When Evan Bayh announced last year that he wouldn’t be running for a third term as U.S. Senator from Indiana, he said: “At this time, I simply believe I can best contribute to society in another way: creating jobs by helping grow a business, helping guide an institution of higher learning or helping run a worthy charitable endeavor.”
Apparently that can translate into: “I’m joining a private equity firm.”
Apollo Global Management today announced that Bayh has agreed to sign on as a “senior advisor with specific responsibilities for policy issues.” It’s a new position at the New York-based private equity firm, which currently is in registration to go public.
An Apollo spokesman declined to comment further on the hire, including whether or not it’s a fulltime job. My guess — and it’s only that — is that it’s part-time, given Bayh’s stated desires to spend less time in Washington, D.C. and more time in Indiana (where he has twin sons in high school).
Also no word on specific responsibilities, such as if it will mirror that of former Republican National Committee chair Ken Mehlman, who now patrols Capitol Hill on behalf of Kohlberg Kravis Roberts & Co. Other ex-politicos in private equity include Dan Quayle and John Snow at Cerberus and Bill Frist at Cressey & Co.
I’ve reached out to Bayh, and will update this post if/when he calls back.
[Update: An earlier version of this story implied that Bayh effectively will become a lobbyist for Apollo, but a source familiar with the situation insists that Bayh will not register as a lobbyist, nor will he advocate for Apollo or its investments with elected officials or their staffs. Still no additional word on what the job will entail, beyond helping Apollo navigate existing regulations.]