NEW YORK Goldman Sachs Group Inc said on Wednesday it appointed senior banker Stuart Bernstein as head of its venture capital coverage group, as it seeks to generate more business in sectors such as telecommunications and clean technology.
"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," Richard Gnodde, David Solomon and John Weinberg, co-heads of Goldman's investment banking division, wrote in a memo to staff on Wednesday to announce Bernstein's appointment.
Bernstein is currently global head of Goldman's clean technology and renewables group, a role he will retain, according to the memo. He previously led Goldman's financial institution's equity capital markets group.
Among the deals he has worked on was the $20 billion initial public offering of Visa Inc, the largest in U.S. history.
Bernstein joined Goldman Sachs in 1986, was promoted to managing director in 1999 and made partner in 2000.
(Reporting by Greg Roumeliotis in New York; Editing by Phil Berlowitz)