In order to manage emerging-markets assets, Citigroup Inc has laid out plans to combine its Citi Venture Capital International with the Rohatyn Group under undisclosed terms. The new firm would be called TRG and would have a portfolio of USD7 billion in assets, where USD6 billion would be in private equity and USD1.2 billion in liquid market strategies.
The formation of the new venture was confirmed by a statement issued by the two firms. Under its new set-up, TRG would have eighteen locations across the globe and its portfolio funding would include private equity, infrastructure, real estate, renewable energy, fixed income, hedge funds and inflation related bonds.
Under the leadership of current Citigroup CEO Michael Corbat, the company is reversing many of its expansionist activities in emerging markets recommended by former CEO Vikram Pandit. Pandit was removed from office last October. Amongst the major restructuring conducted would be the closure of branches in Brazil and withdrawal from consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay.
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