Panel: Private Credit Mid-Market outlook
2021 has shaped up to be an exceptionally busy year for the private credit market in the US, with middle-market loans accounting for a large share of deal activity. Our panel of private credit experts will discuss the attractiveness of the middle market and why it appeals to investors:
- What is driving growth in the private credit market right now, and what are some macro shifts impacting this?
- What have been the long-term impacts of COVID-19 on middle-market companies?
- How have managers navigated the current market conditions, how do they differentiate themselves from the competition, and what are their long-term strategies?
- What is the future for BDCs?
- What are the next opportunities for private credit?
Fireside Chat: The emergence of the large-cap private credit market
Panel: Private credit: The Asia opportunity
The private credit market in Asia continues to grow, with global investors eyeing opportunities across the region, particularly in China and India. However, investing in Asia does not come without risks. Our panel of Asia-focused private credit experts will discuss their views on the industry and how it has developed in the past 12 months.
Carol Lee Park Managing Director, Lending Ark Asia Secured Private Debt, CLSA Capital Partners (HK) Limited
- How has private credit in Asia developed over the past year despite the headwinds brought on by COVID-19?
- What are the unique opportunities and risks for private credit managers in Asia?
- For those looking to invest into the region, how can investors best access Asia’s fragmented markets?
- Which private credit strategies are gaining traction in Asia?
- What’s next for private credit in Asia?
Panel: Distressed and special situation opportunities
2020 saw a record number of distressed debt funds in the market and fund managers pivoting towards opportunistic and special situations strategies. This panel will discuss how these strategies have played out in the past 12 months as we emerge from the pandemic.
- How has the stressed, distressed, and special situation market developed in the past 12 months?
- What will the next distressed debt cycle look like, and what is the opportunity set?
- What sectors and geographies are looking most attractive for distressed investors?
- What are the medium to long-term challenges faced by distressed debt investors?
- How are LPs looking at these opportunistic investments?
Panel: The resilience of mid-market CLOs
2021 has proved to be a remarkable year for the CLO market, sparking record levels of activity, and middle-market CLO issuance is also on the rise as investors hunt for yield as we begin to emerge from the pandemic. Our panel will explore factors surrounding the growth in the market and discuss how momentum can continue in the year ahead.
- What factors are driving the current CLO boom, and why is investor demand on the rise?
- How has CLO performance fared compared to the wider market?
- What does the future hold for mid-market CLOs?
- Are there any challenges for the CLO market that lie on the horizon?
Panel: The increasingly important role that ESG is playing in private credit
Attitudes of private credit fund managers towards ESG has shifted in recent years, with issues such as sustainability and climate change becoming top of mind for their LPs. The pandemic has further propelled the conversation of ESG into the spotlight, with LPs and GPs alike emphasizing the importance of incorporating ESG considerations to their investment strategies and decisions.
- How are private credit fund managers approaching ESG today?
- The importance of ESG integration throughout the entire investment life cycle, from deal sourcing to exits
- LP expectations for ESG reporting – what steps are they taking to ensure that a GP is taking ESG seriously?
- What does the future hold for ESG incorporation in the private credit market?
LP's allocations to private credit
As they search for yield, institutional investors have significantly increased their allocation towards private credit, attracted to the asset classes’ steady returns and the benefits of portfolio diversification. Our panel of LPs will discuss their experiences in constructing private credit allocations within their portfolios, key considerations, and discuss the outlook for the year ahead.
- What are the key considerations taken by LPs when making allocations in the asset class?
- For LPs looking for ways to expand their portfolios, what are some routes to gain exposure to the asset class?
- Despite the opportunity set, what are some challenges LPs face when investing in the space?
- How will LPs deploy their capital in the asset class in 2022, and what are the unique opportunities?
Panel: Would you buy it?
Learn from some of the top shops in the business as they walk us through their investment process and consider the merits of several anonymized investment case studies. Based on recent deals in the market, our panelists will probe deep into management style, appetite for risk and approach to structuring.
