Jack Daly, a former partner and managing director of Goldman Sachs’s merchant banking division in New York, has begun his new role as partner leading TPG Capital’s investments in the industrials sector, according to a statement from the private equity firm.
Daly joins TPG’s San Francisco office, Texas-based TPG spokeswoman told Private Equity International. Fortune first reported in March that Daly was leaving Goldman Sachs to join TPG.
Daly previously led Goldman’s US industrials private equity group. He had been at Goldman for 17 years, according to his LinkedIn profile. During that time, he had also been an investment banker advising on communications, media and entertainment deals, according to the statement.
Before that, he taught mechanical and aerospace engineering at Case Western Reserve University for six years, according to his LinkedIn.
Daly is replacing Kevin Burns, who left TPG in October to join the private equity firm’s portfolio company and yoghurt maker Chobani. According to LinkedIn, Burns is Chobani’s president and chief operating officer in New York.
It is unclear who will be replacing Daly at Goldman. A spokeswoman for Goldman was not available to comment.
TPG’s industrials group focuses on manufacturing, transportation, distribution, and business services companies in the sector. It has previously invested in companies including North Carolina-based American Tire Distributors, Pennsylvania-based floor and ceiling manufacturer Armstrong World Industries and Brazilian low-cost airline Azul.
TPG has also hired another banker in the past month, appointing Sanghoon Lee from Morgan Stanley Private Equity to lead its South Korean investments, as reported by PEI.
The firm is currently investing its seventh flagship fund, TPG Partners VII, which closed in May on $10.5 billion, above its $8 billion target, according to PEI data. Investors in that fund include the Canada Pension Plan Investment Board, Michigan Department of Treasury, the Minnesota State Board of Investment, and the Virginia Retirement System.
Outside of industrials, TPG invests in consumer and retail, financial services, healthcare, Internet and digital media, energy, real estate, and technology across private equity, venture capital, real estate, credit, and public equity. The firm manages more than $70 billion in assets.