DEAL EXAMPLES

FORMATION OF AN INNOVATIVE PRIVATE FUND

Challenge:   Institutional investors wanted to invest in a private, open-end syndicated bank loan fund with more desirable regulatory capital treatment.

Results:   We advised on the first such fund to be rated by a nationally-recognized rating agency, enabling institutional investors to benefit from more desirable regulatory capital treatment. This fund has successfully raised capital from institutional investors.

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CREATION OF A NEW INVESTMENT PLATFORM

Challenge:   After the market dislocation caused by the 2008 Global Financial Crisis, we helped a client to establish a comprehensive trading platform to diligence and acquire residential mortgage loans in the secondary market and to retain the flexibility to sponsor its own RMBS deals in the future.

Results:   Through careful strategic guidance, we positioned the program for substantial growth and mitigated a variety of business and regulatory risks. Since inception of the platform, this client has purchased billions of dollars of residential mortgage loans and has begun to sponsor its own RMBS deals.

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ADDRESSING THE LIQUIDITY NEEDS OF KEY INVESTORS

Challenge:   The manager of a portfolio of over 120 private equity limited partnership interests wanted to sell the portfolio, but retain a portion of the upside.

Results:   We developed and implemented a structured solution that enabled this seller to successfully auction the portfolio to a single purchaser, while still participating in a significant portion of the portfolio’s upside. This was one of the largest secondary private equity trades ever executed (as measured by the number of limited partnership interests traded).

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RESOLUTION OF COMPLEX OR SPECIAL SITUATIONS

Challenge:   A lead private credit fund investor and organized investor steering group were facing potentially large losses as a result of the impending bankruptcy of the fund manager, which would trigger a cross-default under the fund’s credit facility.

Results:   We advised and guided the lead fund investor in a fund workout and restructuring, as well as the successful “363 Sale” of the bankrupt fund manager’s business to a stalking horse bidder. This result satisfied the fund’s lenders, prevented the acceleration of the fund’s credit facility and helped to preserve significant value for the investors.

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