FORTUNE -- Andy Ballard is stepping down as a managing director with private equity firm Hellman & Friedman, Fortune has learned.
No word yet on why he's leaving, or what he plans to do next. My original tipster suggested that he might be seeking to raise his own fund, but I've been unable to confirm.
Ballard originally joined Hellman & Friedman in 2004, after having spent seven years with Bain Capital in San Francisco and Boston. His current board seats are for Catalina Marketing and Internet Brands Inc., while past deals included Activant Solutions, DoubleClick, Vertafore and Getty Images.
He also serves as a trustee of the San Francisco Foundation.
I've left messages with Ballard and H&F, and will update this post if they respond.
Hellman & Friedman raised $8.8 billion for its seventh fund in late 2009, but did not begin seriously investing the cash until last year.
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