Citi’s Private Equity ‘Club’ Underwhelmed Billionaire Members
Citigroup headquarters in New York.
Photographer: Juan Cristobal Cobo/BloombergThis article is for subscribers only.
Citigroup Inc. had what looked like the perfect way to grab a slice of the money flowing from wealthy individuals to private equity firms: playing matchmaker between its rich clients and an up-and-coming firm.
More than a decade after its 2012 launch, Citi’s experiment has ended with disappointed billionaires, a bitter legal battle and a lesson on the pitfalls of marketing private assets.