Private equity funds get securitization treatment

By David Bell
28 Jun 2017

Banks have approached rating agencies with an eye on possibly securitizing portfolios of private equity fund investments, like the collateralized fund obligation that was priced last week, as credit investors search more widely and deeply for assets with yield.

Last week, insurance company CUNA Mutual Group, owned by CMFG Life Insurance Co and CUMIS Insurance Society, sold a $230m collateralised fund obligation, MCA Fund II Holdings. The deal was arranged by Barclays.

It provides leverage on a $365.7m portfolio of private equity fund investments, including in ...

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