According to his family, a US billionaire banker who contributed to the development of the leveraged buyout, a company purchase fueled by debt, has been discovered dead.
The family of Thomas H. Lee, 78, expressed their “deep sadness” at his passing in a statement.
He shot himself in the head in his Manhattan office, according to The New York Post.
Forbes estimates that Mr. Lee was worth $2 billion (£1.6 billion) at the time of his passing.
The individual died from a self-inflicted gunshot wound, but the police spokesperson would not confirm this, saying a medical examiner would need to identify the cause of death.
According to a statement sent to BBC News, police reacted to a 911 call that came in from a Fifth Avenue office just after 11:00 (16:00 GMT) on Thursday morning.
When they arrived, EMS (Emergency Medical Services) reacted and declared the individual dead there, according to them.
“While the world knew him as one of the pioneers in the private equity business and a successful businessman, we knew him as a devoted husband, father, grandfather, sibling, friend, and philanthropist who always put others’ needs before his own,” said family friend and spokesman Michael Sitrick in a statement.
Aside with developing the leveraged buyout, Mr. Lee is renowned for buying the beverage firm Snapple in 1992 and selling it to Quaker Oats two years later for $1.7 billion, or 32 times what he paid for it.
Mr. Lee was renowned for his philanthropy and has held trusteeships for important New York City art institutions including the Museum of Modern Art and the Lincoln Center for the Performing Arts.
He gave $22 million to his alma mater Harvard University in 1996, some of which has gone toward student financial aid.
“I’ve had some luck in earning some money. I’d be more than delighted to return part of it “At the time, he remarked.
He is survived by his wife, Ann Tenenbaum, and his five children.