We acted as counsel to a private investment fund that undertakes a multi-strategy program in investments including high-yield debt, bank loans, securities and special opportunity investments, in obtaining a leveraged financing facility. The leverage was obtained through the use of a wholly owned subsidiary and, in December 2007, the CLO subsidiary issued a tranche of notes in a private placement that received ratings of AAA and Aaa from both Standard & Poor’s and Moody’s. The subsidiary is structured such that it has the ability to issue multiple tranches of debt rated at various levels in the future to achieve maximum flexibility for the fund.