A Junk Food Johnny Appleseed

DONALD KENDALL, RETIRED as PepsiCo chairman since 1986, just can't stay away from the fast food. Kendall, 73, still devotes part of his time to expanding PepsiCo's fast-food empire--which includes Pizza Hut, Taco Bell, and Kentucky Fried Chicken--in the former Soviet bloc and other emerging markets. Recently, Kendall flew to Poland to help his son, Donald Jr., who runs a chain of PepsiCo franchises there.

That's not all. Kendall is the chairman of a new international investment fund that aims to take minority stakes in franchises. Launched Jan. 27, the Emerging Markets Franchise Acceleration Fund is managed by former Reagan Administration Treasury Deputy Secretary R.T. "Tim" McNamar. Another big name, ex-Treasury Secretary Donald Regan, heads the fund's advisory board.

The fund plans to raise $100 million initially, targeting franchises in PepsiCo and others, both food (McDonald's) and nonfood (Blockbuster Videos). PepsiCo, says Kendall, is "pretty excited about it." He also spends his time running two cattle ranches in Wyoming, heading the National Forest Foundation conservation group, and co-owning a New Orleans brewery pub with Donald Jr. and two other sons.