Former Treasury secretary Mnuchin raises $2.5 billion for fund

© Reuters. FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin speaks during a news conference to announce the Trump administration’s restoration of sanctions on Iran, at the U.S. State Department in Washington, U.S., September 21, 2020. Patrick Semansky/Pool via REUT

(Reuters) – Steve Mnuchin, a former Goldman Sachs (NYSE:) executive who served as U.S. Treasury secretary during the Trump administration, has raised $2.5 billion at his private equity firm, according to a Bloomberg News report on Monday.

Most of the money raised for Washington D.C.-based Liberty Strategic Capital came from sovereign wealth funds in the Middle East, including Saudi Arabia’s Public Investment Fund, the report added, citing people familiar with the matter.

Liberty Strategic, formed this year by Mnuchin, is focused on investing in technology, financial services, fintech companies and firms that are involved in creating new forms of content.

The private equity firm led a $275 million funding round in cybersecurity company Cybereason in July.

Mnuchin started hiring staff for an investment fund that would seek backing from Persian Gulf State funds, the Washington Post first reported in, citing people familiar with the plans.

Prior to joining Trump’s administration, Mnuchin spent 17 years at Goldman Sachs before leaving in 2002, when he launched Dune Capital Management.

As a Hollywood financier, he also made investments in movies such as “Avatar”, “Mad Max: Fury Road” and “Suicide Squad”.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.