Alternative Investments
Leverage on Leverage: The Hidden Risk in Rated CFO and CLO Structures
TL;DR: Rated collateralized fund obligations (CFOs) now let insurers and other buyers hold a AAA-rated slice of a private credit fund that is already borrowing against its own portfolio through
Jeff Barnes, MBA··13 min read
Alternative Investments
Collateralized Fund Obligations: How Wall Street Is Securitizing Private Markets
TL;DR: A Collateralized Fund Obligation (CFO) is a securitization backed by a pool of private fund LP stakes, not individual loans. Churchill Asset Management and Seviora closed a $400 million CFO in
Jeff Barnes, MBA··10 min read