Centerbridge, Kleiner Perkins chiefs to advise Obama

Kleiner Perkins dealmaker John Doerr and Centerbridge co-founder Mark Gallogly are among 16 people who have been chosen to counsel the president on US economic recovery.

Heavy-hitting general partners and limited partners are among the 16 people US President Barack Obama has named to his newly established “Economic Recovery Advisory Board”, which will advise the president on programmes intended to stimulate economic growth and promote stability.

GPs on the board are Mark Gallogly, co-founder of Centerbridge Partners and former head of The Blackstone Group's private equity programme, and John Doerr of Kleiner Perkins Caufield & Byers.

As a partner at Kleiner Perkins, which last year closed its $700 million KPCB XIII fund and a $500 million green growth fund, Doerr has invested seed capital in companies including Microsoft, Google, America Online and Sun Microsystems, and has longtime ties to former Vice President Al Gore, who joined Kleiner Perkins as a partner in 2002. The firm has also recruited other high-ranking political figures in the past including former Secretary of State Colin Powell.

Centerbridge has closed one fund on $3 billion since it was co-founded by Gallogly in 2006. It has since made investments including agribusiness firm GSI Holdings and auto parts maker Dana Corporation.

Led by former Federal Reserve Chairman Paul Vockler, the Economic Recovery Advisory Boardalso includes individuals who lead institutions with active private equity programmes: Yale University chief invesment officer David Swensen and TIAA-CREF president and chief executive Roger Ferguson.

Others on the board include former Securities and Exchange Commission chairman William Donaldson; Robert Wolf, the chairman and CEO of UBS Group Americas; university business school professors and representatives from US labour unions.

“Members of the board are distinguished citizens outside the government who are qualified on the basis of achievement, experience, independence, and integrity. The board will bring a diverse set of perspectives and voices from different parts of the country and different sectors of the economy to bear in the formulation and evaluation of economic policy,” the White House said in a statement.

The board has been established for an initial two-year term, after which it may be extended.