Lord Feldman – a member of the UK House of Lords and co-chair of the UK’s Conservative Party between May 2010 and May 2015 and party chairman between May 2015 and July 2016 – joined the firm in September, a spokeswoman confirmed.
He joins a number of politicians that have taken up similar roles in the City following their departure from the House of Commons.
Norman Lamont, a former chancellor and MP for 25 years who is also a member of the House of Lords, has been a senior adviser at London-based private equity firm BC Partners since 2013, while Alan Milburn, a former Labour minister who chairs the government’s social mobility commission, has been a member of Bridgepoint’s European advisory board since 2004.
It is unclear what Feldman’s exact involvement at the firm will be, but a person familiar with the matter said that “his wealth of business experience will be helpful to TowerBrook’s existing businesses” as well as new investment opportunities. There are “no set hours” for the position, which will be part time, the person said, who did not say how much he will be paid for the role.
Although hiring politicians into advisory roles is relatively common within private equity, it is often unclear exactly what role they perform.
TowerBrook owns Independent Clinical Services, a company that provides healthcare staff for NHS Trusts, local authorities, prisons, as well as for private health care providers. Government policy could potentially affect the way this business operates.
A spokeswoman for TowerBrook said: “Lord Feldman has a wealth of experience in business and like all members of the senior advisory board has been appointed so that we can benefit from that broad expertise. He is not engaged in any lobbying activity on behalf of TowerBrook.”
TowerBrook’s chief executive officer and founder Ramez Sousou has been a Conservative Party donor for years. Ahead of the 2010 election he donated £100,000 to the party and has consistently made donations ever since, according to filings with the UK electoral commission.