Boutique investment bank Greenhill & Co. is getting out of the private equity business.

The firm is spinning off its Greenhill Capital Partners in a $25 million management buyout, The Wall Street Journal reports. Greenhill Capital will continue to be led by Robert Niehaus, who is also leading the buyout of the p.e. group.

Greenhill Capital boasts $1.8 billion in assets under management and has been a major part of its parent’s revenue stream. But like the rest of the alternative investments industry, Greenhill Capital has run into hard times in recent years, weighing down Greenhill & Co.’s earnings. What’s more, it isn’t likely to generate much in the way of profit for the bank for at least a few more quarters.

Niehaus, formerly of Morgan Stanley’s private equity arm—now Metalmark Capital—is spearheading the buyout, paying primarily with stock.