WMG’s Chairman Mehmet Dalman owned the General Partner of Trophy Property Fund (“TPD” or the “Fund”), a $1 billion China-focused private equity real estate fund, taking over responsibilities from the previous General Partner.

The team completed a highly complex restructuring of TPD, having assumed management control of the Fund with near-unanimous support from its Limited Partners in December 2012.

Having originally invested $819 million in five JV developments with Shui On Land (“SOL”), TPD’s NAV declined to $415 million. Without a restructuring, and with no ability to determine the completion of developments or the payment of distributions, TPD would likely have seen a further deterioration in NAV.

The Team subsequently negotiated, structured and completed a comprehensive asset swap with SOL and led an auction process to provide liquidity for Limited Partners.

Pursuant to the asset swap, TPD became owner of TPQ 116, a prime residential development project in Shanghai.

In 2015 TPD was sold to Apollo Global Management in a deal, which is forecast to generate net proceeds to TPD’s Limited Partners of approximately $740 million.