Creditflux CLO Investor Summit 2024
A staple in the CLO calendar!
Conrad New York Downtown, 102 North End Avenue, New York, NY 10282
18
Jun
The growth of private credit CLOs in 2024
Private credit CLOs are quickly becoming a growing piece of the CLO market, making up roughly 11% of the broader $1.3 trillion CLO market in 2023. This trend is expected to continue, with private credit CLOs forecast to account for over 30% of all US new-issue CLO activity in 2024. Is this asset class an unstoppable force, and will it take away from BSL CLOs? Our panel of experts will discuss what the growth of the asset class, how they compare to BSL CLOs and the outlook for 2024.
• What is prompting the growth of private credit CLOs, and is this taking away from BSL issuance?
• Private credit CLOs vs BSL CLOs- what are the differences, pros and cons? Higher spreads, lower defaults, differences in composition of portfolio companies, transparency
• Are private credit CLOs here to stay, or are the high volumes a result of 2023 market conditions?
• What is the outlook for the market?
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SpeakersDinko Angelov Managing Director AUDAX PRIVATE DEBT
Terence Clerkin Partner PENNANTPARK
Jerry van Koolbergen Managing Director, Structured Credit MORNINGSTAR DBRS
Alex Zilberman Managing Director BLUE OWL
Josh O’Neill Head of Private Capital DEBTWIRE
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Mr. Angelov joined Audax Group in 2008 as one of the early members of the Audax Senior Debt investment team. He helps lead Audax Senior Debt’s origination, underwriting, and portfolio management effort. Mr. Angelov is a co-portfolio manager of all Audax Senior Debt leverage facilities, including all middle market CLOs. Mr. Angelov has over 20 years of experience primarily investing in senior secured debt supporting sponsor-backed LBO transactions of U.S. middle market companies. Previously, he was at FirstLight Financial, a middle market commercial lending company. At FirstLight, Mr. Angelov focused on new business underwriting and managed a portfolio of senior secured loans. Prior to joining FirstLight, Mr. Angelov worked in the investment banking division of the Seabury Group.
Mr. Angelov is a CFA charter holder and received a B.S. in Finance and Management Information Systems from the University of Bridgeport.
Terence Clerkin joined PennantPark in September 2012 and is a Partner. Since joining PennantPark, he has been involved in originating, underwriting, executing, and monitoring investments for the Firm.
Before joining PennantPark, Terence was an Associate in the Mezzanine Group at Crescent Capital from 2010 to 2012. Before that, he was an Analyst at Moelis & Company from 2008 to 2010 and an Analyst at Bear, Stearns & Co. from 2007 to 2008.
Terence holds a BA in Economics from the University of Michigan.
Jerry van Koolbergen is the Managing Director responsible for Structured Credit at Morningstar DBRS. In this role, he oversees US and European teams rating CLOs, CLO warehouses, direct origination funds, leveraged loan funds, CFOs of private equity, SME CLOs, CLNs, ABCP, trade receivables, subscription loans, special projects and surveillance. He also is jointly responsible for middle market corporate ratings, oversees corporate credit estimates and new product development. Mr. van Koolbergen joined Morningstar DBRS in 2008.
Prior to DBRS Morningstar, Mr. van Koolbergen was an Executive Director for Morgan Stanley in 2006, and a Vice President for JPMorgan from 1998-2006 responsible for CLO structuring and origination.
Mr. van Koolbergen holds an MBA in Finance from New York University, a BS in Electrical Engineering and a Bachelor of Music in Piano Performance from Northwestern University.
Alex Zilberman is a Managing Director at Blue Owl and member of the Structured Products and Fund Finance Team. Prior to Blue Owl, Alex served as Co-head of Structured Credit and Credit Trading at Natixis, where he oversaw the global CLO, Structured Credit Financing, Structured Credit Trading, ABS and Subscription line businesses. Prior to this role, Alex was Global Head of CLO and Structured Credit at Natixis since 2015. Prior to Natixis, Alex was a structured credit professional and joined Credit Suisse in 2000 after it acquired Donaldson, Lufkin & Jenrette, where he began his career. Prior to attending business school, Alex worked as an Engineer in the Israeli Aircraft Industries and served in the Israeli Airforce. Alex holds an MBA from the University of Michigan and a B.Sc. in Industrial Engineering and Management from the Technion-Israel Institute of Technology.