Yoon Launching New PE Firm

Firm: Gene Yoon startup

Amount Raised: $500 million

Former Great Hill Partners executive Gene Yoon has left the Goldman Sachs private equity organization to manage a new $500 million buyout fund, Fortune magazine reported, citing sources. Yoon was at Goldman Sachs for four years, at its Americas Special Situations Group, which focuses on growth equity and mid-market private equity investing.

The new firm will officially launch in May, backed by a European family office, Fortune reported. The team at the unnamed firm is said to include Philip Yates, a former Great Hill colleague who stepped down last month from his position as a principal at the firm.

Prior to joining Goldman in July 2007, Yoon had been a partner with Boston-based Great Hill, where he served as head of corporate development. Yoon focused on Great Hill’s investments in communications, IT, and media, according to BusinessWeek magazine.