The funds, which specialize in investments in manufacturing, distribution and retail companies, were started last year by billionaire Ronald Burkle, a friend of the former President.
It is thought that Mr Clinton will act as a kind of ambassador for the funds.
Since leaving office, Clinton has been very active on the speaking circuit and been writing his memoirs.
Clinton Joins Investment Funds
The New York Times has reported that former US President Bill Clinton has agreed to become a senior adviser to two investment funds, the Yucaipa American Fund and the Yucaipa Corporate Initiatives Fund.
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