Presentation prepared for Merrill Lynch - December 2019 - Shinnecock Partners
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Art Lending
Presentation FundforLLC
prepared (ALF)Lynch
Merrill
Fine Art-Secured Lending
December 2019
Important Disclosures
This presentation is for discussion purposes only and does not constitute an offer to sell or a solicitation of an offer
to buy an interest in Art Lending Fund LLC (“ALF”). Any offer to sell or solicitation of an offer to buy an interest in
ALF may be made only by the delivery of ALF’s Confidential Private Placement Memorandum (the “Memorandum”)
specifically addressed to the recipient thereof. In the event that the terms of this document and the Memorandum
are conflicting, the Memorandum’s terms shall control. You must be an “accredited investor” to receive a copy of the
Memorandum, but only investors that meet all of ALF’s investor suitability requirements will be allowed to invest.
The limited liability company membership interests in ALF are speculative securities and their purchase involves a high
degree of risk. You should consider all risk factors set forth in the Memorandum before investing in ALF. Specifically, you
should be aware that:
• ALF may rely on its third-party loan originators, advisory board and sub-managers (if any) to meet
its investment objectives.
• You could lose a substantial portion, or even all, of your investment.
• Tax-exempt investors should consult their tax, legal and financial advisers regarding the specific tax
consideration of an investment in ALF.
•
Presentation prepared for Merrill Lynch
Withdrawals and transfers are restricted; no market exists or is expected to exist for the limited
liability company membership interests.
• ALF is not a mutual fund and is not subject to regulation under the Investment Company Act of 1940,
as amended.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 1
The Opportunity
ALF is an institutional-grade, diversified portfolio of loans secured by fine art from
a mix of artists, genres, and media, providing investors multiple advantages.
Attractive & Consistent Yield
Principal Protection
Uniquely Appealing Collateral
Strong Collateral Protection
Immediate Diversification
Short Duration
Presentation
Liquidity prepared for Merrill Lynch
Tax-Advantaged Legal Structure
Institutional-Grade Service Providers
Constantin Brancusi Simon Hantaï
Une Muse, 2016 (front) Blancs (back)
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 2
What is Fine Art-Secured Lending?
Fine art-secured lending is hard asset lending against
museum-quality, auction-worthy art. (e.g. Sotheby’s,
Christie’s, Phillips, Bonhams)
Art dealers and collectors borrow against their art to:
Fund art acquisitions/finance dealer inventory
Pursue other opportunities
Taking out a loan instead of selling individual artworks
allows borrowers to:
Avoid taxes and transaction fees associated with sales
Presentation prepared for Merrill Lynch Retain ownership and any appreciation in value
Georgia O’Keeffe
Black Mesa Landscape, New Mexico / Out Back of Marie's II, 1930
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A Vibrant and Growing Market
High Growth
Global art sales were $67.4 billion in 2018, 6%
increase over the previous year.1
Outstanding art-secured loans: $21 - $24 billion
in 2019, up from $17 - $20 billion in 2017.2
Loans to art dealers and galleries represent 8% - 10%
of the total.2
Capital Short
Room for further growth: 87% of art dealers are
searching for acquisition finance, and 28% claim
lack of credit has hampered growth.3
Presentation prepared for Merrill Lynch
69% of collectors surveyed in 2019 were interested in
using their art as collateral for loans, up from 57% in
2017.2
1 McAndrew, Clare. The Art Market 2019. Art Basel and UBS.
2 DeloitteTouche Tohmatsu Limited, and ArtTactic. Art & Finance Report 2019.
3 The European Fine Art Foundation. Art Dealer Finance 2018.
Henri Matisse
Olive Trees at Collioure, 1906
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 4
Boutique Lender Advantages
Competitive edge over private banks and auction houses
Speed Complete the loan process and provide funds in a short timeframe
Flexibility Tailor each loan to the borrower’s specific needs
Leverage experience and relationships in the fine art market for market
Insights insights, valuation expertise, and advisory services
Allow the borrower to remain independent from auction houses
Independence and banking relationships
Lender Market Shares:
Private Banks (81% of market)
Loans underwritten based on overall creditworthiness of the
Presentation prepared for Merrill Lynch
borrower and his/her relationship with the bank.
