(Reuters) - Goldman Sachs’ (GS.N) Sumit Rajpal, one of three co-heads of a merged alternative investing unit at the bank set up last year, is to retire, a source familiar with the matter said.
Business Insider, which was first to report Rajpal’s resignation on Friday, said his departure leaves Andrew Wolfe as the most senior operating executive left from Goldman’s old merchant banking division.
The bank has not yet named his replacement, the source said.
Rajpal had been slated to be a lead investor, alongside Wolfe, for a new buyout fund Goldman is launching. The source said he will no longer play a formal role in recruiting investors for that fund.
Reuters reported earlier on Friday, citing sources, that Goldman plans to raise $8 billion in only its second buyout fund since the 2008 financial crisis, bolstering its ability to secure deals worldwide.
Reporting by Bharath Manjesh in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Shailesh Kuber and Susan Fenton