Goldman Names Bernstein to Lead Venture Capital Client Group
Goldman Sachs Group Inc., the top global merger adviser this year, named Stuart Bernstein as head of a group that focuses on venture capital investors.
Bernstein, a partner who joined Goldman Sachs in 1986, will remain global head of the clean technology and renewables group, according to a memo from investment banking co-heads Richard J. Gnodde, 53, David Solomon, 51, and John S. Weinberg, 56. David Wells, a spokesman for the New York-based bank, confirmed the contents of the memo.
“The venture capital community has become a strategically important constituent of the division’s client franchise and is critical to our ability to serve the needs of our emerging growth clients,” according to the memo.
Bernstein, 49, previously ran the equity underwriting group that serves financial institutions, according to the memo. He became a managing director in 1999 and a partner the next year. As head of clean technology, Bernstein has led Goldman Sachs’s effort to finance $40 billion of renewable energy in a decade, which began last year.
Frank L. Walters led the venture capital group before taking the same role at Charlotte, North Carolina-based Bank of America Corp. earlier this year.
Goldman Sachs is the top adviser on announced global mergers this year and the leading equity underwriter, according to data compiled by Bloomberg. The bank is the third-ranked adviser on global technology deals, the data show.