CITIGROUP ALTERNATIVE INVESTMENTS LLC

Thesis

Citigroup Alternative Investments LLC (CAI), founded in 2002 and based in New York, operates as a fund of funds manager with a focus on private equity and real estate. The firm leverages Citigroup's global investment banking platform for deal sourcing, accessing corporate transactions, leveraged buyouts, and special situations. CAI's investment strategy is broad, covering private equity, hedge funds, real estate, infrastructure, and private credit, as well as structured products and co-investments globally. While not explicitly ESG-focused, CAI conducts rigorous due diligence on managers, seeking thematic exposure with long-term potential. As of its latest filings, CAI reported approximately $127.4 million in regulatory AUM, managing seven private funds with combined gross assets of $123.4 million. This represents a significant decrease from a 2015 filing where CAI reported $59 billion in AUM. Specific deal sizes are not disclosed, but client pooled investment vehicles have an average account size of $9.8 million. The firm invests across various stages, from growth equity to buyout. Historically, CAI has been associated with funds like ASTA/MAT and Falcon Strategies, which experienced significant losses. In a strategic shift, Citigroup announced the sale of Citi Global Alternatives, LLC to iCapital in May 2025, with Citi retaining a distribution role.

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