Until Monday’s announcement, Mr. Lemkau was seen as a potential future CEO at Goldman. The 51-year-old mergers and acquisitions banker, who joined Goldman as an analyst in 1992, will move to MSD Partners in February.
MSD Partners works alongside Mr. Dell’s family office, managing more than $ 15 billion in credit, private equity, real estate and public equity assets, with investments ranging from the Ultimate Fighting Championship to the Four Hotel. Seasons in Maui.
M&A bankers were shocked by the departure of Mr. Lemkau, whom they saw as an important advocate at a time when Goldman was focusing on lending and moving away from consulting to corporate titans.
Jim Esposito, co-head of the global titles division, will replace Mr. Lemkau in early 2021, according to a memo to staff from David Solomon, managing director of Goldman.
Mr. Esposito, 52, joined Goldman in 1995 as a salesperson for emerging market debt and has worked his way up the ranks. Mr. Esposito will work alongside Dan Dees, Co-Head of Investment Banking since 2018.
“Gregg has helped lead our efforts to continue to consolidate and grow our leading investment banking franchise around the world,” said Mr. Solomon. “The company has benefited greatly from Gregg’s deep and broad understanding of industries and markets, as well as his distinctive mindset in customer service.”
Mr. Lemkau played the former Goldman banker. Throughout his career, he has become a trusted consultant to CEOs, especially in media and technology, including Twitter’s Jack Dorsey, Uber’s Dara Khosrowshahi, and Tesla’s Elon Musk.
He acted as a key advisor to Mr Dell when the tech billionaire decided to privatize his eponymous personal computer company in 2013, and then again when Dell went public five years later.
Mr. Lemkau will work alongside the company’s co-founder and chief investment officer, John Phelan.
“As there are opportunities for substantial continued growth, now is the perfect time for a leader like Gregg Lemkau to join MSD Partners to help lead its strategy and execution,” said Dell. “I’ve known Gregg for a number of years and think he will fit perfectly into the culture that has built up at MSD over two decades.”