Ex-Clinton Aide Gets Investment Job
Jan. 06, 1999
NEW YORK (AP) _ Erskine Bowles, a former White House chief of staff, has joined Forstmann Little as a general partner with a significant ownership position in the New York investment firm.
Just last month, Bowles returned to his former investment firm Carousel Capital in North Carolina after deciding against campaigning for governor of the state.
Bowles will continue as a partner with Carousel Capital, the firm he co-founded in 1996 with Nelson Schwab. Bowles, who left the White House in October because he wanted to spend more time in North Carolina, will have to split his time between his home state and New York.
In the new alliance with Forstmann Little, Carousel will focus on medium-size investments and Forstmann Little will pursue larger companies. Forstmann Little, which owns companies like Gulfstream Aerospace, General Instrument, and Dr. Pepper, will put $50 million into Carousel Capital.
Carousel's current investors include Charlotte, N.C.-based Bank of America and First Union, as well as more than 60 corporate chief executives. Carousel Capital has investments in companies such as Critical Care Concepts Inc. and ManagedCareUSA Inc.