Bill Clinton is getting into the investment fund business.

The L.A.-based Yucaipa Companies announced that Clinton, a former U.S. president, will serve as a senior advisor to the firm and its investment funds. Clinton will provide counsel to Yucaipa and its investment funds including the Yucaipa American Fund and the Yucaipa Corporate Initiative Fund. Clinton will participate in events related to the funds and provide advice in the development of potential investments.

Ron Burkle, managing partner of The Yucaipa Companies, said, “We are proud that President Clinton will serve as a senior advisor to our firm. Much of what we have accomplished and continue to pursue in our investment strategy matches the platform the President outlined while in office with his New Markets Initiative.”

The Yucaipa Companies was founded in the grocery business. According to Hoover’s Online, it now holds a 2% stake in Kroger, 70% of Golden State Foods and 9% of food distributor Fleming. It owned 6% of retail giant Kmart (now bankrupt). It also owns music and video distributor Alliance Entertainment and holds a minority stake in marketing firm Simon Worldwide.