Sedna Finance was an SIV managed by Citi group. It was notable for being the first modern 3 tier structured SIV. It was not, however, the first 3 tier SIV, as much older SIV's such as Asset Backed Capital (now Orion Finance) used 3 tier structures; these old structures used much larger proportions of junior capital to

mezzanine capital Mezzanine capital is a type of financing that sits between senior debt and equity in a company's capital structure. It is typically used to fund growth, acquisitions, or buyouts. Technically, mezzanine capital can be either a debt or equity ins ...

. As of 2007, it had a balance sheet of approximately $10bn.SIV watch: Citi’s Sedna edges closer to liquidation
December 5, 2007, By Sam Jones, FT Alphaville It was shut down in the fall of 2007, in the first phase of the financial crisis.

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