Blackwater’s Dark Prince Returns

Whatever the reason, Prince’s name became toxic, and the new Obama administration wanted nothing to do with him. Blackwater rebranded as Xe Services, and in 2010 Prince sold the company to an investment group led by two private equity firms, Forte Capital Advisors and Manhattan Growth Partners, for over $100 million.

Whatever the reason, Prince’s name became toxic, and the new Obama administration wanted nothing to do with him. Blackwater rebranded as Xe Services, and in 2010 Prince sold the company to an investment group led by two private equity firms, Forte Capital Advisors and Manhattan Growth Partners, for over $100 million.

Once again, Prince’s work has government backing. One of FSG’s principal shareholders is CITIC Group, a Chinese state-owned conglomerate. CITIC and another state-owned enterprise, China Taiping, agreed to invest an additional $107 million in FSG on March 2, though the deal has not yet closed. President Xi’s corruption crackdown made raising the money a challenge. “I had meetings that were scheduled with senior executives,” Prince says, “and we were called: ‘Don’t come, state security is here arresting people right now.’ “

Forbes Blackwater’s Dark Prince Returns