Searchlight Capital Bets on Universal Broadband

Ajit Pai led the Federal Communications Commission as chairman during the Trump administration, after earlier serving as a commissioner during the Obama administration and as a member of the agency’s staff. Trained as a lawyer, in April 2021 he became a partner with Searchlight Capital Partners, where he helps guide the private-equity firm’s digital infrastructure investments. According to Mr. Pai, private capital can play a vital role in providing broadband internet access to the many areas of the US that still have slow service or none at all. As an example, he cites an investment that Searchlight recently made in broadband provider Virginia Everywhere LLC. The Leesburg-based company, which does business as All Points Broadband, serves about 25,000 users across parts of Virginia and Kentucky through partnerships with utilities and local governments. Here, Mr. Pai speaks to the Wall Street Journal about his shift to private equity after a long career in government as well as how fund sponsors can realize investment gains by helping to close the nation’s digital divide.