- What deal terms are sticking points?
- How much leverage is safe during a downturn?
- Is it time to take a risk on cyclical industries?
Close of conference
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Sean Egan is a founding partner and president of Egan-Jones Ratings Company (EJR), which was organized in 1992 for the purpose of providing timely, accurate credit ratings. Over the past decade, EJR provide risk managers with warnings on Ambac, Countrywide, Enron, Greece, Lehman, MBIA, New Century and many others well in advance of the majority of market participants. Fortune Magazine named Mr. Egan the number one person for warning about the 2007 credit crisis. Mr. Egan has appeared on most major media outlets and has testified numerous times in front of Congressional committees. Prior to founding Egan-Jones, Mr. Egan worked as a commercial banker for JP Morgan, as an investment banker for Oppenheimer, and as a management consultant with KPMG Peat Marwick. Mr. Egan graduated from the State University of New York at Buffalo and received an MBA from Harvard University.
Michael Ewald, Global Head of Private Credit, Bain Capital Credit
Michael Ewald is a Managing Director, Global Head of the Private Credit Group, and Portfolio Manager for the Middle Market Credit and Senior Direct Lending strategies at Bain Capital Credit, a leading global credit specialist with approximately $49 billion in assets under management. He also serves as CEO of Bain Capital Specialty Finance, Inc. (NYSE: BCSF), a publicly traded business development company.
Prior to joining Bain Capital Credit in 1998, Michael was an Associate Consultant at Bain & Company where he focused on strategy consulting to the Financial Services, Manufacturing and Consumer Products industries. Earlier in his career, he worked at Credit Suisse First Boston as an analyst in the Regulated Industries group.
Michael received an M.B.A. from the Tuck School of Business at Dartmouth College and a B.A. from Tufts University.
Brad Marshall is Co-head of Blackstone Credit’s Performing Credit Platform, CEO of both the Blackstone Private Credit Fund (BCRED) and the Blackstone Secured Lending Fund (BXSL), and a Senior Managing Director with Blackstone. Mr. Marshall focuses on Blackstone Credit’s Direct Lending efforts and is a member of the performing credit investment committee.
Before joining Blackstone Credit, then known as GSO Capital Partners, in 2005, Mr. Marshall worked in various roles at RBC, including fixed income research and business development within RBC’s private equity funds effort. Prior to RBC, Mr. Marshall helped develop a private equity funds business for TAL Global, a Canadian asset management division of CIBC, and prior to that, he co-founded a microchip verification software company where he served as chief financial officer.
Mr. Marshall received an MBA from McGill University in Montreal and a BA (Honors) in Economics from Queen’s University in Kingston, Canada.
Bill leads the investment, portfolio construction, and fundraising efforts of the Private Credit Team, and manages key relationships with general partners in North America and Europe.
Prior to joining Adams Street, Bill was head of the US Private Debt Group (at the time the Mezzanine Debt Group) at Oaktree Capital Management. In this role he developed the strategy, managed the team, and approved the investments. In conjunction with Oaktree’s in-house marketing team, Bill led the fundraising effort for each of the three funds for which he was responsible.
Prior to Oaktree, Bill worked at J.P. Morgan, where he was the Co-Head of both the Leveraged Finance Origination Team and the High Yield Capital Markets Group. Bill previously worked at NationsBank as head of the high yield business where he was responsible for the High Yield Origination Team, the High Yield Capital Markets Group, Private Placements, and Nations Bridge (the banks bridge loan unit). Bill commenced his career at Bear Stearns.
Bill is Chair of the Adams Street Partners Private Credit Investment Committee and member of the Executive Committee.
New York University, BS, cum laude
New York University, MBA
Years of investment/operational experience: 35 years
Randy is co-head of senior lending and oversees senior lending origination and capital markets for Churchill Asset Management, an investment specialist of Nuveen.
