Foley Represents Thrivent in a First-of-its-Kind $400M Collateralized Fund Obligation

Foley & Lardner LLP served as insurance regulatory counsel to Thrivent Financial for Lutherans (“Thrivent”) in its role as sponsor of White Rose CFO 2023 Holdings, LLC’s (Issuer) $400 million issuance of Class A notes as a private equity collateralized fund obligation.  This may be the first-ever securitization of cashflows generated by multiple funds of funds.

The Issuer is structured as a special-purpose, bankruptcy-remote entity that, through its wholly owned subsidiary White Rose CFO 2023, LLC (Asset Holdco), holds limited partnership interests in five alternative investment funds that have exposure to 70 unique, seasoned underlying funds with a total net asset value of approximately $800 million.  The $400 million of Class A notes are secured by the Issuer’s limited liability company interests in Asset Holdco, certain bank accounts of the Issuer, and the Issuer’s right to call capital from Thrivent.

Thrivent, together with its affiliates, is a diversified, financial services organization that serves more than 2.3 million clients, offering financial advice, insurance, investments, banking, and generosity products and programs online and through financial advisors and independent agents nationwide.

The Foley deal team included partners JillAllison Opell, Morgan Tilleman, and Louis Wahl, special counsel Nicholas Secara, and associates Brett Bellmore and Benjamin Schwab.