Triago, on Saturday, issued a statement about Le Febvre’s departure that wasn’t the typical corporate happy speech that we’re used to getting. In fact, Triago was downright hostile.
“Mr. Le Febvre did not ‘decide to leave Triago’ in order to pursue new career opportunities,” the statement said. “Triago terminated Mr. Le Febvre’s employment with the company.”
The comments come after Le Febvre, a managing partner at Triago, left the global placement agent after three years. Last week, a Triago spokesman told peHUB that the relationship wasn’t working and the two decided to part ways.
Several media reports, last week, then cast Le Febvre’s departure in a much friendlier light (“There are no hard feelings and we wish Jérémie the best,” a Triago spokesman told Financial News). Le Febvre, on Friday, told peHUB that the split from Triago was “amicable.”
The exec, who is starting his own firm that will likely compete with Triago, also told me that he questions the future of the traditional placement agent model. Le Febvre’s new firm, TBG Capital Advisors, will take a “more holistic approach” to the GP-LP relationship. This may include a new fee structure, he says.
Le Febvre’s comments are apparently not sitting well with Triago. In the statement, Triago lashed out at Le Febvre’s views on the future of placement agents. “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.”
So what’s Le Febvre’s response? The exec called me from Paris this morning and says he doesn’t want to “add more oil to the fire.”
“In any separation, there were reasons,” Le Febvre’s says. “Here there was a strategic disagreement. Nevertheless, I wish them all the best going forward.”