John Mack joins Pequot

The Wall Street veteran is joining Pequot Capital Management as the hedge fund’s chairman to increase its presence in other alternative investments.

Wall Street veteran John Mack, 60, will become the chairman of Pequot Capital Management, a Westport, CT-based hedge fund. He will help the firm expand its alternative investment activities, which include hedge funds, private equity, venture capital and real estate.

John Mack, chairman,
Pequot Capital Management

Mack was the co-chief executive at Credit Suisse Group and the CEO of Credit Suisse First Boston. Prior to that, Mack was president of Morgan Stanley, having worked at the investment bank for almost 30 years.

In a statement, Art Samberg, Pequot’s chief executive officer and reportedly a friend of Mack’s for more than a decade, said the new executive would help build out the hedge fund’s alternative asset platforms.

“I look forward to collaborating with him to broaden Pequot’s footprint and expand our platform of alternative investments,” Samberg said.

Pequot Ventures is the firm’s private equity and venture capital business, which focuses on the healthcare, communications and software sectors. Pequot Private Equity Fund III closed in 2001 on $725 million (€593 million). It is the firm’s third expansion-stage fund and its fifth private equity fund over all.

Overall, the direct investment arm has around $1.6 billion in committed capital and has invested in contract management solutions firm Accruent, wireless software maker Flarion and genetic technologies company NuGEN.

Pequot, which has around $6.5 billion in managed assets, was founded by Stamberg and Dan Benton, who left in 2001 to start Andor Capital Management.

Mack joins a steadily growing list of investment bank personnel joining hedge funds, including senior investment bankers Eric Mindich, Dinakar Singh,Ron Beller, Geoff Grant and Max Trautman, all of Goldman Sachs, who have been involved with new hedge fund ventures.