Auction Houses (8% of market)
Loans underwritten based on the art, but may require the purchase
of other services provided by the auction house.
Boutique Lenders (11% of market)1
Fernando Botero
1 Deloitte Touche Tohmatsu Limited, and ArtTactic. Art & Finance Report 2016. Pájaro
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 5
ALF Investor Benefits
Attractive & 7% - 8% net unlevered return
Consistent Yield Prepaid interest
Asset-weighted average duration of six to nine months
Short Duration for seasoned portfolio
Interest rate flexibility from frequent reinvestment rollovers
Low loan-to-value ratio (“LTV”) of 50% safeguards against risk
Principal of collateral price declines
Protection Additional backstop in the form of a personal or
corporate guarantee
Presentation prepared
Appreciating collateral:for Merrill
8% annual
Moses Art Index from 1965 – 2017
growth inLynch
the Sotheby’s Mei
Uniquely
Global asset: transportable, reflecting currency
Appealing Collateral depreciation/appreciation
Low correlation to equities and global interest rates
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 6
ALF Investor Benefits
First-priority security interest
Strong Collateral Possession of the collateral: art is stored in a facility controlled
Protection by lender
Insured for the loan amount, at a minimum
Immediate Multiple artists, genres, and media
Diversification Multiple borrowers
Liquidity Short duration loans offer true liquidity
Presentation
Tax-Advantaged prepared for Merrill Lynch
100% deductible investment expenses
Tax-qualified investors enjoy no UBTI
Legal Structure Offshore investors benefit from no ECI or offshore feeder
expenses
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 7
Thorough Investment Process
Underwrite the art against our detailed criteria
Collateral Complete the valuation using past sales prices, recent sales prices of comparable works,
Evaluation and insights from outside appraisers, valuation experts, and advisory board
Review available records and historical documents
Provenance Engage advisory board and independent experts for counsel on provenance concerns
Research Search the Art Loss Register and the FBI’s National Stolen Art File (NSAF)
Search public records for liens, judgements, and bankruptcies
Borrower Perform credit and background checks
Assessment
Presentation prepared for Merrill Lynch
Negotiate loan terms
Verify existence and extent of insurance coverage
Documents File a UCC Financing Statement and secure storage for the art
and Funding Execute loan documents and remit funds to the borrower
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 8
Compelling Value Proposition
Investment Rising Rate Downside Correlation to
Yield Liquidity Volatility
Type Protection Protection Market
ALF High Yes Yes Moderate Low Low
High-Yield
Bonds High No Moderate Moderate Moderate Moderate
REITs Moderate Maybe No High Moderate High
MLPs High No No High Moderate High
Closed-End
Bond Funds High No No High Low High
BDCs Presentation
High No prepared
No for
HighMerrill Lynch
Moderate High
Income
Property Moderate Maybe No Low Low Low
Investment time horizon and the relative importance of each characteristic is investor determined. This chart is meant to be a generalized view.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 9Uncommon Principal Protection
Portfolio LTV Example
Value of In case of default, a low loan-to-value ratio helps to:
Collateral
Protect against changes in collateral value
50 Cover default interest owed
% Absorb fees and expenses associated with selling the art,
including sales commissions that may be shared with ALF
Loan Allow the collateral to be sold at a reduced price to
Amount* facilitate a quick sale, if preferable
50
%
Presentation prepared for Merrill Lynch
* Actual exposure is lower given any prepaid interest.
