Sunday, June 26, 2016
Alaska Governor Appoints PEU to Critical Role
Alaska Governor Bill Walker appointed a private equity underwriter (PEU) to head the state's Department of Natural Resources. Andrew T. "Andy" Mack is Managing Director of Pt Capital, the only Arctic focused private equity firm.
The Governor's Office and news reports omitted Mack's other roles as President of Pt Public Policy, a sister company to Pt Capital that focuses on public policy consulting, and principal of Andrew Mack and Associates, a boutique consulting operation based in Anchorage. Mack and Associates received a $50,000 contract from the Governor's Office to produce an Arctic Oil and Gas Master Plan.
They also failed to note his role as a public board member for the Alaska Board of Marine Pilots. When Mack applied to serve in February 2012 he indicated that he or family members could be affected financially from his being in this role. Mack did not to go on to explain the "potential financial benefit."
The Governor appointed a man with significant interests in the areas he will oversee. Mack admitted that himself in 2012 in applying for a much smaller role.
Private equity underwriters generally hold an equity stake in their firm and its offerings. Government has been supremely bad in making these known, often acting like no conflict exists. Mack has much to declare in regard to any holdings in Pt Capital, Pt Public Policy and any of their holdings. However, in the shadowy world of PEUs most things remain secret.
Posted by PEU Report/State of the Division at 1:06 PM