Shake Shack founder Danny Meyer is jumping into finance with a $220 million fund

Danny Meyer, the famed New York restaurateur who eliminated tipping at restaurants and founded the Shake Shack empire, is jumping into the world of finance.

Meyer has raised $US220 million for a private equity fund called Enlightened Hospitality Investments LP that will make $US10 million to $US20 million investments in companies that share the employee-focused ethos of his Union Square Hospitality Group establishments, according to a story in The Wall Street Journal by Charles Passy.

The fund, which is managed by USHG but has raised outside capital, has completed a handful of deals so far, including New York gourmet coffee chain Joe Coffee, the small West coast chain Salt & Straw Ice Cream, and restaurant-booking app Resy, according to the report.

Read the full story at The Wall Street Journal.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.