Asset Solutions

Realising value for investors and managers in complex fund situations

Teneo Asset Solutions (“TAS”) is an independent fund and asset management solutions provider, helping stakeholders of investment funds to maximise value from complex, non-core and legacy funds.

We are solely focused on maximising value from existing portfolio assets and realising that value for the benefit of investors.

Focused on realising assets and distributing cash

Focused on realising assets and distributing cash

100% focused on accelerated realisations due to its tailored fee structures. This approach avoids fire sales and liquidation, and maximises value in the circumstances

Specific technical capability and experience alongside breadth of support from Global Advisory Firm

Specific technical capability and experience alongside breadth of support from Global Advisory Firm

TAS has significant direct experience navigating the challenges of non-core fund management and benefits from access to the broader Teneo platform

Regulated and independent

Regulated and independent

An FCA appointed representative of Capricorn Fund Managers. Independent from Teneo via governance and control structures

How TAS protects, enhances and delivers value

  • Avoid a fire sale of assets and allow time to realise investments at NAV
  • Shorter time frame to realisation compared to existing structures, given TAS’s sole focus on realisations
  • High-touch relationship with TAS between GP and LP, providing confidence that assets are being managed proactively and in line with agreed strategy
  • One-stop solution for executing disposals, distributions and fund dissolution
  • Ability to leverage the top-tier service providers at portfolio level, including Teneo’s global offering, to improve exit outcomes
  • Operational and financial backing of Teneo, ensuring a strong covenant remains in place
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$20bn
of fund deployment & restructuring
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1,800+
employees across 45 offices
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80 years
of experience of core team

Our core solutions

We are comfortable operating in complex situations, creating and implementing solutions that would be difficult for stakeholders to access without our expertise.

We offer three core solutions aligned with the challenges faced by fund stakeholders:

Fiduciary Support

We provide experienced and flexible support to stakeholders, joining boards and investment committees to offer situational expertise for the benefit of LPs and GPs.

Challenges

  • Breakdown in communication and  information flow
  • Specific situational expertise required
  • Third-party validation of ongoing actions

Outsourced Asset Management

We partner with funds to manage their complex, non-core or legacy assets. By taking full responsibility for these assets, we help stakeholders minimise structural costs and focus on higher-value opportunities.

Challenges

  • Exit / shutdown of underlying strategy
  • Legacy funds
  • Team member exits requiring resource augmentation

Successor / step-in GP

We work with fund stakeholders to transition responsibility for complex, non-core or legacy assets to TAS. This process maintains a stable platform, generates cash for LPs and enables GPs to focus on higher-value opportunities.

Challenges

  • Existing manager exit or fund wind-down
  • Slow realisations
  • Misalignment of incentives

Why partner with us?

Teneo Asset Solutions offers a unique solution within the market. We have appropriate regulatory coverage in accordance with FCA requirements; a dedicated asset management team; access to resources from Teneo’s global infrastructure; and a fee structure that aligns stakeholder interests.

Aligned Incentives

Aligned Incentives

Tailored fee structure encourages accelerated realisations and can be tailored on a deal-by-deal basis

Focus on Realisations

Focus on Realisations

Maintain 100% focus on realisations, implemented alongside in-house value creation specialists

Dedicated, Specialised Team – fund restructuring and illiquid assets

Dedicated, Specialised Team – fund restructuring and illiquid assets

Dedicated team with a specialised fund restructuring skill set to deliver the appropriate transaction

Independent Player

Independent Player

We are an independent player in the ecosystem. We are not competing for investor capital or new deals

Global Teneo Business

Global Teneo Business

Provides scale and reach

FCA Regulation

FCA Regulation

Existing regulatory application; broader compliance capability

End to End Delivery​

End to End Delivery​

Teneo business units to cover end-to-end delivery of portfolio value creation and disposals

Conflict Experience

Conflict Experience

If necessary, we can utilise our experience of non-consensual / litigious situations

Team

David Soden photo
David Soden
Managing Partner

David has over 21 years’ experience leading international financial services assignments. He led the liquidation of Abraaj Investment Management Limited – the largest emerging markets private equity insolvency involving c.$9bn of assets across 95 portfolio companies and 15 funds – and is an expert in structured finance, having restructured numerous securitisation vehicles.

George Matthews photo
George Matthews
Managing Partner

George is Co-Head of TAS and has over a decade’s experience advising funds and their stakeholders. He has broad fund and illiquid asset experience across private equity and venture capital, real estate, structured products and financial services. He has recently advised clients on the design of exit strategies for two real estate private equity funds and a family office and was a key part of the operational delivery team on the Abraaj liquidation.

Eliza Thornton photo
Eliza Thornton
Client Service Lead

Eliza has previously led key projects across Operations for the Teneo’s Senior Leadership Team, working closely with the Executive, CFO and Global HR BP. Her recent focus is on driving integration and collaboration across the globe, as well as leading client facing and internal improvement workstreams. Eliza has previously worked as a client facing Restructuring practitioner, as well as in PMO roles for executive committees.

Malcolm Goddard photo
Malcolm Goddard
Finance, Operations & Compliance

Malcolm Goddard is a highly experienced investment management executive. He has held the role of CFO, COO and Chief Compliance Officer. He was the Founding CFO/COO of Zetland Capital, an FCA regulated special situations fund and managed the scale-up of Altima Partners from $500m to $5bn in assets, a key-man event & subsequent scale-down.
 He is a Fellow of ICAS, and has held FCA regulated person positions, including those covering compliance and as MLRO.

Experience

Case Studies

Project Leaf

Overview

  • Teneo was engaged to support a REPE firm (“Firm”) with its cost cutting program.
  • The Firm managed over $1bn on behalf of institutional investors with a portfolio across Europe and North America.

Outcome

  • We assisted with preparation and implementation of the Firm’s cost rationalisation program and identified investment platforms that were sub-scale.
  • Working alongside Teneo M&A, George Matthews, co-Managing Partner of TAS, designed a GoodCo/BadCo split and led the marketing efforts for the GoodCo.
  • A buyer for certain platforms was found, and we worked with management to design the BadCo wind-down strategy which is currently being implemented.

Project Bear

Overview

  • Teneo was engaged to support an institutional LP and owner of a real estate investment manager ($1bn) wishing to exit their real estate platform.
  • The platform had suffered a period of underperformance and the owner no longer wished to fund the required co-investment.
  • A sale of the platform was not possible as the platform was subscale and employee retention was a challenge, creating operational and financial risk.

Outcome

  • The Teneo team, led by George Matthews, designed a wind down of the platform, including options for changeover of operational control and supporting the exit of the underlying asset portfolio.

Abraaj

Overview

  • David Soden, co-Managing Partner of TAS, was appointed as one of the Provisional Liquidators of Abraaj Investment Management, a $5bn multi-strategy (including real estate) private investment manager.

Outcome

  • The team was appointed at short notice and required to identify the funding need of the manager.
  • We established the cash requirement and obtained funding to support the wind down. Members of the liquidators’ team joined the investment committees of the respective funds.
  • We managed the exit of the fund platforms to alternative managers, preserving the LP positions and finding alternative managers to ensure fund outcomes were optimised.

Featured Experience

Contact Us

For support or advice in relation to your fund situation, contact us.