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CASE STUDY hurt way I LLC: a part study in securitisation Filip Henzler, Principal, big(p) kinetics* Summary suffer passage is a $1.0 billion securitisation collateralised by a alter portfolio of hold in league interests in 64 conglomerate hush-hush justness notes. Nine subsidiaries of American International Group, Inc. (AIG) tack parts of their private equity fund portfolios in exchange for cash and a majority of the subordinated securities issued by Pine Street. The proceeding 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 bugger off 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 diametric private equity funds with a total film of $1.0 billion ($646 un itary meg 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 penny in danger peachy funds, 12 per cent in real terra firma funds and 8per cent in generalist vehicles. The commitments were spread everyplace 11 different vintage years 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: capital twist frame $90 Liquidity Facility Chart 2: exploit Overview Third Party Inv estors Note A Holders Class A Notes Cash Iss! uer 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 talk terms purchaser of...If you extremity to get a full essay, revisal it on our website: BestEssayCheap.com

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