Yesterday, we reported that Le Febvre had left Triago, a global placement, after three years. Le Febvre, who called from Paris, says his separation from Triago was amicable. “And likewise, I wish them the best of success,” he says.
He plans to launch his own consulting firm, TBG Capital Advisors, in 2012. It’s unclear where the firm will be based, but TBG Capital will be private equity-focused.
Le Febvre questions the future of the traditional placement agent model in the current format. He says he doesn’t want to be caught “standing still” and sticking to a traditional placement agent model. “Placement agents are too costly,” he says. “This pushes GPs to internalize the function.”
Placement agents, as a result, are left with small or bad funds. “The old standard, industrialized approach may not make sense anymore, he says.
With TBG, he plans to take a “more holistic approach” to the GP-LP relationship. This may include a new fee structure, which would be more in-line with the success of the fundraising and the success of the business itself, he says. “I would rather capture the new reality,” Le Febvre says.
UPDATE: Triago released a statement in which it said “Triago terminated Mr. Le Febvre’s employment with the company. Triago wishes it to be generally known that the firm has the gravest reservations concerning Mr. Le Febvre’s public comments focused on the business activities of Triago.”