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Citibank's experiment to provide exclusive investment opportunities for billionaires ended in failure and even led to a lawsuit.
Regarding the flow of funds from wealthy individuals to private equity firms, Citigroup once thought there was a seemingly perfect way to get a piece of the action: to act as a middleman between affluent clients and a promising company. Citigroup launched this experiment in 2012, and it has been over 10 years since, but it ultimately ended in disappointment for billionaires, with Citigroup becoming embroiled in a painful lawsuit and learning lessons on the pitfalls of marketing private assets. This story revolves around the establishment of the Silverfern Equity Club, which is the product of Citibank's alliance with Silverfern Group, gaining support from Citi.
