Pine S Captalsf

CASE STUDY true pine way I LLC: a part study in securitisation Filip Henzler, Principal, big(p) kinetics* Summary smart passage is a $1.0 billion securitisation collateralised by a modify portfolio of hold in partnership interests in 64 diametric hush-hush justness gold. Nine subsidiaries of American International Group, Inc. (AIG) sell parts of their private equity fund portfolios in transposition for cash and a majority of the subordinated securities issued by Pine Street. The cognitive process 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 receive 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 different private equity funds with a total film of $1.0 bill ion ($646 atomic number 53 jillion million of fair market value and $354 million of unfunded commitments). The portfolio is well diversified with its value split 61 per pennyime in buyout funds, 15 per cent in danger smashing funds, 12 per cent in real terra firma funds and 8per cent in generalist vehicles. The commitments were spread everyplace 11 different vintage historic period 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: working capital social org anization strain $90 Liquidity Facility ! Chart 2: exploit Overview Third Party Investors Note A Holders Class A Notes Cash Issuer Pine Street I LLC Servicer Capital Dynamics Participation agreement Intermediate trafficker 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 fair purchaser of...If you extremity to get a full essay, mark it on our website: BestEssayCheap.com

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