Gregg Lemkau is retiring as co-head of Goldman Sachs Global Investment Banking at the end of 2020.
Widely seen as a potential Goldman Sachs CEO, Lemkau now plans to join New York-based RIA MSD Partners, which was formed by the principals of computer entrepreneur Michael Dell’s family office (MSD Capital) in 2009 to let select investors use its strategies.
Together, MSD Partners and MSD Capital manage some $15 billion in assets. MSD Partners’ current investment strategies are focused on credit, private equity, real estate and public equities.
Lemkau will become CEO and a partner of the RIA in February. He “will be responsible for leading MSD Partners’ initiatives to grow its existing businesses and strategically expand into new investment areas,” MSD said Monday in a statement.
At Goldman Sachs, the departing executive will be replaced by Jim Esposito, currently global co-head of the firm’s Global Markets Division, on Jan. 1, according to company internal memos shared with ThinkAdvisor Monday.
As co-head of Goldman Sachs Global Investment Banking, Lemkau “helped lead our efforts to continue to solidify and grow our pre-eminent investment banking franchise around the world,” David M. Solomon, Goldman Sachs CEO and chairman, said in a memo.
“During his more than 28-year tenure at the firm, he has advised on hundreds of transactions, and has spent significant time advising our clients across all sectors globally while working in our offices in the U.S. and in Europe,” Solomon added.
Lemkau joined Goldman Sachs as an analyst in 1992 in Mergers & Acquisitions. Before assuming his current position, he was co-head of Global M&A.
He has also served as global co-head of the Technology, Media and Telecom Group, global co-head of the Healthcare Group and chief operating officer for the Investment Banking Division.
“I am thrilled about the opportunity to help lead and continue to grow a large alternative investment firm from such a strong foundation. The MSD team has a great opportunity to expand its existing strategies where the firm already has been successful, as well as consider new areas of opportunity,” Lemkau said in a statement.
Ashok Varadhan and Marc Nachmann will continue to serve as global co-heads of the Global Markets Division, Solomon said in a separate memo Monday.
Esposito has been with Goldman Sachs for 25 years. In his new role, he will partner with Dan Dees, who has served as co-head of the Global Investment Banking division since 2018.