Fund Services
Teneo’s Fund Services practice brings together our senior financial services and fund experts, many of whom have been involved in some of the largest and most complex fund and alternative investment transactions over the last ten years.
Our offering addresses the challenges faced by all funds and their stakeholders, whether related to fund performance, liquidity, diverging stakeholder aims or simply an illiquid asset rump in a successful, but tail-end, fund.
Key Challenges
Strategy & Operations
Running a fund and ensuring well-managed daily operations can be a challenge in and of itself. Taking investments from good to great or managing underperformance of investments requires a separate set of experiences and skills.
- Portfolio company / investment under performance
- Fund underperformance
- Manager assessment and valuation
- Financial and strategic communication
Transactions
During the life of a fund, various transactions will be required – some familiar, and some less so. Transactions can be driven by more common requirements, such as investor liquidity needs. They can also be driven by more challenging circumstances, such as disputes between managers and investors where enforcement action may be required.
- Liquidity transactions
- Fund financing and valuation
- Contractual / stakeholder disputes and loss of trust
- Enforcement and value protection
Tail-End Funds
As funds enter their twilight years, it can become increasingly challenging to maximize investor returns as underlying portfolios are sold and attention moves elsewhere. This can be particularly straining when the fund is underperforming.
- Solvent and insolvent
- Asset realization strategies
- Illiquid assets and valuation
- Cost minimization
- Asset tracing and investigations
Our Services
General Partners and Investment Managers
We are an independent, conflict-free advisor, acting as an honest broker to identify and achieve the best outcome for our clients.
- Supporting GPs and investment managers
- Full suite offering
We work with investors to identify options and the runway to get a deal done. We can do the heavy lifting, allowing the investment team to focus on running their business and portfolio.
- GP transactions and enforcement
- Liquidity
In cases when a restructuring or go-forward solution is not achieved, we work with GPs to ensure a low-cost, orderly wind-down of the fund and assist with the legal and operational “tidying up.”
- Asset disposal strategies
- Providing support to LPs
Limited Partners
We are an independent, conflict-free advisor, acting as an honest broker to identify and achieve the best outcome for our clients.
- Supporting LPs
- Replacing the GP
We work with GPs and LPs to identify implementation options and the runway to get the deal done. We can do the heavy lifting, allowing the LP team to focus on managing their portfolio.
- LPA/investor agreement enforcement
- Liquidity
In cases when a restructuring or go-forward solution is not achieved, we work with LPs and GPs to ensure an orderly wind-down of the fund and assist with the legal and operational “tidying up.”
- Asset disposal, wind-down and investigation
- Monitoring of fund performance
Independent Boards and Trustees
Teneo’s full-service offering can help trusts and boards navigate the complexities of balancing investor and manager demands.
- Communications & governance
- PLC & equity capital markets
Our work with GPs, Investment Managers and LPs gives us a broad and deep understanding of stakeholder demands, meaning we are best placed to support boards and trustees through transactions.
- Independent financial advice
- Stakeholder management
In cases when a restructuring or go-forward solution is not achieved, we work with LPs and GPs to ensure an orderly wind-down of the fund and assist with the legal and operational “tidying up.”
- Asset disposal strategies
- Low-cost alternative
Case Studies
Abraaj Investment Management Limited
Took control and stabilized the Dubai-based emerging market PE fund manager during a time of significant distress. We introduced new governance and controls and transitioned the fund to new managers – something not achieved in previous similar situations.
Middle East Private Equity Fund
Served as interim manager of $1bn PE fund after potential fraud was identified. Managed LP and liquidator relationships and identified a go-forward strategy for the LPs, enabling them to meet drawdown requests. Transitioned the fund to new managers.
Major International Bank
Acted as retained liquidators and restructuring advisors to manage wind down and liquidation of corporate and unit trust fund structures at the tail end. Coordinated liquidation of multiple Guernsey and BVI entities.
Guernsey Fund
Served as administrator of regulated investment fund and investment manager by Guernsey regulator. Undertook forensic investigation regarding potential regulatory concerns raised by U.S. regulator and secured third-party litigation funding to pursue the claim.
