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Goldman Sachs partner Sumit Rajpal announces his retirement - Business Insider

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Goldman Sachs' Sumit Rajpal is retiring, dealing a blow to CEO David Solomon's plan to build a Blackstone-like alternatives investment platform

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Sumit Rajpal, one of three co-heads of a merged alternative investing unit created by Solomon last year, has announced his resignation, according to people with knowledge of the talks. That will be made more difficult with Rajpal's departure. The exit of a fund leader in the middle of a fundraising is usually a faux pas in the world of institutional money, where pensions, endowments and sovereign wealth funds don't like to see turnover when they consider giving money to a manager. Their expectation is the individuals responsible for the returns will continue making investment decisions after clients have given their money.

Through the fall and into the end of the year, the jockeying for power continued. At Goldman's investor day last month, Salisbury was the only one of the three to appear onstage in front of investors. At one point, a Goldman employee suggested that Rajpal and Wolfe now reported to Salisbury.

 

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