If portfolio collateral value decline matched the worst annual loss of the Sotheby’s Mei Moses Index since 1980
(next slide), a portfolio loan buffer of 50% would decline to 24.5% yet remain substantial
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 10Historical Principal Protection
Art Index Annual Returns1
60%
24 of 37 Years Positive
50%
Compound Annual Return: 5.6%
40%
30%
20%
10%
0%
Presentation prepared for Merrill Lynch
-10%
-20%
1990 2008
–25.5% –21.9%
-30%
1980 1985 1990 1995 2000 2005 2010 2015
1 Sotheby’s Mei Moses Art Index, calendar years
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 11Art’s Correlation with Other Asset Classes
DM eq EM eq IG HY EM Cash HF PE RE Commod Art
Developed Equities 1 0.69 0.25 0.72 0.31 0.13 0.78 0.84 0.61 0.19 0.13
Emerging Market Equities 0.69 1 -0.04 0.62 0.54 0.08 0.66 0.74 0.55 0.47 0.14
Invt. Grade Fixed Income 0.25 -0.04 1 0.32 0.10 0.34 0.45 0.14 0.28 -0.23 -0.15
High Yield Fixed Income 0.72 0.62 0.32 1 0.45 -0.13 0.71 0.78 0.66 0.21 -0.37
Emerging Fixed Income 0.31 0.54 0.10 0.45 1 -0.06 0.46 0.43 0.53 0.57 -0.03
Cash 0.13 0.08 0.34 -0.13 -0.06 1 0.43 -0.14 -0.16 0.05 0.34
Hedge Funds 0.78 0.66 0.45 0.71 0.46 0.43 1 0.71 0.49 0.27 -0.11
Private Equity 0.84 0.74 0.14 0.78 0.43 -0.14 0.71 1 0.75 0.21 -0.08
Real Estate 0.61 0.55 0.28 0.66 0.53 -0.16 0.49 0.75 1 0.14 0.01
Commodities
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0.19 0.47 -0.23 0.21 0.57 0.05 0.27 0.21 0.14 1 0.21
Art 0.13 0.14 -0.15 -0.37 -0.03 0.34 -0.11 -0.08 0.01 0.21 1
Source: Citi Private Bank Global Asset Allocation Team, as of 31 Oct 2018. Art represented by the Masterworks.io Total Art, Contemporary Art ,and
Impressionist Art Indices © 2019 Masterworks.io LLC; All rights reserved. Indices revised as of November 2019
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 12ALF Tax-Efficient Structure
Taxable, Tax-Exempt & Offshore Investors
(Including Shinnecock Income Fund L.P.)
Investment Art Lending Fund LLC
Manager & GP Feeder Fund (Delaware Limited Liability Company)
Cash to Purchase
Shinnecock Interest +
Debt + Equity of
Partners L.P. Dividends
Master Fund
Investment
Manager Art Lending, Inc.
Master Fund (Nevada Corporation)
Presentation
(Max. 1/3 of prepared
Cash Principal Merrill
for
Loan
+ Collateral Lynch
Financial
Guarantee
Potential Leverage Capital) Interest
Provider
Borrowers
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 1330 Months of Strong Historical Performance
This art-secured lending strategy was incubated for 22 months in our Shinnecock Income Fund
prior to the launch of ALF in May 2019
Pro forma art-secured lending returns from the incubation period shown in blue ALF actual returns shown in black
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD CAGR
2017 - - - - - - 0.7% 1.4% 0.7% 0.7% 0.7% 0.7% 5.0% 10.2%
2018 0.7% 0.6% 0.7% 0.7% 0.7% 0.6% 0.7% 0.7% 0.7% 0.7% 0.5% 0.6% 8.2% 8.2%
2019 0.6% 0.5% 0.6% 0.6% 0.3% 0.4% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 6.6% 6.6%
Pro forma returns from the incubation period
Shinnecock Income Fund L.P. (“SIF”), a fund managed by the same general partner as ALF, began investing in art-secured loans in July 2017. Pro
forma returns shown were calculated by deducting estimated ALF expenses (1% annual), a 1% annual management fee and a 10% incentive fee
Presentation prepared for Merrill Lynch
from the actual gross returns of the art-secured loans held by SIF. For loans that were made after the first day of the month, or exited prior to the
last day of the month, the return for that loan was adjusted to reflect the expected return that would have been achieved for the entire monthly
period. SIF transferred its art-secured loans to ALF at ALF’s launch and became an LLC member with no special liquidity provision (SIF has ceased
making any direct art-secured loans).
