Miami Mayor Suarez Takes Job at Private Equity Firm DaGrosa
(Bloomberg) -- Miami Mayor Francis Suarez has taken an additional job as senior operating partner at private equity firm DaGrosa Capital Partners LLC, according to Joseph DaGrosa Jr., the founder and chairman.
Suarez, 43, who remains mayor and is up for re-election this year, will help source and execute deals at the Coral Gables, Florida-based investment company, DaGrosa said in an interview Wednesday. The firm’s investments include soccer clubs, a telemedicine company and a platform that leases single-family homes, and it’s about to launch a new hospitality fund.
It’s common for Miami mayors to have additional jobs, as the role is relatively ceremonial and the city manager runs day-to-day operations. Suarez is also a lawyer at Quinn Emanuel Urquhart & Sullivan LLP. In a text message, he said the new role won’t take too much time away from the city or pose a conflict of interest.
“The city remains my priority in all respects, and DaGrosa Capital respects that and does not do any business with the city, nor does it plan to,” he wrote.
Suarez has amassed unique influence and a national profile through his viral Twitter campaign to lure technology and cryptocurrency enthusiasts to the region. Earlier in the year, the mayor -- a Republican, although the City Hall role is officially non-partisan -- was invited to speak at the White House, winning an invitation even before the more powerful Miami-Dade County Mayor Daniella Levine Cava, a Democrat. He has left the door open to an eventual run at either the Florida governorship or the vice presidency.
DaGrosa said the firm would avoid doing business with government entities, and that Suarez would stay out of transactions within the City of Miami and Miami-Dade County. The role won’t interfere with Suarez’s other jobs, DaGrosa said.
“It is part time, so it’s a question of quality of time rather than quantity,” DaGrosa said by phone.
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