Agenda
Registration and Networking Lunch
Welcome Address
Keynote: Connecting securities - energy, environment, peace - and credit; the new geopolitics and investment horizon
The war in Ukraine, the commitment to implement COP26, net zero targets in government and business, pressure on household budgets around the world and in some cases brute poverty and famine; all these elements interrelate and challenge financial markets in ways that are hard to fathom. Some fundamentals remain but fresh, imaginative and critical thinking is required to see a pathway ahead. Properly assessing risk and finding opportunity are both fundamentals and context for reimagining the business of credit. Ultimately we need to innovate and not just in technology but in the way we organise, use and direct our resources to problem solving where the risk of failure is severe for all our societies.
Panel: Direct Lending Market – market outlook in the changing world
While direct lenders have escaped the pandemic relatively unscratched, they are now facing a new, possibly first real market test. Supply chain shortages, raw materials and energy price increase combined with rising inflation and interest rates create an unfavourable environment for deal making. The panellists will discuss how they are navigating those challenges, what portfolio work they are doing and how they approach potential investments amid new reality.
- How much does the geopolitical crisis and macroeconomic instability affect deal making and deal flow at present?
- How well equipped are debt funds to weather this storm? Are you expecting this to be the first market test for debt funds to stand?
- Looking at the glass half full, the private nature of direct lending allows flexibility to finance buyouts at times of uncertainty, when bank financing is stranded. How much has private credit benefitted from market volatility so far? While banks are cautious to underwrite at times like these, is there a limit to how much risk debt funds can take?
- How has the LP rhetoric change regarding financing and investing in European LBOs amid the geopolitical crisis? How much has the current credit portfolio been affected and what could be/have been done to mitigate risks?
- Should the storm die down, do you expect private credit to further challenge the dominance of the syndicated market for larger financings? Do you expect to see multi-billion unitranche deals?
- What does the future hold – what’s your approach to investment now, has it changed in any way and where do you see the next opportunity for growth?
Fireside chat/Presentation – EU Debt Data Presentation
Networking coffee break
Panel: Is NAV-based financing the next big opportunity within private credit
NAV lending has seen a huge uptick in business as sponsors were on the hunt for cash to shore up their portfolios during the coronavirus pandemic. But as the market starts to recover from lockdowns, the lending model keeps getting increasingly popular with PE borrowers, while other lenders are also eyeing the space. The panelists will discuss the advantages of NAV-based lending, what makes it lucrative and what’s the outlook for the lending model?
• Where does the demand for NAV financing come from? What kind of funds usually seek NAV financing and why?
• What makes NAV loans an appealing option for private equity funds and institutional investors compared to other credit instruments?
• How much demand versus supply is there for NAV financing?
• How does NAV financing compare to direct lending and senior secured loans in terms of risk returns?
• What is the competitive landscape of lenders offering NAV loans? Have there been new entrants? Would direct lenders and banks look to add NAV lending to their proposition?
• What’s the outlook for NAV financing in the next three-to five years?
Fireside chat: Fund Structures and Gibraltar’s Fund Renaissance
The fund market is constantly evolving as demonstrated by the recent changes to fund law over the past two years, including the new Irish Limited Partnership, the UK’s new qualifying asset holding company regime, Luxembourg’s new Securitisation Vehicle regime and the AIFMD 2 proposals. Diala Minott, a Partner at Paul Hastings (Europe) LLP will give a presentation on how these changes impact fund structures and what managers should be aware of as the practical implications become clearer.
Diala will then be joined by James Lasry, Partner and Head of Funds at Hassans International Law Firm to discuss Gibraltar’s new dual funds regime, making the jurisdiction appealing for a number of funds. As key players in the drafting and implementation of the New Limited Partnership Law, in conjunction with the Government of Gibraltar the pair will do a deep-dive Q&A on the regime, how it works and how funds, particularly crypto funds, can use the regime effectively.
Panel: The impact of ESG on credit capital deployment
ESG is starting to have a profound effect on financial industry in Europe and beyond. How established is the ESG financing in private credit? As the Sustainable Finance Disclosure Regulation pushes Europe's reporting agenda to the fore how are financiers responding and adapting? What’s next in the evolution of ESG-linked credits – further expansion and consolidation or will it remain a footnote in the terms?
- What are the risks and opportunities of ESG-linked credits? How widespread ESG practise is and what is the targeted level/plan going forward?
- Which aspects of EU-based sustainability reporting support / hamper credit capital deployment?
