The San Francisco-based head of KKR’s mezzanine business has left the global private equity giant after 18 years, according to an investor memorandum.
Frederick Goltz will be replaced by Marc Ciancimino, a London-based managing director who led the firm’s mezzanine division’s European operations, according to a memo to the Fresno County Employees’ Retirement Association (FCERA) seen by Bloomberg.
FCERA, an investor in New York-listed KKR’s mezzanine fund, was notified because Goltz was a so-called key man in the vehicle, although the provision that governs changes to the fund was not triggered as three other key men remain, the report added.
The fund is part of KKR Asset Management, which raised more than $1bn for its first mezzanine vehicle in 2011 in a bid to diversify the firm’s activities beyond leveraged buyouts.
The vehicle had invested $333m as of September 30 2012 and had a value of $369m, according to KKR’s third-quarter earnings statement.
Goltz was previously co-head of KKR’s energy, power and natural resources industry unit.
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