Trimaran Grasps At Funds

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.