The fall and rise of the CFO structure
An old structure is making new waves in the credit market with the return of the CFO (collateralized fund obligation). CFOs have been around for close to two decades, but the asset class is no longer investor-led, as it used to be, and is proving attractive particularly for private credit managers. New CFOs were issued last year by managers including Tikehau, Churchill and Nassau Corporate Credit. This panel will introduce this new kid on the block, explore the structure and look at prospects for the rest of the year.
- How does a CFO work?
- What assets are currently being securitized, and what could be added in the future?
- What are the key structural differences from a CLO?
- What are the attractions for both investors and issuers?
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Nithin is the US Head of Business Development and Structured Private Solutions at Tikehau Capital, a $40 billion publicly traded alternative asset manager headquartered in Paris with US headquarters in New York. He is responsible for developing and growing the firm’s partnership with institutional investor relationships and expanding access to private markets through structured solutions. Nithin led the structuring and placement of the firm’s inaugural collateralized fund obligation (CFO), among the industry’s first private credit-focused CFOs.
Nithin was formerly Head of Americas for International Fund Distribution (IFD) at Citigroup, where he worked from 2010 to 2019. The track record of Citi’s fund placement business cumulatively raised over $70 billion. With his background across private markets and structuring, Nithin also served as a member of the Citi solutions team that helped bring to market structured offerings like KKR REIGN and he has advised a number of private equity and private debt firms on product and investor strategy.
Nithin holds an MBA from the University of Oxford in England and a Bachelor of Science from The Ohio State University. He resides in New York City and is active in the Oxford University Alumni Association.