27
Jun
Private credit: A popular play
Private credit has become a must-have asset class. Not only can investors leverage longstanding trends connected to the withdrawal of banks from traditional lending, but a higher interest rate environment means they get paid more in the process. LPs have plenty to choose from in terms of risk-return dynamics. However, the lingering question is whether GPs have what it takes to manage positions should macro conditions deteriorate. Our experienced credit investors consider the opportunity set.
- How are macro trends shaping investment opportunities?
- Which private credit strategies currently offer the best risk-return?
- What happens if there is an uptick in defaults by borrowers?
- Where on credit spectrum have Japanese LPs traditionally liked to play?
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SpeakersXiaodong Chang Senior Fund Manager, Private Equity Investment Group, Multi Manager Investment Department TOKIO MARINE ASSET MANAGEMENT
Jon McKeown Managing Director, Portfolio Strategy & Analytics NORTHLEAF CAPITAL PARTNERS
Ian Anderson Managing Director, Credit & Markets KKR
Rafael Torres Head of Private Debt, Iberia MUZINICH & CO
Jeffrey Lau CIO of Private Credit & Special Situations, Partner PRIMAVERA CAPITAL GROUP
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Xiaodong Chang is a senior fund manager at private equity investment group with Tokio Marine Asset Management (TMAM) since 2011. She is responsible for sourcing, due diligence, monitoring, clients reporting of private equity and private debt funds globally.
Prior to joining TMAM, she worked at the Investment Banking Group of Nomura Securities in Japan.
She received a M.S. in Computer Science and Information Technology from University of Pennsylvania and a B.A. in Commerce and Management from Hitotsubashi University. She is a Certified Member Analyst of the Securities Analysts Association of Japan (CMA).
Jon oversees the portfolio construction, risk management, analytics and research that support Northleaf’s private equity and private credit funds and product development activities, and is a member of the Private Credit Investment Committee.
Prior to joining Northleaf in 2016, Jon was Managing Director, Global Head of Strategy, Risk and Analytics at Värde, a global alternative asset manager. Previously, Jon was a Principal with Bain & Company where he focused on alternative investments and asset management. Jon began his career with HSBC and PricewaterhouseCoopers.
Jon received an MBA (Dean’s List) from the Rotman School of Management, University of Toronto and a B.Sc (International Management) from the University of Manchester.
Ian Anderson (London) joined KKR in 2014 and is a Managing Director in the Credit & Markets business. He serves as a portfolio manager for the firm’s private credit funds and portfolios and as a member of the European Private Credit Investment Committee. Prior to joining KKR, Mr. Anderson was a vice president at Lazard in the corporate finance department, advising a diverse range of European and global corporate clients on M&A transactions and restructurings. Previously, Mr. Anderson worked at Key Capital, an Irish boutique capital markets and asset management firm. Mr. Anderson holds a first class degree in Engineering from Dublin University, Trinity College and is a CFA Charterholder.
Rafael is responsible for Muzinich’s Private Debt business in Iberia, co-head of the European business, and a member of the firm’s private debt investment committee.
Prior to joining the firm 4 years ago, he spent 9 years originating, analyzing and executing mezzanine / hybrid capital investments in Southern Europe for Hutton Collins, where he led and/or was involved in transactions such as Everis, Aquafil and Caffé Nero, amongst others. Prior to this, he spent 2 years at midmarket Spanish private equity firm Mercapital, and 5 years in European Leveraged Finance at Merrill Lynch.
Jeffrey is a Partner and CIO of Credit Investments at Primavera Capital Group, and chairs the firm’s Credit Investment Committee. Prior to joining Primavera, Jeffrey led and managed private investments in partnership with leading sovereign wealth funds, corporates and family offices. He was an investor and director of Village Roadshow Entertainment Group between 2012 and 2017. Previously, Jeffrey worked at Och-Ziff Capital Management Group, The Blackstone Group and Morgan Stanley. Jeffrey earned his AB in Social Studies from Harvard University, graduating Phi Beta Kappa, magna cum laude and as a John Harvard Scholar. He holds an MBA from Harvard Business School.