During the golden age of private equity, the Silverfern club was created to tap into investment funds. The club gave exclusive access to private equity deals, primarily co-investments with larger firms, to top clients of Citi in exchange for a share of the management and performance fees. Despite its failure, the club's concept of offering high-value customers access to private markets for fees remains relevant today as banks strive to attract more investment dollars.

Citi's wealth unit, under new leadership, aims to enhance its services for wealthy clients. Other firms like Blackstone Inc. and KKR & Co. are also targeting affluent individuals for investments worth trillions. Litigation revealed internal dissatisfaction within Citi regarding the Silverfern club's performance, leading to its closure with ensuing legal disputes.

The partnership between Citi and Silverfern aimed to provide elite clients with exclusive investment opportunities. Despite a promising start, discrepancies emerged, causing tensions between the parties. There were challenges in the club's offerings, particularly in the oil and gas sector where some investments underperformed.

Citi's attraction to the Silverfern club was its role as an intermediary without the responsibility of due diligence. However, clients expressed disappointment over investments, leading to a legal battle between Citi and Silverfern over the reasons for the investment shortfall. The relationship deteriorated further when Silverfern proposed an arrangement resembling a fund, causing Citi to distance itself from the new offering.

In conclusion, the Silverfern club faced challenges, including failed investments and a legal dispute with Citi. Despite initial enthusiasm, the club's failure highlights the complexities of marketing private assets to high-net-worth individuals.