Listed Fund of Hedge Funds
Assisted fund management with formulating a wind-down plan for the rump $10m illiquid portfolio at the end of life. Subsequently appointed liquidators to wind-down the fund, whilst minimizing ongoing costs.
Middle Eastern Investment Fund
This was a successful regulated-vehicle which had reached the tail-end stage with a small illiquid pool of assets remaining. We prepared a wind-down plan for the directors, renegotiated terms with investment managers and subsequently delivered the plan as liquidators.
Isle of Man Fund
Approached by a regulator to act as liquidator of a bridging loan finance fund. Our forensics specialists undertook a review of records and identified concerns around security structure, leading to litigation proceedings against the former manager.
Clayton, Dubilier & Rice
One of Teneo’s longest standing clients, we support their European activities, including transactions and proactive media relations. CD&R has become a highly respected PE firm globally, and we continue to help them communicate what sets them apart as investors.
Our Sectors
- Private Equity
- Private Debt
- Infrastructure / Renewables
- Real Estate
- Secondaries
- Fund of Funds
- Venture Capital
- Listed Fund Vehicles
Key Contacts
Regulatory Information
Teneo refers to Teneo Holdings LLC and its subsidiaries and affiliates worldwide. Securities products and services are offered in the United States by Teneo Securities LLC, member of FINRA and SIPC.
Details of the entity providing services, legal and regulatory information in respect of the Teneo entity are also included in our engagement letters.
Teneo Financial Advisory (DIFC) Limited is authorised and regulated by the Dubai Financial Services Authority for the provision of Advising on Financial Products or Credit and Arranging Credit or Deals in Investment services
Please see Terms of Use for full legal notices and further information.
Specific information relating to our regulated entities which provide services to clients is detailed below:
| Registered Name | Legal Form | Registration Location and Reference | Registered Office | Data Protection | Regulator(s) | Professional Indemnity Insurance |
| Teneo Financial Advisory Limited | Limited Company | England & Wales, 13192958 | 5th Floor, 6 More London Place, London, SE1 2DA | UK - ZA920639 | The Institute of Chartered Accountants in England and Wales (“ICAEW”) C008873136. All insolvency practitioners are licenced by the ICAEW. ICAEW Designated Professional Body licence for a range of investment business activities. | Details of the professional indemnity insurer can be provided on request. |
| Teneo Securities LLC | Limited Liability Company | USA - Delaware | 280 Park Avenue, 4th Floor, New York, NY 10017 | N/A | Financial Industry Regulatory Authority (FINRA) #151256. Securities and Exchange Commission (SEC). | Details of the professional indemnity insurer can be provided on request. |
Teneo Securities LLC’s Business Continuity Planning
Teneo Securities LLC has developed a Business Continuity Plan (“BCP”) on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our BCP.
The Firm has developed and installed a BCP in the case of any business disruption that causes the Firm to have limited or no communications with its employees or customers. Our plan anticipates two types of business disruptions, internal disruptions which affect only our Firm’s ability to do business (such as a fire in our building) and external disruptions that prevent the operation of securities markets or other firms (such as natural disasters or acts of war).
The Firm intends to stay in business during both internal and external disruptions due to the fact that the Firm employees can conduct Firm related business from alternate off-site physical locations and the Firm maintains an alternate location for the maintenance of its books and records. We anticipate that the Firm will recover from internal business disruptions within 24-48 hours. An outage due to an external business disruption may be longer and is beyond the control of the Firm. However, the Firm will endeavor to resume business as soon as it is possible for the Firm to establish business operations from alternate off-site physical locations.
The Firm’s BCP specifically addresses the following areas related to Firm operations:
- Data back-up and recovery (hard copy and electronic);
- All mission critical systems;
- Procedures to test and determine the Firm’s ability to do business (i.e., financial and operational assessments);
- Alternate communications between customers and the Firm;
- Alternate communications between the Firm and its employees;
- Alternate physical location of employees;
- Critical business constituent, bank, and counter-party impact;
- Regulatory reporting; and
- Communications with regulators.
If you have questions about our business continuity planning, you can contact us (212) 886-1600.
