* Zannino sees opportunities to put capital to work

* CCMP has invested 26 pct of latest fund, of $3.4 bln

* Firm sees more retail investments ahead

(Adds quotes from Zannino, CCMP, bylines)

By Robert MacMillan and Megan Davies

NEW YORK, July 15 (Reuters) - Former Dow Jones chief Richard Zannino is returning to the retail and media worlds, joining a private equity company that wants to buy bankrupt outdoor clothing retailer Eddie Bauer Holdings Inc (EBHIQ.PK: Quote, Profile, Research).

Zannino will join CCMP Capital Advisors and help run its consumer, media and retailing practice, the private equity firm said on Wednesday.

Zannino ran Dow Jones after his tenure as a senior executive at Liz Claiborne Inc (LIZ.N: Quote, Profile, Research). He also was chief financial officer at Saks Fifth Avenue, and sits on the board of Barry Diller's IAC/InterActiveCorp (IACI.O: Quote, Profile, Research).

"Private equity felt very much like the natural next step for me," Zannino told Reuters, following a career that has spanned the industrial products, retail and media industries and focused on deals, strategy, finance and operations.