Webinar replay — Solving for Serta: Exposure, liquidity, and the path forward

In this webinar, 9fin host and Head of LMEs Jane Komsky was joined by Richard J. Reilly Jr., Partner and Co-Head of Structured Finance at DLA Piper, Alex Cushman, Partner at DLA Piper, Craig Martin, Partner at DLA Piper, Alan Rockwell, Partner at DLA Piper, and David Parrish, Partner and Global Head of Private Capital at DLA Piper.

We discussed:

• Scope and portfolio impact: Why the Serta decision reached further than a single deal, and how funds should have been actively re-underwriting exposure and re-assessing existing books in light of the ruling.
• Repayment, liquidity, and risk migration: How the ruling played out across CLOs, captive funds, NAV financing, and upstream sponsor structures — and how exposure moved through the capital stack and fund architecture as a result.
• Dislocation and the path forward: Where secondary markets were creating immediate entry points for opportunistic buyers, and the structural and documentation responses funds were already adopting to insulate against the next Serta.