Frederick Goltz, a KKR & Co. (KKR) executive who ran the firm’s mezzanine business and helped develop its investment strategies in energy and natural resources, has left the firm after 18 years, according to an investor memorandum.
Goltz, who was based in San Francisco, will be replaced by Marc Ciancimino, a London-based managing director who led the mezzanine unit’s European deals, according to a memo to the Fresno County Employees’ Retirement Association, an investor in KKR’s mezzanine fund. The investor was notified of Goltz’s departure because he was a so-called key man in the fund, although the provision that governs changes to the fund wasn’t triggered because three other key men remain.
Kristi Huller, a KKR spokeswoman, confirmed Goltz’s departure.
The mezzanine fund, which finances private-equity investments and corporate acquisitions, is part of KKR Asset Management, the San Francisco-based division started in 2004 to manage public investments. KAM raised its first mezzanine pool in 2011 with more than $1 billion, further diversifying KKR’s business beyond traditional leveraged buyouts as the firm run by cousins Henry Kravis and George Roberts seeks new sources of revenue.
The fund invested $333 million as of Sept. 30 and had a value of $369 million, according to KKR’s third-quarter earnings statement.
Goltz, a native of western Pennsylvania and a graduate of the University of Pennsylvania, was previously co-head of KKR’s energy, power and natural resources industry group.
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