Funds News

MOVES-TPG Capital hires former Starwood CEO as senior adviser

SAN FRANCISCO, Sept 12 (Reuters) - Private equity firm TPG Capital said on Tuesday it hired former Starwood Hotels and Resorts chief executive officer Frits van Paasschen as a senior adviser to help boost the firm’s consumer investment portfolio.

Van Paasschen will work on TPG’s investments in consumer, travel, leisure and retail, the San Francisco-based firm said in a statement. Van Paasschen was CEO of Starwood from 2007 to 2015 and previously served as the CEO of Coors Brewing Co from 2005 to 2007. Starwood was acquired by Marriott International.

Private equity firms often bring on former senior executives at companies who can tap their professional networks to source investments and serve on boards of portfolio companies.

Paul Hackwell, a principal who leads TPG’s consumer investing, said van Paasschen is a seasoned executive with experience leading iconic brands and that his insight will be a valuable asset.

Some recent TPG investments in travel and leisure include Playa Resorts, which TPG owns through a special-purpose acquisition company called Pace Holdings as well as a stake in Viking Cruises. (Editing by Jeffrey Benkoe)