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CEO David Solomon last year announced plans to merge five investing teams into a single alternative investing unit.
- Goldman Sachs has named Bradley Gross, Stephanie Hui, Adrian Jones and Scott Lebovitz to lead a newly formed decision-making body responsible for overseeing the firm's investments in private equity.
- They replace Sumit Rajpal and Andrew Wolff, two execs who left in February after losing a power struggle with Julian Salisbury for control of the entire merchant banking division.
- In addition to private equity, Goldman also has teams doing private credit, infrastructure, real estate, and public equity investing.
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Goldman Sachs has tapped four executives for a new leadership body that will oversee private-equity stakes taken on behalf of itself and clients, in effect naming the leaders of the private-equity part of its newly reconfigured alternative investing unit.
Bradley Gross, Stephanie Hui, Adrian Jones, and Scott Lebovitz will make up a newly formed global equity leadership group, according to memo to employees sent on Thursday and signed by merchant banking chief Julian Salisbury. The new group will meet weekly to oversee overall investment processes, new investment sourcing activities and leadership development for other employees in the division.
The merchant banking division also has teams doing private credit, infrastructure, real estate and public equity investing.
CEO David Solomon last year announced plans to merge five investing teams into a single alternative investing unit and pivot from a strategy of investing its own money to one investing on behalf of pensions and sovereign wealth funds.
The early months of the strategy was beset by doubts and internal rivalries, leading to the February exit of Sumit Rajpal and Andrew Wolff, who shared oversight of the division with Salisbury and were co-heads of the corporate equity business.
The four execs named today effectively replace those two in running corporate equity.
They have already been serving on the MBD Corporate Equity Investment Committee, which is chaired by Rich Friedman and makes final decisions on what equity investments should be made and which should be skipped.
Hui is also co-head of the growth equity business globally and co-head of the merchant banking division in Asia. Lebovitz helps run Goldman's infrastructure investment activities.
Here's the full text of the memo:
We are pleased to announce the formation of the Global Equity Leadership Group for the Merchant Banking Division. Focusing on our significant opportunities in corporate private equity, this leadership group will be responsible for driving our investment processes, enhancing our sourcing and value creation capabilities, and developing our investment teams around the world.
This new group will comprise of Bradley Gross, Stephanie Hui, Adrian Jones and Scott Lebovitz. They will add this important operational responsibility to their roles on various MBD investment committees, including the MBD Corporate Equity Investment Committee, which continues to oversee all investment decisions in corporate private equity, chaired by Rich Friedman.
- Within the Global Equity Leadership Group, Brad will now lead our corporate private equity investment activities in the Americas and EMEA, extending his existing leadership roles in driving our Digital Edge transformation program and broader value enhancement initiatives across our portfolios. He will continue to serve on the MBD Corporate Equity Investment Committee and MBD Growth Equity Investment Committee.
- Stephanie will lead our corporate private equity investment activities in Asia, and will continue to serve as global co-head of our Growth Equity Business, and co-head of MBD in the region. She will continue to serve on the MBD Corporate Equity Investment Committee and the MBD Growth Equity Investment Committee.
- Adrian will extend his investment responsibilities as a member of the MBD Corporate Equity Investment Committee, by now joining the MBD Infrastructure Investment Committee and MBD Growth Equity Investment Committee. He will also serve as chairman of the global equity business, with a special focus on driving deal sourcing across Goldman Sachs, fundraising, board leadership, mentoring deal teams, sustainability initiatives and identifying and leveraging synergies across our global equity portfolio.
- Scott will continue to serve as global co-head of our MBD infrastructure investment programs, and as global head of our energy practice, in addition to his new operational responsibilities in corporate private equity. He will continue to serve on the MBD Corporate Equity Investment Committee and the MBD Infrastructure Investment Committee.
The new Global Equity Leadership Group will meet weekly, and will work with all of you to help enhance our decision-making and continually improve our investment processes. We are excited about this new leadership opportunity for Brad, Stephanie, Adrian and Scott, and wish them the very best as they work with all of you in delivering superior investment performance for our investors.
Julian Salisbury
