"Doug will oversee all of our firm's non-investment functions and its strategic business development," Horizon Chairman Murray Stahl was quoted as saying in a letter to clients.

Mr Kramer, who left New York-based private equity firm Quadrangle Capital Partners last year, will join former Goldman colleague Hugh Ross, who was hired as Horizon's chief operating officer in April 2009. New York-based Horizon oversees more than $7 billion of assets under management.