Thomas H Lee’s family issued a statement saying they were “extremely saddened” by the 78-year-death. The New York Post reports that he died from a self-inflicted gunshot wound at his Manhattan office.
According to the NYPD, an unidentified 78-year-old man was discovered dead at 767 Fifth Avenue on Thursday morning. The address is where Thomas H Lee Capital LLC’s offices are listed. Mr Lee was worth $2 billion (£1.6 billion) at the time of his death, according to Forbes.
The police spokesman did not confirm the man died from a self-inflicted gunshot wound, noting that the cause of death would be determined by a medical examiner.
In a statement to BBC News, police said they had responded to a 911 call shortly after 11:00 (16:00 GMT) on Thursday morning from an office on Fifth Avenue.
“Upon arrival EMS [Emergency Medical Services] responded and pronounced the male deceased at the scene,” they said.
A statement by family friend and spokesman Michael Sitrick said: “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.”
Alongside his pioneering of the leveraged buyout, Mr Lee was also known for acquiring beverage company Snapple in 1992 and selling it two years later to Quaker Oats for $1.7bn – 32 times what he bought it for.
Mr Lee was also celebrated for his philanthropy, and had served as a trustee for prominent New York City art organisations like the Lincoln Center for the Performing Arts and the Museum of Modern Art.
In 1996, he donated $22m to his alma mater Harvard University, part of which has been used to provide financial aid for students.
“I’ve been lucky to make some money. I’m more than happy to give some of it back,” he said at the time. He is survived by his wife, Ann Tenenbaum, and his five children.