Sedna Finance is an SIV managed by Citi group. It is 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 used 3 tier structures; these old structures used much larger proportions of junior capital to mezzanine capital. As of 2007 it had a balance sheet of approximately $10bn.