Former Chief of Staff Raising Investments for New Hedge Fund

December 23, 2020 James Heinsman In the News

Mike Mulvaney Chief of Staff

Mike Mulvaney, former White House chief of staff under Donald Trump, is starting a new hedge fund. Mulvaney, and his partner Andrew Wessel, need to raise at least $1 million, the legal minimum needed to launch a hedge fund. Currently, Mulvaney represents the Trump administration in Northern Ireland as a special envoy.

Mulvaney’s fund will be called Exegis Capital and is raising the money from investors according to the rules of the SEC’s 506(b) statute. That rule, according to the website of the SEC, permits companies to “raise an unlimited amount of money and can sell securities to an unlimited number of accredited investors.”

Mulvaney is a Republican former congressman from South Carolina. Under the Trump administration, in addition to serving as chief of staff, he was the head of the Consumer Financial Protection Bureau.

The partners first announced that they were creating a fund during an August interview with S&P Global. At that time, they said they were planning to focus on small- to mid- cap financial sector stocks.

In another interview more recently Wessel said that they hope to raise much more than $1 million, seeking investors who are either “high-net-worth” or “ultra-high-net-worth” people who have at least $30 million in assets.

Wessel added that Mulvaney’s experience in Washington should give him insight into what effects upcoming regulations might have on their investments.

“For the Biden administration we are probably looking at more regulation, not less, and we are going to pick our spots there,” Wessel said regarding their investment tactics.

Donald Trump, Mike Mulvaney,

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