Goldman Sachs has announced senior management changes at its Private Equity Group, the fast-growing international fund of funds operation that is part of the investment bank’s asset management arm.
Geoff Clark and Mike Miele have been appointed co-heads of the division, which currently has $11bn under management and invests globally in several private equity strategies including buyouts, venture capital, distressed debt and private equity secondaries.
The division’s founder, Philip Cooper, has been made chairman, a newly created role, and will remain actively involved in the group’s operations. Cooper, 53, a former entrepreneur and private equity investor, joined the bank in 1996 with a mandate to build a private equity fund investment business from scratch.
Clark and Miele were the first two professionals that joined Cooper’s operation. According to a source close to the bank, the pair had long been seen as heirs apparent of their former mentor.
“This is the kind of transition that the group would also want to see at the private equity funds it invests with,” said the source. “It was a transparent process started early, where younger members of the team had been given responsibility early on.”
To date, Goldman’s Private Equity Group has raised six private equity funds of funds, a vehicle investing in venture capital funds, a distressed debt and equity fund and two secondary funds.
The group is headquartered in New York and has an office in London, where Marc Boheim and Clive Norton are leading the charge. John Shearburn, former head of the London division, recently returned to New York to concentrate on building out the group’s North American franchise.