When we last discussed Trimaran Capital Partners, it was in the context of canceled fundraising and the resignations of several key partners. Things looked bleak. Very bleak.
But a ray of sunshine seemed to emerge this morning, when LBO Wire reported that Trimaran had “assembled several hundred million dollars from at least two of its limited partners to form a so-called interim fund.”
All true, but lacking some key details, according to a source familiar with the situation. First, the “fund” doesn’t have any management fees. Forget the standard 2% — we’re talking 0%. That’s good for APR financing on a new car, but kinda desperate for a private equity fund. Moreover, the limited partners have the right to approve or reject any individual deal. It’s kind of like Trimaran has raised a private blank-check acquisition company.
Never say never for Trimaran’s rise from the near-dead, but definitely don’t say likely. The firm declined to comment.