Bennett Goodman, co-founder of GSO Capital Partners, plans to retire from full-time duties at the firm and leave parent company Blackstone Group's board of directors at the end of 2019, a news release said.
GSO is Blackstone's credit business, and it has $139.3 billion in assets under management.
Mr. Goodman will remain chairman of GSO's business development company and will be a Blackstone senior adviser. He plans to form a new Goodman family office.
Dwight Scott, senior managing director, who was appointed president of GSO in 2017, will continue to oversee GSO's business.
"Having successfully transitioned the business to Dwight and a strong leadership team over the past several years, this is the right time for me to step back from the day-to-day management of the organization," Mr. Goodman said in a written statement included in the news release. "We've built an exceptional credit franchise, and I look forward to remaining involved with Blackstone as it grows its direct lending platform."
In addition to assisting with the growth of Blackstone's direct lending business, Mr. Goodman will also help with new capital formation and limited partner and investor relations, deal origination, investment committees and regulatory matters.
Blackstone spokeswoman Kate Holderness declined to comment beyond the news release.