15
May
Fireside chat: Allocating to CLOs – fundraising and capital sources
Challenging market dynamics and limited loan volumes have led LPs to diversify investment pools and to enter competitive alternatives with attractive yields. In the ‘golden era’ of private credit, new structured credit funds are experiencing tough fundraising conditions, whilst established names are benefiting from long-standing relationships with LPs. However, emerging trends including the entrance of more family offices to the market and the increase of retail friendly products could impact future dynamics. This panel will discuss:
- What is the current fundraising climate? What alternative sources of capital are there for new CLO funds?
- What are LPs looking for in a fund manager?
- Are CLO ETFs and other high liquidity structures useful for LPs investors or a distraction from longer term investments? Are ESG considerations still an important factor when LPs consider allocations to CLO funds?
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SpeakersSteve Baker Head Euro CLO Primary JP MORGAN
Laila Kollmorgen Managing Director - CLO Tranche Portfolio Manager PINEBRIDGE INVESTMENTS
Ali El Ghorfi Head of Capital Markets, Alternative Credit AXA IM
Lisa Lee Deputy Editor CREDITFLUX
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Steve is a seasoned structured credit banking professional and has been in the business for more than 25 years. He is presently responsible for running J.P. Morgan’s Primary CLO business in Europe. Previously with Apollo Global Management, Steve specialized in investing in CLOs and capital relief/SRT transactions as well as the issuance of Apollo’s managed CLOs. Steve also held positions with the U.K. Financial Services Authority and at Standard Chartered Bank. Prior to London Steve was in New York, where he was responsible for co-managing the CLO Banking Group at Lehman Brothers and was a senior member of the structured credit team at Natixis. Steve holds a BASc with First Class Honours in Computer Engineering from the University of Waterloo in Ontario, Canada, an MBA from the Ivey Business School at Western University in Ontario, and is a CFA charter holder.
Ms. Kollmorgen is responsible for managing the investments in Collateralized Loan Obligation (“CLO”) tranches issued by third-party managers. She joined the firm in 2015, having previously worked in originating, structuring, sourcing, investing, and trading US and European products for Bank of America Merrill Lynch in New York, HSH Nordbank in Hamburg, and BNP Paribas in London. Ms. Kollmorgen holds an MBA from the Wharton School, a Master of Arts from the Lauder Institute at the University of Pennsylvania, and a Bachelor of Arts, cum laude, from Wellesley College. She is a CFA charterholder and holds series 7 and 63 licenses. She speaks German, Spanish, and Brazilian Portuguese.
Ali is the Head of Capital Markets at AXA IM Alts in charge notably of AXA IM managed CLOs. He has in the past participated in the negotiation of financing transactions, warehouse investments, CLO investments across the capital structure and structured new funds, previously holding the role of Senior Structurer, where he focused on securitized and structured assets.
Ali holds a Master’s degree in Financial Risk Engineering from the University of Bordeaux IV and a Master’s degree in Statistics and Stochastic Modelling from the University of Bordeaux I.