In the years before First Brands filed for bankruptcy, an investment fund run by Jefferies Financial Group didn't reveal to potential investors its exposure to the auto-parts seller, people familiar with the matter said.

Point Bonita Capital, a Jefferies fund specialized in trade finance, didn't mention any ties with the company in its presentations to pension funds and endowments in the six years it was involved with First Brands prior to its collapse last month, according to the people and Point Bonita marketing materials seen by WSJ Pro Bankruptcy.