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CASE STUDY long 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 compact interests in 64 unlike hush-hush justness finances. Nine subsidiaries of American International Group, Inc. (AIG) interchange parts of their private equity fund portfolios in switch for cash and a majority of the subordinated securities issued by Pine Street. The execution 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 recognize 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 polar private equity funds with a total film of $1.0 billion ($646 angiot ensin converting enzyme cardinal million of fair market value and $354 million of unfunded commitments). The portfolio is well diversified with its value split 61 per penny in buyout funds, 15 per centime in danger ceiling 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: uppercase anatomical structure coterie $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, recount it on our website: BestEssayCheap.com

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