Trufin plc

The Problem

A multi-billion fund owned Fintech assets which, by way of their complexity, pulled the Fund’s own risk profile into the wrong tier.

Those assets, and the management team to build value around those assets, had to leave the Fund (with all of the negotiations surrounding their departure) and rejoin a NewCo, to be listed – thereby joining on terms that met remuneration governance codes for UK listed enterprises The outgoing leadership (some of whom were senior partners in the Fund Management Partnershp) faced the creation of a wholly new incentive plan, to compare with their previous partnership opportunity, on a ‘blank canvas’, while satisfying governance requirements of new investors to an IPO

How we helped

Led the negotiations, tailored benchmarking, designed incentives

Design Work

The engagement was a combination of benchmarking, design, calibration and consensus-building.
Designed a plan to incentivise and motivate a highly experienced management team and align interests with all shareholders (old and new).
Recommended a five-part remuneration package for the key executives.
The recommendation was accepted by the RemCo and received support from Investors.
Worked with the client’s lawyers to oversee implementation of the incentives.
Acted as independent expert and arbitrator of management packages going forward, at the time of divestment from the main fund, and the subsequent IPO.

Challenges/Complex requirements

Satisfying requirements of new investors to an IPO whilst also providing a new incentive plan which compared with managements previous partnership opportunity