Because SIF is already a widely diversified alternative-lending portfolio, its art-secured lending allocation was more concentrated than ALF’s
portfolio diversification guidelines of no more than 15% to any borrower or artist. August 2017 performance was an outlier due to the collection of
a prepayment penalty. Because the pro forma returns reflect the performance of the SIF art-secured loan portfolio as a whole, and because partial-
month loan returns are adjusted to reflect full-month returns, the pro forma performance shown does not reflect the actual or theoretical impact of
any uninvested portions of the portfolio (i.e., “cash drag”). SIF is audited annually by Deloitte & Touche.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 14Portfolio Overview (December 31, 2019)
Collateral spanning antiquities, old masters, contemporary, and modern artworks
(paintings and sculptures)
Gross Yield 10.3%
(Incl. Cash)
Duration 5.0 months
LTV 41%
Insured Value $39 million
Number ofPresentation prepared for Merrill Lynch
37
Artworks
Yield, LTV and duration are calculated on a weighted-average basis. The LTV is calculated based on the total loan amount
before interest is deducted from the loan proceeds. In addition, the loan amount used for calculating the LTV is the total
senior loan amount even if ALF only holds a fractional interest in the senior loan.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 15Investment Terms and Service Providers
Launch Date 5/1/2019
Structure Delaware limited liability company
Target Net Return 7% - 8% (unlevered)
Management Fee 1%
Incentive Fee 10%, subject to a high water mark
Minimum Capital Commitment $100,000*
Redemptions Quarterly after one-year lock, with 90 days’ notice
Investor Qualifications Accredited Investor/Qualified Client
Auditor Deloitte & Touche LLP
Administrator SS&C GlobeOp
Cash Custodian Presentation prepared forBankMerrill Lynch
First Republic
General Counsel Faegre Baker Daniels LLP / Buchalter PC / Paul Hastings LLP
*ALF uses a capital call structure in order to balance cash inflows against investible loans and other cash needs. ALF may call any portion of an
investor’s capital commitment at any time with reasonable prior notice within six months of the initial commitment date. If after six months the total
amount committed has not been called, the remaining commitment amount is released.
Available to taxable, tax deferred and tax-exempt investors
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 16Shinnecock’s Edge
Over 30 years successfully managing money
with a focus on niche strategies
Advisory board providing sophisticated
counsel on art-related matters
Members offer insights on collateral pricing,
sourcing, deal structure, and overall investment
management assistance
Biographies of the advisory board members can be found in the appendix
Direct loan sourcing from our www.ArtLending.com
Skin in the game: largest individual investors in what we do
Presentation
Intense, transparent prepared
due diligence for Merrill Lynch
process (www.shinnecock.com)
Team of dedicated professionals
Institutional-quality outside service providers
Museo Picasso Málaga
Málaga, Andalucia, Spain
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 17APPENDIX
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Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 18Case Study
Transaction: Result:
One of the largest dealers of Western American Art While the collateral was stored in our warehouse and
purchased Abstraction, a sculpture by Georgia insured at the borrower’s expense, the art dealer
O’Keeffe, after recognizing that it was underpriced. continued to market the sculpture along with the rest
Seeking to finance the purchase of additional art of the art remaining in their gallery.
(inventory), the dealer sought out a loan backed by
The dealer found an art collector who was eager to
this sculpture.
purchase Abstraction less than six weeks after the
After completing our thorough pre-investment start date of the loan. The dealer requested that we
process (Appendix A of the FAQ), we elected to unwind the loan and return the sculpture. Because
extend a loan with the following terms: the buyer was willing to pay significantly more than
the dealer’s original purchase price, the dealer was
Term: One Year
willing to pay four months’ interest as a prepayment
Interest Rate: 11.11% cash-on-cash return penalty.
