Fortune has learned that Shah is transitioning into a part-time advisory role with Sumeru, although he will continue to activity manage the group’s $1.1 billion debut fund.

At issue is the next fund, for which Sumeru has still not settled on a senior management structure. Limited partners originally had expected fundraising to kick off last year, and then were told that it would occur in early January. As of now, however, things remain on hold until Shah’s replacement (or replacements) get sorted out.

Bloomberg had reported last fall that Shah’s position may change, but no final decisions had been reached at the time.

Prior to joining Silver Lake, Shah had founded his own middle-market private equity firm called Shah Capital Partners. He also founded Smart Modular Technologies, which went public and was later sold to Solectron Corp. for over $2 billion.

Silver Lake Sumeru’s first fund still has some dry powder to do new deals, and reported a 10.4% internal rate of return (IRR) through last June, according to CalPERS.

A Silver Lake spokesman declined to comment for this story.

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