GoldPoint departures trigger key-person clauses

The private equity subsidiary of New York Life Insurance Company has lost six senior executives, including CEO Tom Haubenstricker and CIO Quint Barker.

GoldPoint Partners, a private equity affiliate of America’s third-largest insurer, is facing a key-person event after the departure of six senior executives.

Chief executive Tom Haubenstricker, chief investment officer Quint Barker, head of the investment team Vijay Palkar, and managing principals Scott Iorio, Michael Kho and Binayak Mishra all resigned from the firm on 30 August, according to a letter to limited partners seen by Private Equity International.

The “unexpected” move was the result of “philosophical disagreement” with the plans of parent New York Life Investments Alternatives to create “greater integration and co-ordination” across its platform, the statement said.

NYLIA comprises GoldPoint, which manages $15.6 billion in assets across private equity and private debt, direct lender Madison Capital Funding and boutique private equity manager PA Capital.

The departures trigger key-person clauses in three of GoldPoint’s active funds and live fundraises have been halted while LPs decide how to proceed, according to a source close to the matter. The departures are understood not to have impacted fundraising for NYLIA’s other subsidiaries.

GoldPoint’s chief financial officer Sean Gelb has taken over as interim head. Chris Stringer and Richard Wiltshire, a president and managing director at PA Capital, will become managing principals for GoldPoint. All will maintain their current positions, PEI understands.

“We have been investing in the US private equity markets for decades through GoldPoint Partners, Madison Capital, and PA Capital,” said NYLIA in a statement. “We have tremendous  confidence in the leaders and staff across our alternative investments business who will continue to deliver outstanding service to our sponsors and clients and manage the funds consistent with their investment objectives during this transition period.”

The departed executives did not respond to requests for comment.

NYLIA was formed in June 2020 as a “multi-platform boutique” of capital solutions for the mid-market, according to its website. It is an investment arm of New York Life Insurance Company, which has $593 billion in AUM.

New York Life is the largest investor in all three business and will remain so, PEI understands.

GoldPoint was in market with 2020-vintage fund of funds GoldPoint Partners Select Manager Fund V, which has raised $255 million against an undisclosed target, according to PEI data. It was also marketing 2021-vintage GoldPoint Partners Co-Investment VII, which has raised at least $200 million.