Collateral $1,500,000 (third-party As a result of the prepayment penalty, Shinnecock
Valuation: appraisal) Income Fund (SIF) earned 3.7% on its original
Loan Amount: $825,000
Presentation prepared for Merrill Lynch investment in 41 days.
Loan-to-Value
55%
(LTV):
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 19Susan Ginsburg – Advisory Board Member
Ms. Ginsburg has been an advisor to and curator at numerous art galleries,
museums and collections. As an art historian, she has been a member of the
faculty of multiple institutions and authored or edited a number of
publications.
Susan earned her MA in Art History from the University of California, Los
Angeles. She went on to earn a Ph.D. in Art History from The Graduate Center
of City University of New York, specializing in modern European and American
art. For her dissertation, Ms. Ginsburg compiled and produced a
comprehensive catalogue raisonné of works by Robert Rauschenberg.
Ms. Ginsburg has been a member of the faculty of the art history departments
of Hunter College of City University of New York, Fordham University, the State
University of New York at Purchase, and the University of California, Los
Angeles. Susan is currently a member of the faculty of the School of Visual Arts
in New York, where she has held various roles since 1974.
Concurrently, Ms. Ginsburg has had an extensive professional career. She was
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curator for the New York Cultural Center and for works by Robert
Rauschenberg at the Smithsonian Museum of American Art and the Museum
of Modern Art. From 1981 to 2010, Ms. Ginsburg served as an advisor and
curator for the Jerrold Perenchio Art Collection, which is now part of the Los
Angeles County Museum of Art. Since 1999, Susan has been the curator and
advisor for the Paul Fireman Art Collection.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 20Amanda Langer – Advisory Board Member
Ms. Langer currently works as an exhibitions coordinator for Dietl International
Services in New York, where she sources and executes fine art packing and
transportation solutions for public and private clients. Previously, Amanda
served as a project manager with Atelier 4 Inc., where she organized the
successful shipment of high value artworks domestically and internationally. As
a Design & Decorative Arts Appraisal Assistant with Doyle New York, Amanda
evaluated all Furniture & Decorative Arts Department property consignment
submissions and worked to create all department sale catalogues
and auction marketing materials.
Amanda earned her MA in History of Art & Art Market Modern &
Contemporary from Christie’s Education in New York. She earned her BA in
History of Art from Union College.
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Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 21Andrew C. Rose – Advisory Board Member
Mr. Rose has over 30 years’ experience in the fine art industry, including time at major auction houses
such as Sotheby’s and Christie’s and as an asset-based lender at Citibank, Chase Manhattan and
The Boston Company. Andrew has originated over 500 art-secured loans ($1 billion+ total) with no
losses of principal or interest. Currently, Andrew manages Art Finance Partners (“AFP”), an art-secured
loan originator and consultancy operating out of New York which he founded in 2005. AFP is an
experienced but capital-constrained non-bank originator that can provide deal flow for ALF.
Andrew brings a wide network of contacts within the art market (galleries, dealers, auction houses,
private collectors) which can help confirm valuations and if necessary rapidly find buyers for collateral
in default situations.
Before entering the art world, Andrew graduated from Princeton University with a BA in Economics.
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Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 22Chase W. Rynd – Advisory Board Member
Mr. Rynd has served as executive director of the National Building Museum
since 2003. Created by Congress in 1980, the National Building Museum
commemorates American achievements in architecture, design, construction,
urban planning, and engineering. The Museum has achieved a strong national
profile through enhanced educational programs, scholarly and visually
engaging exhibitions, and numerous outreach efforts. Prior to his work at the
National Building Museum, Chase was appointed executive director of the
Tacoma Art Museum in 1993, and to the same position at the Frist Center for
the Visual Arts in Nashville, Tennessee in 1998.
