Debtwire Direct Lending Forum 2023
In-person registration is now closed.
The Savoy, London
18
May
Panel: Private equity outlook
After 10 years of bull market conditions, the first signs of decline are starting to show in the private equity industry with challenges around fundraising, portfolio company vulnerabilities in the face of an economic downturn and falling valuations on public markets. Since the last downturn, layers of leverage have also been built into the system with portfolio companies and funds carrying debt – what does this mean for direct lenders?
- Are cracks beginning to show by way of a slowdown in fundraising? Are LPs sticking with existing relationships creating a bifurcation of the PE fundraising market?
- Are ESG credentials a priority in the face of an economic downturn?
- What is the pipeline for portfolio company investments and what are the exit opportunities given depressed public market valuations?
- How are layers of leverage creating opportunities and risks for direct lenders?
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SpeakersPierre-Antoine de Selancy Managing Partner 17Capital
Eli Appelbaum Partner, Head of Europe, Alternative Credit Ares Asset Management
John Stake Co-Head of Fund Investments Hamilton Lane
Harriet Matthews Funds Editor MERGERMARKET
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Pierre–Antoine founded 17Capital in 2008 and previously held positions at Idinvest Partners, Fondinvest Capital, Coller Capital, Setup Informatique and PAI Partners in Paris, Hong Kong and London. Pierre-Antoine studied at EM Lyon ESLSCA.
Mr. Appelbaum is a Partner and Head of Europe, Alternative Credit in the Ares Credit Group. He also serves as a member of the Ares Credit Group's Pathfinder Core Investment Committee. Prior to joining Ares in 2020, Mr. Appelbaum was a Partner at Hayfin Capital Management, where he focused on asset backed investments for direct lending and special opportunities strategies. Previously, Mr. Appelbaum was a Managing Director at Gordon Brothers, where he led the European investment and finance practice focusing on asset backed debt and structured equity investments, led the firm's expansion into Australia and served on the board of Gordon Brothers Japan. In addition, he was a Vice President for Gordon Brothers Japan, where he focused on distressed assets. Mr. Appelbaum holds a B.A. from Brandeis University in Economics and an M.A. from the International Business School at Brandeis University in International Economics and Finance.
John is based in the firm’s London office and is a Managing Director and Co-Head of Hamilton Lane’s Fund Investment Team. John is an Investment Committee member and oversees globally the recommendation of all primary fund investments. He also serves as a senior member of the firm’s Portfolio Management Group overseeing the allocation and portfolio construction across all client portfolios.
Previously John was based in the firm’s headquarters outside of Philadelphia serving in the same role before relocating in 2022.
Since joining Hamilton Lane in 2009, John has worked across several teams and functions including the Research Team where he helped to develop a number of the firm’s proprietary tools such as the Horizon Model or Public Market Equivalent II (“PME II”). John also spent time as a member of the Allocation Team, overseeing the firm’s allocation process across all investment decisions reporting directly to the Allocation Committee.
John received a B.S in Mathematics with distinction from Drexel University.