FS Energy Total Return Fund, an interval fund sponsored by FS Investments with a fundraising goal of $2 billion, disclosed that Zachary Klehr has resigned from his positions as executive vice president of the fund and its investment adviser, FS Energy Advisor, as well as a member of FS Energy Advisor’s investment committee.
To replace Klehr, Daniel Picard was appointed as a member of the investment committee. The management of the fund’s investment portfolio is the responsibility of FS Energy Advisor and its investment committee, which also Michael Kelly, Robert Haas, and David Weiser.
Picard currently serves as FS Investments’ head of product development and is responsible for researching, designing and launching new alternative investment and real estate offerings. Before joining the product development team, he worked in the firm’s product strategy group, where he produced education, research and marketing content for financial advisors.
Prior to FS Investments, Picard was a vice president at Barclays Capital, where he worked for five years as a trader of leveraged loans and loan credit derivatives. Prior to Barclays, he spent three years at Citigroup, working first as a corporate banking analyst in Citi’s energy group in Houston and then as a fixed income analyst in Citi’s project finance group in New York. Picard hold a bachelor’s degree in economics from Trinity College.
FS Energy Total Return Fund invests in the equity and debt securities of both public and private energy and energy infrastructure companies. The fund had raised approximately $41.3 million in investor equity, as of December 12, 2018, and oversees an investment portfolio with a fair market value of approximately $49 million, as of October 31, 2018. The initial offering was declared effective by the SEC in March 2017.