Randy has broad experience in middle market finance and is widely credited with developing loan syndications for middle market companies. Prior to joining the firm, Randy served as a senior managing director and head of capital markets and indirect origination at Churchill Financial. In those positions, he took responsibility for all loan capital markets activities and for managing the firm’s indirect origination platform. Before that, he worked as managing director and head of leveraged finance syndication for BNP Paribas. He spent 15 years at JP Morgan Chase in corporate banking and loan syndications, where he originated, structured and syndicated leveraged loans.
Mr. Vanek is a Partner and the co-head of Apollo’s Global Performing Credit business. Mr. Vanek joined the firm in 2008, and before that he was Associate Director, Loan Sales & Trading in the Leveraged Finance group at Bear Stearns. He is a board member of the Loan Syndications and Trading Association, a leading advocate for the US syndicated loan market. Mr.V anek graduated from Duke University with a BS in economics and a BA in computer science, and received his MBA from Columbia Business School.
Todd is a partner in Allen & Overy’s Leveraged Finance & Private Debt group in New York. He advises a wide variety financial institutions and investment funds across a full range of domestic and international finance transactions. He regularly counsels commercial and investment banks, financial services companies, asset managers and private credit funds, as well as borrowers, sponsors and other market participants, on secured and unsecured loans, leveraged and acquisition financings, asset-based loan facilities, debtor-in-possession financings, bridge loans, restructurings and recapitalizations, and general corporate finance and banking matters. His practice spans the syndicated loan and “direct lending” markets and multiple asset classes, including corporates and infrastructure.
Todd leads A&O’s annual Leveraged Finance Training Camp and has published articles in The Banking Law Journal and the International Comparative Legal Guide to Lending & Secured Finance, among other outlets.
He received his BBA from The University of Georgia and his JD and MBA from Vanderbilt University.
Brian Dillard joined KKR in 2006 and is a Managing Director and Head of Asia Credit. Prior to moving to Hong Kong in 2018, Mr. Dillard was a portfolio manager for KKR's Special Situations funds and portfolios in New York. Before joining the Special Situations team, Mr. Dillard was a member of KKR’s Private Equity Team and has been involved with several investments, including KKR’s investment in Oriental Brewery. In 2008 and 2009, Mr. Dillard worked in Hong Kong assisting in the development of KKR's Asian operations. Prior to joining KKR, Mr. Dillard was at Morgan Stanley & Co. in its mergers and acquisitions investment banking group, where he was involved in a number of merger, acquisition, and financing transactions. Mr. Dillard graduated from Harvard College and received an M.B.A. from Harvard Business School.
Ms. Park is a Managing Director of Lending Ark Asia Secured Private Debt Fund and a member of the Investment Committee. Ms. Park has over 27 years of experience across investment banking, private equity, and private debt investments in New York and Hong Kong with J.P. Morgan, Merrill Lynch, Henderson Global Investors, Entropy Ventures, and Northstone Peak. Ms. Park was a founding member of Northstone Peak. Ms. Park also founded Lending Ark Capital, an alternative investment firm focusing on private debt and equity financings to the Asian financial services sector, including FinTech. Ms. Park has extensive experience evaluating specialty lending and consumer finance companies in Asia during her private equity and private debt investment roles. Ms. Park has managed and led every aspect of private equity and private debt transactions, including investment strategies formation, deal origination, investment analysis, structuring, and portfolio management. Ms. Park currently is a director on the board of Techmate Korea Daebu Co. Ltd, a Korean consumer finance company and Peoplefund Company Inc., a leading Korean marketplace lender. She speaks fluent Korean and received a BA in economics from Vassar College.
Rob Petty is Co-CEO and Co-CIO of Fiera Capital (Asia). Since founding the Clearwater Funds in 2001 along with Amit Gupta, they have invested profitably across credit market cycles, investment sectors and geographies, building an Asia-focused business that is one of the oldest and largest credit investing firms in the region. Today, Rob leads an Asia-dedicated credit investment team, with broad expertise in Asia incorporating strategies across direct lending, secondary credit and special situations through multiple pools of capital.
