Private credit and middle market CLOs – Market evolution
Speakers
Market Conditions: Collateral Performance and Investor Sentiment
European Mid-Market CLO Structures and Key Challenges
European Private Credit CLO Market: Supply, Demand, and Investor Dynamics
Legal and Regulatory Structuring for European Mid-Market CLOs
Investor Perspective: Structural Nuances in European vs. US CLOs
Portfolio Composition: Europe vs. US and the Role of Leverage
Valuation, Transparency, and Disclosure in Private Credit CLOs
ABL Facilities vs. CLOs: Complementary Financing Tools for Private Credit
Outlook for the Remainder of the Year and Closing Remarks
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Daniel (“Dan”) Tobias is a partner at Orrick in the London office. Dan specialises in securitisation, with a focus on collateralised loan obligations (CLOs). He has represented arrangers, collateral managers, and warehouse finance providers in connection with a variety of European CLO 2.0 transactions and loan warehouse facilities. He has been active in the market since the resurgence of European CLOs and has worked on numerous transactions, including those involving complex originator retention structures.
Dan is consistently ranked among top capital markets lawyers by The Legal 500, IFLR1000, Chambers Global, and Chambers UK. Clients commend Dan for his ability to “problem-solve and come up with creative solutions.”
Dan received his undergraduate degrees in law and commerce from Victoria University of Wellington and a master’s degree in finance from Cambridge University.
“Daniel has a hands-on approach, is always available and provides excellent commercial awareness and great output.” – Chambers UK 2026
- Mr. Horowitz is a Partner in the Fortress Credit Funds Business and Head of Structured Liabilities
- Prior to joining Fortress in 2022, Mr. Horowitz was a Managing Director and portfolio manager in the Chief Investment Office of J.P. Morgan where we was responsible for $45bn of CLOs and consumer ABS
- Prior to joining J.P. Morgan, Mr. Horowitz was a Managing Director in the CDO business at Morgan Stanley as Head of U.S. CDO Capital Markets and co-head of U.S. CDO Structuring and Origination
- Mr. Horowitz received a B.S. in Industrial Engineering from Stanford University and an M.B.A. from the Stanford Graduate School of Business
Kieran Page is Head of Structured Credit & Mortgages at Legal & General Institutional Retirement ("LGRI").
Kieran continues to lead on LGRIs investments in US and European private credit loans through CLO and additionally BSL CLO. Additional areas of focus include the expansion of LGRIs investments across structured credit and oversight of LGRIs mortgage investments.
Based out of London, Mr. Page joined LGRI approaching 7 years ago and prior to this was in the Structured Finance team at Commerzbank focussing on structuring and investment in ABS securitisations.
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