The Hill News

Former Sen. Evan Bayh (D-Ind.) has joined a New York City private equity firm as a senior adviser for policy.

The New York Times reported Friday that the centrist two-term senator joined Apollo Global Management. The firm manages $57.8 billion in assets, according to the Times, and has hired several top manages in recent months.

Bayh will likely earn well above his congressional salary of $174,000 per year. "Private equity deal makers are among the most highly compensated executives on Wall Street," the Times writes. 

A former Indiana governor, Bayh decided not to run for reelection in February.

"At this time I simply believe I can best contribute to society in another way: creating jobs by helping gro! w a business, helping guide an institution of higher learning or helping run a worthy charitable endeavor," he said. "All of this and much more has led me to believe that there are better ways to serve my fellow citizens, my beloved state and our nation than continued service in Congress."