Behrman Capital has hired former chairman of the US Joint Chiefs of Staff, General Peter Pace, as an operating partner. The chairman of the Joint Chiefs of Staff is the US' highest ranking military officer and chief military advisor to the president.
Behrman has also appointed Pace chairman of California-based lighting and casing company Pelican Products and a director of New York-based defense electronics company ILC Industries.
Pace will be responsible for helping Behrman portfolio companies build value as well as sourcing and evaluating potential acquisition platforms.
General Peter Pace
“General Pace is a rare individual,” said Behrman managing partner Grant Behrman in a statement. Prior to joining Behrman, Pace was the 16th chairman of the US Joint Chiefs of Staff and served in the military for more than 40 years.
Industry focusses for Behrman include defense, specialty manufacturing, healthcare, outsourcing and information technology. Its defense investments have included military products company Hunter Defense Technologies, power company PowerSystems International and expedition shelter manufacturer Bea Maurer.
With offices in New York and San Francisco, Behrman has approximately $2 billion (€1.3 billion) in capital under management for management buyouts, leveraged build-ups and recapitalisations. Its equity investments are generally between $25 million and $100.
The firm’s third fund closed on $1.2 billion in 2001 and its fourth fund is currently targeting $1 billion according to the Probitas Partners 2008 Private Equity Deskbook. Behrman’s largely institutional limited partner base includes the Bank of Nova Scotia, Hamilton Lane and the Kansas Public Employees’ Retirement System.