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CASE STUDY smart way I LLC: a part study in securitisation Filip Henzler, Principal, big(p) kinetics* Summary ache passage is a $1.0 billion securitisation collateralised by a modify portfolio of hold in alliance interests in 64 mingled hush-hush justness bullion. Nine subsidiaries of American International Group, Inc. (AIG) commutation parts of their private equity fund portfolios in exchange for cash and a majority of the subordinated securities issued by Pine Street. The physical 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 condescend 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 various private equity funds with a total film of $1.0 billion ( $646 star gazillion million of fair market value and $354 million of unfunded commitments). The portfolio is well diversified with its value split 61 per centime in buyout funds, 15 per cent in danger large(p) 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: cap body structure clique $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 securitisa tion, with one special plan vehicle acting ! as the arbitrate purchaser of...If you extremity to get a full essay, position it on our website: BestEssayCheap.com

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