Remember "collateralised debt obligations" from the 2008 crisis? Turns out, private equity has its own variant.

Introducing the "collateralised fund obligation"

😵‍💫ft.com/content/e4c4fd… Through the magic of securitisation, these things can transform ownership stakes in highly-leveraged private equity-owned companies into a financial product with a strong credit rating

A law firm that works on them describes them as "the technicolour dreamcoat of fund finance"

NSO Group, the blacklisted Israeli company that makes Pegasus spyware, has been deemed “valueless” to its private equity backers - who bought it at a $1bn valuation three years ago

@FT scoop -> on.ft.com/3jnzfov NSO revealed in December that it had received no new customer bookings for its Pegasus spyware since @FbdnStories published #PegasusProject in July, according to a claim in court filings