NEW YORK Citigroup closed Citi Venture Capital, a U.S. subsidiary, and terminated all but one of its executives, according to sources.
The bank still owns and will manage Citi Venture Capital's $150 million private equity investment portfolio of small U.S.-based companies.
William T. Comfort, who had been Citi Venture Capital's chairman, remains with Citigroup as a managing director. Citi Venture Capital's managing partners, Tony Bienstock, Alex Coleman and Joe Levy, were let go.
The move is part of a reorganization of Citigroup Alternative Investments. In February, Citi Property Investors stopped offering a real estate fund of funds and the team left. Citigroup Alternative Investments has kept three private equity divisions: Metalmark, a buyout business that had spun out from Morgan Stanley, which it bought in December; Citi Private Equity, a private equity and mezzanine business; and Citi Venture Capital International, a London-based private equity emerging markets growth-focused subsidiary.
Two years ago, Citigroup spun off its private equity group, which also had been known as Citi Venture Capital and was renamed Court Square.
Jon Diat, Citigroup Alternative Investments spokesman, declined to comment.