Romney will be chairman of the executive committee at the investment firm led by his oldest son, Tagg.
At Solamere, the elder Romney will advise on matters of private equity, and isn't planning to raise capital for the firm, a person knowledgeable about the situation told NBC News.
Romney has had office space at Solamere, based in Boston, since the November election. However, he has not been officially involved in business matters.
His 2012 presidential campaign and his unsuccessful 2008 bid to be the GOP presidential nominee focused on his business background. Romney founded the private equity investment firm Bain Capital in 1984.