Former US Federal Communications Commission chairman Ajit Pai has joined private equity house Searchlight Capital Partners as partner.
Pai joined the FCC as a commissioner in 2012 after being nominated by President Obama, and was designated chairman by President Trump in 2017.
During his tenure as chairman he aimed to push initiatives to help close the digital divide, advance US leadership in 5G and other wireless technologies, promote innovation, protect consumers, public safety, and national security, and make the agency more open, transparent, and diverse.
Pai previously worked at the US Department of Justice and the US Senate, and was a partner at law firm Jenner and Block and in-house counsel at Verizon Communications.
Searchlight founding partner Eric Zinterhofer said, “TMT has always been a core focus at Searchlight and in recent years we have seen the opportunities in these sectors grow, a trend accelerated by the Covid-19 pandemic.
“Given our strong presence in this space and Ajit’s distinguished career in the industry, we are excited to welcome him as our newest partner.
“His outstanding accomplishments at the FCC had a material impact on the broadband, wireless, and broadcast sectors, and his deep knowledge will be invaluable in accelerating our efforts in TMT and digital infrastructure.”
Searchlight more than doubled its capital under management last November through the $3.4bn final close of a hefty new fund.
The 10-year-old private equity house has scored a huge increase on the $1.9bn it gathered for its second fundraise in 2016 through the Fund III final close, as it looked to ramp up its investment in communications, media and financial and business services companies.
Searchlight hauled in $860m for its debut fundraise in 2012.
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