UPDATE 1-Wal-Mart's Scott joins firm started by Romney's son

* Scott to assist in evaluating investments

* Former CEO continues to serve on Wal-Mart's board

SAN FRANCISCO, Nov 10 (Reuters) - Solamere Capital said on Tuesday that Lee Scott, the former CEO of Wal-Mart Stores Inc (WMT.N), has joined the private equity firm as an operating partner and a member of its investment committee.

Scott retired from his role as Wal-Mart's CEO at the end of January after nine years at the helm, but he continues to serve as chairman of its executive committee of the board.

Solamere was co-founded last year by Tagg Romney, the son of former Republican presidential hopeful Mitt Romney, and it has raised $200 million for its initial fund.

Mason Fink, one of Solamere's principals, said Scott will assist the private equity firm in evaluating investment opportunities and helping to manage future portfolio companies. (Reporting by Nicole Maestri; Editing by Tim Dobbyn)