Ex-GE Capital CEO to Start Equity Fund

Gary Wendt, who built GE Capital Services Corp. into the world’s largest non-bank financial company in 12 years as chief executive, plans to start a $3-billion private equity fund with three former GE executives, a person familiar with the plan said. Wendt, Paul Street and the two others will begin raising money in August to invest in Europe and Japan, the source said. Wendt couldn’t be reached; Street declined to comment. The new firm won’t invest in financial services companies, which is the main business of GE Capital, said the person familiar with the plan. The fund would compete with firms such as Washington-based Carlyle Group and CVC Capital Partners, Europe’s largest buyout company. Kohlberg Kravis Roberts & Co. and Hicks, Muse, Tate & Furst Inc. have also recently raised money to spend on European acquisitions. Wendt left Stamford, Conn.-based GE Capital in December. Street worked with Wendt at GE Capital before joining Lazard Freres & Co. He left the investment bank in 1997.