Mr. Rynd was appointed by the mayor to the Seattle Arts Commission in 1988,
and served two consecutive terms as the Commission’s chairman. In 1990,
Security Pacific Bank recruited Chase to develop a public gallery space that
would serve the community with a series of contemporary art exhibitions and
programs designed to enhance the city’s arts environment.
A graduate of Georgetown University and active in the museum community,
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Mr. Rynd is a member of the International Council of Museums and American
Alliance of Museums. He sits on the Boards of the Association of Architecture
Organizations (AAO), American Friends of Chantilly, France; the Downtown DC
BID; Penn Quarter Neighborhood Association; and the Havana Heritage
Foundation. He also is a member of ACE Mentor Program’s National Advisory
Board; the ASCE Industry Leaders Council and serves on committees for St.
John’s Lafayette Square and the National Cathedral in Washington, D.C.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 23David Paul Steiner – Advisory Board Member
Mr. Steiner, principal of David Steiner & Associates PLC, has earned a national
reputation as a trusted advisor and counselor in art law and art litigation
matters. David did his undergraduate work at Stanford University, graduating
Cum Laude. He went to law school at the University of California Hastings
College of the Law, where he founded and was Editor in Chief of the Hastings
Constitutional Law Quarterly. Mr. Steiner has practiced art law since 1981.
David has lectured widely on art law subjects, both in the United States and in
Europe, also writing for various magazines and participating in various
symposia. Mr. Steiner co-edited The Visual Artist Manual, the first of its kind,
which was published in 1981. He also has served as an adjunct professor at
University of Southern California Law Center, teaching a class in art law. David's
practice has included art lending matters, large private mandate transactions,
multiple cases including authenticity of works, auction issues, representation
of important artists' estates and committees (e.g., Degas), art insurance issues
and cross border transactions.
Presentation prepared
Although his firm for
specializes in art Merrill
law and art litigationLynch
matters, it also pursues
practice areas involving complex business litigation in both State and Federal
Courts, intellectual property litigation, and Internet transactions and Internet
litigation, and enjoys a specialization in credit card processing litigation. Mr.
Steiner, who is a former President of the Beverly Hills Bar Association
Barristers, is admitted to practice in the States of California and Colorado. He
has been admitted Pro Hac Vice in many states.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 24Alan Snyder – Founder, CIO
43 years of experience in finance and investments
Alan Snyder founded Shinnecock Partners in 1988 and serves as its
Managing Partner. Alan spent 14 years at Dean Witter (now Morgan Stanley)
and finished his career there as an Executive Vice President, Board Member
and Executive Committee Member. He formulated the launch of the Discover
Card as a member of a three-person management team. Subsequently,
he restructured First Executive/Executive Life, a $20 billion life insurance
holding company including a $1.5 billion alternatives portfolio, as President
and Chief Operating Officer. He was later appointed as Executive-in-Charge by
the California State Insurance Commissioner. He has served as a special advisor
to Goldman Sachs and Kelso Partners.
He founded and was Chairman, President and CEO of Answer Financial, which
became the largest independent seller of auto and home insurance in the
U.S. Answer was sold to Esurance, who sought its technology and third-party
distribution and was more recently purchased by Allstate.
Harvard Business School (Baker Scholar, MBA) and Georgetown University
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(Wall Street Journal Scholar, BSBA). Former Chairman and President of the
Western Los Angeles County Council of the Boys Scouts of America.
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 25Conclusion
Art-secured lending is a compelling yield investment, pairing attractive returns
with exceptional principal protection. It offers an uncorrelated complement to
a diversified investment portfolio.
Visit our website, www.Shinnecock.com, for more
detailed information regarding Art Lending Fund:
• Summary Sheet
• Overview Presentation
• Frequently Asked Questions
Presentation prepared for Merrill Lynch
• White Paper “Creative Collateral: Lending
Against Fine Art”
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 26Founded 1988
Presentation prepared for Merrill Lynch
Copyright © 2019 Shinnecock Partners L.P. All rights reserved. For exclusive use by clients of Shinnecock Partners. Shinnecock Partners 27You can also read
