Dealflow | September 16, 2021

Jeb Bush launches Finback Investment Partners with $350 million for ‘impact aligned’ private equity

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, September 16 – The former Florida governor’s new firm will focus on investing “private capital to solve public sector challenges.” It is targeting investments of $20 million to $40 million in business services, IT, education, healthcare, industrials, digital infrastructure and financial services. Deals will be first screened for potential financial returns. “Once that is met, we evaluate investments based on their societal impact,” Finback’s website states.

ImpactAlpha is seeking details on Finback’s impact thesis, metrics and reporting standards; we’ll report back when the firm responds.

The firm has built a rollover portfolio of 10 investments, including Omnia Partners, a purchasing organization that connects public and private institutions with suppliers; Seniorlink and InnovAge, which focus on senior care; Vertical Bridge, an owner and operator of communications infrastructure.

Politics to private equity

Bush follows other former politicians into the realm of impact  investing. Former Vice President Al Gore, of course, is a founder of Generation Investment Management. Former Massachusetts Gov. Deval Patrick helped launch Bain Capital Double Impact. Former Republican National Committee chairman Ken Mehlman co-heads KKR’s global impact fund.

Bush serves as managing partner of Finback alongside George Huber and Jack Oliver of Dock Square Capital, where Bush is chairman.