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Six members of the GoldPoint Partners management team, including the CEO Tom haubenstricker resigned on Monday, according to people with knowledge of the situation.
The other outgoing executives are CIO Quint barker; Vijay Palkar, head of the investment team and managing directors Scott Iorio, Michael kho and Binayak Mishra. Sources said the team left due to differences over the new direction of New York Life Investment Management’s alternative business, which includes increased collaboration on deals between the three alternative stores. The new vision for the alternatives industry also calls for executives at each of the store’s companies to increase their strategy skills, the people said.
Members of the original team could not immediately be reached for comment.
GoldPoint Partners is the private equity business of New York Life Investment Management. Eighteen months ago, NYLIM consolidated its three alternative investment boutique businesses – GoldPoint, Madison Capital Funding and PA Capital – under the new umbrella name New York Life Investments Alternatives these people said. NYLIM’s alternative businesses have $ 35 billion in assets under management. Of this total, GoldPoint represents approximately $ 15.5 billion. Madison Capital is a private credit manager while PA Capital invests in private equity, real assets and long / short equity.
The departing team is replaced by Sean gelb, Chief Financial Officer of GoldPoint, who has been appointed to an additional role of Interim Director of GoldPoint. Chris Stringer, President of PA Capital, will retain his current role and also assume the title of Senior Director at GoldPoint, with a focus on primary fund investments. Richard Wiltshire, Managing Director of PA Capital, will retain his current role and assume the role of Managing Director at GoldPoint, with a focus on private equity co-investments.
Robert douglass, Credit Director of Madison Capital Funding, will assume the additional Senior Director position at GoldPoint, with a focus on private debt investments. Sunil Mehta, Managing Director and Head of General Arrangements at Madison Capital Funding, holds the additional Senior Director position at GoldPoint, with a focus on managing GP relationships.
There have been a number of changes in NYLIM’s alternative investment business over the past 18 months. In June, Chris Taylor took over as head of alternative businesses while retaining his role as CEO of Madison Capital. That same month, John Schumacher, co-founder and chairman of GoldPoint, retired and assumed the role of senior advisor to GoldPoint and a non-voting member of its investment committee.
“We have been investing in the US private equity markets for decades through GoldPoint Partners, Madison Capital and PA Capital,†a NYLIM spokesperson said in an email. “We have enormous confidence in the leadership and staff of our alternative investment business who will continue to provide exceptional service to our sponsors and clients and manage the funds in accordance with their investment objectives during this transition period. “
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