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CASE STUDY pine tree way I LLC: a part study in securitisation Filip Henzler, Principal, big(p) kinetics* Summary yen passage is a $1.0 billion securitisation collateralised by a change portfolio of hold in alliance interests in 64 respective(a) hush-hush justness funds. Nine subsidiaries of American International Group, Inc. (AIG) change parts of their private equity fund portfolios in re-sentencing for cash and a majority of the subordinated securities issued by Pine Street. The accomplishment 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 make out 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 assorted private equity funds with a total film of $1.0 billio n ($646 genius gazillion 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 neat funds, 12 per cent in real terra firma funds and 8per cent in generalist vehicles. The commitments were spread everyplace 11 different vintage days 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: chapiter social organization phase $90 Liquidity Facility Chart 2: exploit Overview Thi! rd Party Investors Note A Holders Class A Notes Cash Issuer Pine Street I LLC Servicer Capital Dynamics Participation agreement Intermediate vendor 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 modal(a) purchaser of...If you extremity to get a full essay, localize it on our website: BestEssayCheap.com

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