Goldman Sachs has confirmed that senior executives Geoff Clark and Elisabeth Varley Camp have left the bank’s Private Equity Group, the $11 billion fund of funds investment operation that is part of Goldman Sachs Asset Management. Members of the group described both departures as “entirely amicable.”
Clark’s resignation comes less than a year after he was appointed co-head of the group alongside Michael Miele. Clark spent ten years with Goldman and, like Miele, worked in the private equity funds business from its inception in 1996.
A Goldman spokesperson described Clark’s reasons for leaving the firm as “personal” and including a wish to spend time with his family.
In addition to having had joint management responsibility for the group as a whole, Clark was particularly involved in GS Vintage Funds, the group’s influential secondaries investment operation, which he co-founded and led together with Christopher Kojima. The group manages two secondaries funds, GS Vintage Funds I and II, and is reportedly marketing a third vehicle at present. Market practitioners expect the GS Vintage Fund III to raise up to $1.5 billion of bank and third party capital.
Varley Camp, Goldman said, resigned in order to return to her earlier career in direct private equity investment. Prior to joining Goldman in 1997 and becoming a managing director in 1999, she worked for Gibbons, Goodwin, van Amerogen, a New York buyout firm.
People familiar with the situation say Varley Camp has agreed to join Ewing Management Group, a turnaround and special situations investor. Ewing Management is run by Edward Ewing, formerly in charge of Carlyle Management Group, an affiliate of Washington, DC-based private equity firm Carlyle Group. Part of Varley Camp’s brief will be to set up a New York office for the firm, the people say.
Following the departures, Goldman has put in place a new management structure at the Private Equity Group. Michael Miele has been appointed chairman and CIO. Christopher Kojima and Charles Baillie have been made joint co-heads. All three will be based in New York. Marc Boheim and Clive Norton will continue to lead the group’s European operation from their London base.
The Private Equity Group currently comprises 70 staff including 20 investment professionals.
Goldman also confirmed that Philip Cooper, who founded the Private Equity Group in 1996 and late last year was appointed chairman, has now retired.