Selected Client Engagements

TREO Asset Management has served as advisor and manager/general partner for stakeholders in private equity funds, venture capital funds, hedge funds, fund of funds, and trusts. The following is a sample of client case studies.*

Case 1 – Mature Private Equity Energy Funds

The holdings of this mature group of funds include significant control investments in a variety of energy assets and businesses in several jurisdictions across the US and Europe. TREO Asset Management was approached by a group of institutional investors to serve as the funds’ successor GP tasked with the orderly resolution of the funds’ investments.

TREO Role: TREO Asset Management is serving as the replacement GP tasked with developing and managing all aspects of the funds’ value creation and realization plan, including:

  • The development and execution of asset-specific strategies to maximize portfolio asset value within an established timeframe
  • Managing all aspects of the funds’ portfolio and operations

Case 2 – Special Situations Hedge Fund

With $3.7 billion of AUM at its peak, the firm managed a special situations hedge fund, CLOs, and separately managed accounts.

TREO Role: TREO Asset Management is serving as the replacement fund manager tasked with managing all aspects of the special situations fund’s portfolio and operations, including:

  • Managing the sale and exit of fund assets, including illiquid assets and returning investor capital
  • Actively communicating with and providing transparency to investors

TREO also advised the former manager and served as its CFO providing the following services:

  • Assisted partners with strategic planning and development of restructuring options
  • Managed the firm’s budget and treasury; and oversaw the preparation of monthly financial statements, including oversight of preparation of annual tax returns

Case 3 – Mature Venture Capital Fund

On our appointment, the fund was a mature thirteen-year-old VC fund with non-controlling investments in early-stage technology businesses. The GP was struggling to extract liquidity, yet seeking successive extensions. Frustrated with the direction and limited progress on liquidity, TREO’s client, holding both LP and GP interests, exercised its right to appoint a TREO Asset Management principal to the board of the manager.

TREO Role: A TREO Asset Management principal served on the board of the manager.

  • The TREO team worked as co-GP to achieve exits for the fund’s largest assets and obtain liquidity for residual assets.
  • In late 2018, the fund concluded a restructuring for its remaining investments, a transaction that saw LPs sell their fund interests to a new investor continuation vehicle.
  • As a result of TREO’s efforts, LPs recovered in excess of 100 percent of their LP interests from the transition date NAV.

Case 4 – Special Situations Hedge Fund

This hedge fund managed in excess of $2 billion, investing in public equities and fixed income in special situation assets. The fund formally began the wind-down of its complex offshore fund and operations in 2012.

TREO Role: TREO Asset Management serves as the replacement fund manager tasked with managing the residual portfolio in an orderly wind-down to maximize investor returns. Day-to-day functions have included:

  • Portfolio management responsibilities, including execution of asset dispositions
  • Management of fund and manager accounting, cash management, and financial reporting
  • Ongoing investor communications and maintenance of regulatory reporting requirements

Selected Experience

img

*Includes selected transactions completed by TREO employees while at a predecessor firm.