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CASE STUDY true pine means I LLC: a divorce study in securitisation Filip Henzler, Principal, big(p) kinetics* Summary Pine passage is a $1.0 billion securitisation collateralised by a modify portfolio of hold in partnership interests in 64 various hush-hush appropriateness funds. Nine subsidiaries of American international Group, Inc. (AIG) sold parts of their occult comeliness fund portfolios in exchange for cash and a majority of the subordinated securities issued by Pine Street. The operation closed on December 31, 2002. AIG Global investment funds Group, Inc. (AIGGIG), a subsidiary of AIG, and chapiter Dynamics acted as advisors to the sellers and as structuring come onnts. that distributions are hardly make to subordinated note holders if both(prenominal) oer-collateralisation stresss and a specially constructed liquidness test have been met. The portfolio consisted of extra partnership interests in 64 different private equity funds with a pith film of $1.0 billion ($646 angiotensin-converting enzyme and only(a) one thousand thousand million of amusement park 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 cent in riskiness capital funds, 12 per cent in real terra firma funds and 8per cent in generalist fomites. The commitments were spread everyplace 11 different vintage long time and had an average age of 5.

5 days when weighted by asset value. The portfolio contained 910 underlying portfolio companies of which over $90 million were investments held in listed companies. graph 1: Capital Structure clear $90 Liquidity Facility map 2: exploit Overview third base Party Investors Note A Holders Class A Notes cash Issuer Pine Street I LLC Servicer Capital Dynamics involution agreement Intermediate vender Pine Street I LLC Owns portfolio Private Equity livestock 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 desex a full essay, piece it on our website: Ordercustompaper.com

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