US regulators are cracking down on a type of investment vehicle used by private equity groups over fears that rating agencies are downplaying the dangers of the products and exposing insurers to under-appreciated risks.
The vehicles are known as “collateralised fund obligations” and echo the “collateralised debt obligations” that played a central role in the 2008 financial crisis. They parcel up stakes in hundreds of private equity-owned companies into products that are meant to diversify risk and win stellar credit ratings as a result.
But the National Association of Insurance Commissioners is moving to take over assessment of the products for US insurers, some of the main investors in the vehicles.
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