Rob is responsible for Fiera Capital’s Asian Credit business, along with Amit Gupta. Prior to founding Clearwater, for fifteen years, Rob worked as a capital committer for international and Asian credits at Lehman Brothers, Peregrine Fixed Income, and with Marc Lasry at Amroc Investments.
Rob lives in Hong Kong and holds a bachelor of arts degree in Political Science from Brown University. Rob has served on multiple for-profit and non-profit boards over his 35-year career and currently sits on the board of two China-based portfolio companies and EngenderHealth, a non-profit organization that focuses on women’s health worldwide.
Ranesh Ramanathan is a partner in the Boston office of Kirkland & Ellis LLP, and focuses on debt finance, distressed/special situations, alternative investments and credit fund transactions.
Ranesh has extensive experience negotiating, structuring and managing complex transactions globally, from the United States to Europe, Asia and Australia, including acquiring diverse multijurisdictional portfolios of assets and extracting entire business units from distressed sellers. He has managed the legal aspects of investments in publicly traded and pre-IPO companies, as well as investments across the credit spectrum, and has worked with a variety of fund types including closed-ended, open-ended and managed accounts in a wide variety of strategies. Ranesh has also advised on private equity and hedge fund investments.
Ranesh returned to private practice in 2018 after nearly 15 years in in-house legal roles with Bain Capital and Citigroup. Immediately prior to joining Kirkland, Ranesh was a managing director at Bain Capital and general counsel to Bain Capital’s public markets business and served on Bain Capital Credit’s risk and oversight committee. Ranesh’s in-house experience at large global institutions will bring a multidisciplinary and client-focused perspective aimed at solving client problems.
Ted joined BCP Credit in New York in 2017 to lead BCP Credit. Previously, Ted was President at Apollo Investment Corporation and the Chief Investment Officer of Apollo Investment Management where he was the head of its US Opportunistic Platform and also oversaw the Private Origination business, serving as a member of the Senior Management Committee. Prior to Apollo, he worked at Goldman Sachs for 13 years where he most recently ran the bank loan distressed investing desk. He was previously the head of Principal Capital Investing for the Special Situations Group.
Manjot leads the special situations credit vertical within ALF. He joined CPP Investments in 2011, working in the London office focused on European credit and leading the APAC credit business in the Hong Kong office.
Prior to joining CPP Investments, Manjot worked at a distressed focused private equity fund with over $2.5 billion in assets under management. Previously, Manjot worked in the Leveraged Finance Group at Barclays Capital and Citigroup in New York.
Manjot holds a BS in Finance and International Business from the Leonard N. Stern School of Business at New York University.
Jerry van Koolbergen is the Managing Director responsible for U.S. Structured Credit at DBRS Morningstar. In this role, he oversees ratings for CLOs, middle market CLOs, loan warehouse facilities, CFOs, CLNs, subscription loans, alternative corporate securitizations, methodology development and surveillance. He also oversees U.S. and European credit estimates. Mr. van Koolbergen joined DBRS in 2008. Prior to DBRS, Mr. van Koolbergen was Executive Director for Morgan Stanley in 2006 and Executive Director for JPMorgan from 1998-2006 responsible for CLO structuring and origination. Mr. van Koolbergen holds an MBA in Finance from New York University, a Bachelor of Music in Piano Performance and a Bachelor of Science in Electrical Engineering from Northwestern University.
Michael A.G. Korengold, President and Chief Executive Officer
Enhanced Capital (New York)
Michael Korengold serves as the President and Chief Executive Officer of Enhanced Capital Group LLC. Mr. Korengold also serves on the firm’s investment committees and Board of Directors.
Prior to becoming president, Mr. Korengold held the role as the company’s senior vice president and general counsel handling the company’s various legal matters including government relations and corporate compliance issues. Prior to joining Enhanced Capital, Mr. Korengold practiced law for seven years in New Orleans and Minneapolis, with an emphasis on mergers & acquisitions and financing transactions. He clerked on the U.S. Court of Appeals for the Fifth Circuit.
