06
Mar
Private credit: Moment of truth
For every leveraged buyout supported by syndicated bank loans, three are financed by private credit. But this doesn’t do justice to the breadth of private credit as an asset class. Following a period of rapid growth, it now embraces everything from senior debt for investment-grade corporates to hybrid facilities to asset-backed finance. With competition – and squeezed margins – pushing industry participants to explore new areas, questions are asked as to how the momentum can be sustained.
- What do current macro conditions mean for different strategies?
- Is the notion of banks competing with private credit a false narrative?
- How are GPs addressing opportunities in asset-backed finance?
- In what ways is Australian private credit different to other markets?
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SpeakersRyan Eagle Partner, Asia Pacific Head of Private Credit KPMG
Damon Fletcher Managing Director ICG
Stephen Allan Managing Director, Head of Australasia Private Credit BLACKROCK
Kelly Morton Founder SKYE CAPITAL ADVISORY
Antoine Lourtau Partner PARK SQUARE CAPITAL
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As Asia Pacific private credit leader, I am focussed on connecting clients to KPMG’s breadth of services to assist with fund structuring, deal sourcing, fund performance and the growth of our clients.
I regularly advise on a range of assignments across private credit including direct lending, distressed and special situations, asset backed lending, restructurings (including debt to equity transactions) and various business turnaround & value creations assignments.
Our deal team are uniquely placed to provide transaction services, debt advisory, tax structuring, turnaround and restructuring services, deal strategy, value creation, M&A, reporting and monitoring, options analysis and compliance services.
Damon joined ICG in 2024 and is a Managing Director in CFM Australia. Prior to joining ICG, Damon spent the last 5 years at Siemens Financial Services, responsible for managing the leveraged loan portfolio across Australia and New Zealand.
From 2011 to 2018, he worked at Credit Industriel et Commercial, latterly responsible for execution of their Australian and New Zealand corporate and leveraged loan strategies. Damon also held positions at National Australia Bank and Investec Bank (Australia), in leverage and acquisition finance spanning senior debt and mezzanine/hybrid solutions.
Stephen Allan, Managing Director, is the Head of Australasia Private Credit within BlackRock's APAC Private Credit team. Mr. Allan is responsible for leading the origination and management of private credit investments in Australia and New Zealand.
Prior to joining BlackRock in 2023, Mr. Allan was a Managing Director at Nomura where he was Head of Loans & Principal Investments Australia and the Head of Real Estate Finance Asia. At Nomura he was responsible for the origination, structuring, and syndication of illiquid credit opportunities in Australia and New Zealand. Before joining Nomura in 2010, Mr. Allan served Lloyds International in Sydney, where he was involved in transaction restructuring of distressed corporate, real estate and leveraged finance accounts in their business support unit. Mr. Allan started his career in credit with the Leveraged Finance division at HSBC in London in 2003.
Mr. Allan earned an undergraduate degree in Accounting and Finance from the University of Technology (Sydney), has a graduate diploma in Applied Finance and Investment from FINSIA, is a qualified Chartered Accountant (ICAANZ) and is a Graduate Member of the Australian Institute of Company Directors (GAICD).
Kelly is the Founder of Skye Capital Advisory, she is one of the most progressive and respected senior debt advisory professionals in the Australasian market, having raised ~$100bn of debt capital in Australian and international markets.
Kelly is considered a market leader in developing funding solutions and providing financial advice to corporates and private equity firms, including specialist advice on business transformation strategies to effect change, drive profit and stimulate growth. Recent market leading transactions include Allegro funds acquisition of Toll, acquisition financing of Gull NZ, first social loan in Australia for APM employment services and the recent acquisition of retail zoo (boost/Betty’s burgers).
Antoine is a Partner at Park Square Capital, and Head of France based in Paris.
Prior to joining Park Square in 2006, Antoine worked on private equity investments at PAI partners in Paris, and in M&A at Lehman Brothers in London. Antoine graduated from Ecole des Hautes Etudes Commerciales in Paris and holds a Bachelor’s Degree in Computer Engineering from McGill University in Montreal.