Pine S Captalsf

CASE STUDY fade way I LLC: a part study in securitisation Filip Henzler, Principal, big(p) kinetics* Summary true pine passage is a $1.0 billion securitisation collateralised by a alter portfolio of hold in alliance interests in 64 non-homogeneous hush-hush justness pecuniary resource. Nine subsidiaries of American International Group, Inc. (AIG) sell parts of their private equity fund portfolios in convince for cash and a majority of the subordinated securities issued by Pine Street. The operating theater closed on December 31, 2002. AIG Global Investment Group, Inc. (AIGGIG), a subsidiary of AIG, and ceiling Dynamics acted as advisors to the sellers and as structuring pay off onnts. that distributions are only make to subordinated note holders if both oer-collateralisation stresss and a specially constructed liquidity test have been met. The portfolio consisted of limited partnership interests in 64 divergent private equity funds with a total film of $1.0 billion ($646 cardinal cardinal million of fair market value and $354 million of unfunded commitments). The portfolio is well diversified with its value split 61 per cent in buyout funds, 15 per cent in danger pileus funds, 12 per cent in real terra firma funds and 8per cent in generalist vehicles. The commitments were spread everyplace 11 different vintage old age and had an average age of 5.

5 years when weighted by asset value. The portfolio contained 910 underlying portfolio companies of which over $90 million were investments held in listed companies. Chart 1: jacket grammatical construction ki nsfolk $90 Liquidity Facility Chart 2: e! xploit Overview Third Party Investors Note A Holders Class A Notes Cash Issuer Pine Street I LLC Servicer Capital Dynamics Participation agreement Intermediate vender Pine Street I LLC Owns portfolio Private Equity Fund Investments Sells portfolio Seller/ Noteholder AIG Notes and Cash 152 The transaction is structured as a two-tier securitisation, with one special plan vehicle acting as the intermediate purchaser of...If you extremity to get a full essay, set out it on our website: BestEssayCheap.com

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