Since joining Enhanced Capital, Mr. Korengold has lectured extensively on capital formation programs, and has testified before numerous state legislatures and other governmental institutions on related issues. Mr. Korengold also has served on the boards of numerous civic, community, and charitable organizations including as chairman of YPO’s Gotham Chapter. He is currently on the Board of the Pancreatic Cancer Action Network.
Mr. Korengold is a 1986 graduate of Vassar College and a 1993 magna cum laude graduate of the University of Minnesota Law School where he graduated order of the coif (highest honors) and served as an editor of the Law Review.
Mr. Mawn is a managing director for CarVal Investors responsible for leading the corporate bank loan and collateralized loan obligation (CLO) business. In this role, he chairs the firm’s CLO investment sub-committee. A veteran with nearly two decades of participation in credit markets, Mr. Mawn combines experience in par, distressed and special situations credit research with credit trading and loan portfolio management. Previously, Mr. Mawn worked in management consulting across multiple industries with a focus on operational improvement, merger and acquisition, and corporate strategy engagements for leading domestic and international companies. He began his career in the military serving as an officer in the United States Marine Corps. Mr. Mawn received his M.B.A. in Finance with honors from the University of North Carolina at Chapel Hill and his B.A. from Dartmouth College.
Laure Villepelet joined Tikehau Capital in 2017 to promote and accelerate ESG initiatives across asset classes - private debt, real assets, private equity and capital markets strategies. She drives the creation, implementation and reporting of the Group’s practices regarding ESG integration, engagement and impact with a focus on climate change, innovation, diversity & inclusion. Laure seats at the sustainability board of certain portfolio companies. Previously, Laure was sustainable development manager for L’Oréal France. She started her career with PWC valuations in NYC and London, and worked as financial analyst in Singapore. Laure holds a Master of Science degree from Sciences Po Bordeaux and is a CFA® charterholder.
Archie joined Muzinich in March 2019. He oversees the firm’s responsible investing and internal corporate responsibility commitments. Archie joined after leading the UN-supported Principles for Responsible Investment (PRI) fixed income and private markets programmes for seven years. Previously, Archie worked as a corporate sustainability consultant with Net Balance (EY Climate Change & Sustainability Services) and ESG research and engagement specialist with Regnan. Archie holds a Master of Environmental Management from the University of New South Wales and an MA (Hons) in Hispanic studies from the University of Edinburgh. He also holds the Investment Management Certificate (IMC) from the CFA Society.
Nayef is a Managing Director and head of the firm’s Miami office. He is primarily focused on direct investment transactions.
Prior to joining Hamilton Lane in 2013, Nayef was a Vice President at GE Capital where he focused on sponsor-backed leveraged finance transactions. Nayef began his career as a management consultant at CEB.
Nayef received an M.B.A. from the Thunderbird School of Global Management and a B.A. in International Affairs from The George Washington University.
Rick is a Partner and Global Head of Private Debt. Rick is a member of the International Investment Committee and the Global Credit Committee. Prior to joining Pantheon, Rick was a Managing Director and an Investment Committee Member at Star Mountain Capital, a middle-market private credit manager. Rick previously held several senior investment positions across asset managers and boutique investment firms including Stone Tower Capital, Green Brook Capital and Citigroup Alternative Investments and Morgan Stanley. Rick received a B.Com in Economics and Finance (Hons.) from McGill University. Rick is based in New York.
Ross Alexander, CAIA, is a Portfolio Manager at APFC covering the fund’s private income assets. Ross has primary responsibility for the infrastructure, private credit, and real assets investing activities at APFC, Alaska’s $82 billion sovereign wealth fund. Prior to joining APFC, Ross worked on the real assets portfolio at the Alaska Retirement Management Board. Ross lives in Juneau, AK with his wife and three daughters where he spends his free time skiing, biking, and enjoying the Alaskan wilderness.