi Arabia’s Public Investment Fund, the report added, citing people familiar with the matter.

Liberty Strategic, formed this year by Mnuchin, is focused on investing in technology, financial services, fintech companies and firms that are involved in creating new forms of content.

Free Webinar: The Primary Step in Creating Value: How the Right Corporate Governance Can Drive Growth

  • To what extend can the relationship between the GP and board impact the company?
  • How can GPs ensure trickle down change in organisations?
  • How can technology help bridge the gap between GPs and management boards?

The private equity firm led a $275m funding round in cybersecurity company Cybereason in July.

Mnuchin started hiring staff for an investment fund that would seek backing from Persian Gulf State funds, the Washington Post first reported in here, citing people familiar with the plans.

Prior to joining Trump’s administration, Mnuchin spent 17 years at Goldman Sachs before leaving in 2002, when he launched Dune Capital Management.

As a Hollywood financier, he also made investments in movies such as “Avatar”, “Mad Max: Fury Road” and “Suicide Squad”.

Source: Reuters

Can’t stop reading? Read more