Former U.S. President BillClinton has agreed to become a senior advisor to the Yucaipa Cos. and its investment funds, the Los Angeles-based private investmentfirm announced Thursday.
"As Senior Advisor, President Clinton will provide counsel to Yucaipa and its investment funds, including the Yucaipa American Fund and the Yucaipa Corporate Initiative Fund," the company said in a statement.
The statement said that Clinton will participate in events related to the funds and provide advice on the development of potential investments.
"We are proud that President Clinton will serve as a senior advisor to our firm," said Yucaipa Cos. managing partner Ron Burkle. "Much of what we have accomplished and continue to pursuein our investment strategy matches the platform the president outlined while in office with his New Markets Initiative," he said.
Clinton's New Markets Initiative was designed to promote corporate investment in historically impoverished regions of the country. Burkle, a former grocery store magnet, has been a good friend of Clinton.
The financial terms of the contract between Clinton and the Yucaipa are not immediately disclosed.
Yucaipa recently set up the Yucaipa American Fund, whose investment focus is "on industries and companies that maintain strong corporate governance practices and are sensitive to the interests of their employees." The fund will control subsidiary funds and businesses that provide financial services to public pension funds, Taft-Hartley pension funds, union and union members,the company said.
Last year, Yucaipa established the Yucaipa Corporate InitiativeFund, which is aimed at bringing Fortune 1000 companies with working capital to underserved markets in the United States.
Yucaipa, founded in 1986, has completed 21 investment transactions worth more than 14.6 billion dollars in the past 16 years, earning a gross internal rate of return of 45.1 percent.