- ESG margins ratchets are the go-to tool for credit investors. How well does it work and is this the way forward for responsible investment?
- Which of the ESG components – environmental, social or governance – tend to be more challenging for the companies to achieve their KPIs on?
Conference end
Direct Lending Awards ceremony with drinks reception
Award categories:
- Most active European large-cap direct lending manager
- Most active European mid-market direct lending manager
- Best European large-cap direct lending fund
- Best European mid-market direct lending fund
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James is a Senior Advisor to: Pollination Global; SYSTEMIQ; Tulchan; AVAIO Capital; DFS.
Other current roles include: Advisory Board to the Green Finance Institute (UK); Advisory Council at Neste (Finland); Advisory Board of Sun New Energy holdings (India); Advisory Committee of Blue Marine Foundation (UK); Chair of European Advisory Board for Smart Surfaces Coalition (US); Advisory Committee of IP Group (UK); UK Advisory Board Member of IDH (NL).
James is Non-Executive Director of Octopus Renewables Infrastructure Trust (ORIT PLC), an investment trust (£615m Market Cap); Non-Executive Director of Crown Agents, who work globally with leaders to accelerate self-sufficiency and prosperity; Director of Ignite Power; Africa’s fastest growing solar company; Non-Executive Director and former Chairman of energy tech start-up, Verv.
He was the former Chairman of the Overseas Development Institute (ODI), 2012 – 2020; a member of HM Treasury Infrastructure UK Advisory Council; a member of The Prime Minister’s Business Advisory Group in the coalition government of David Cameron and Nick Clegg; a member of the Green Investment Bank Commission and until 2021 was a London Sustainable Development Commissioner (advising both Boris Johnson and Sadiq Khan).
Wick Egan is the Vice President of Operations and Business Development at Egan-Jones Ratings, the leading NRSRO provider of private placements ratings. In this role, he has effectively managed teams which have developed strategies and solutions for client success, marketing, and operations. Wick has been serving in his current position since May 2021.
Before joining the operations team at Egan-Jones Ratings, Wick worked as a rating analyst at Egan-Jones and as a strategy consultant for OC&C Strategy Consultants in their New York and London offices. Wick holds a Bachelor of Science from MIT and currently resides in Haverford, PA.
Ben Davis is a partner in the Corporate Department and a member of The Private Credit and Finance Groups.
Ben’s practice focuses on advising on acquisition and leveraged finance facilities, corporate facilities and debt restructurings in the middle market and upper market. He represents a variety of clients including private credit funds, alternative lenders, private equity sponsors and corporates on unitranche loans, second-lien financings, first out / last out structures, holdco PIK and other subordinated facilities, preferred equity investments, investment grade facilities, high yield bonds, real estate financings, litigation funding and distressed situations among other innovative, first-in-kind transactions involving private sources of capital.
In Legal 500 UK, Ben has been noted as "understanding the requirements of alternative lenders" and "having significant traction with alternative capital providers." In addition, he is noted for having "a deep knowledge of the market." Chambers UK highlighted that Ben "gets the deal done and is very knowledgeable and experienced" and has an "ability to work [on] complex deals."
Ben is a member of the LMA working party developing the new precedent unitranche intercreditor agreement.
Ivan Radenovic is a Managing Director and Head of Direct Lending in Europe at Deutsche Bank. Mr. Radenovic is responsible for leading direct lending and special situation transactions within European private credit space.
Before joining Deutsche Bank in 2014, Mr. Radenovic spent 5 years with Credit Suisse Mergers & Acquisitions group in London.
Osvaldo is a Partner at Park Square Capital, LLP, and a member of the firm’s Executive Committee and Investment Committee.
Prior to joining Park Square in 2009, Osvaldo was a Vice President at Providence Equity Partners in London, and at Oaktree Capital Management in Los Angeles. Before joining Oaktree, Osvaldo spent seven years at Goldman Sachs, most recently in the firms Principal Investment Area. Osvaldo received his AB, Summa Cum Laude, from Harvard College and received his MBA with distinction from Harvard Business School.
Patrick is a managing director in the Merchant Banking Division (MBD), responsible for investment activities of the Specialty Lending Group (SLG) in Europe within MBD. He serves on the SLG Investment Committee. Patrick joined the firm in 2019 as a managing director.
Prior to joining the firm, he was a managing director and one of the founding members of the European Direct Lending and Private Debt strategies at Alcentra.
Earlier in his career, Patrick worked at Beechbrook Capital and Citi Private Equity. He began his career as an investment banking analyst with Credit Suisse First Boston in 2004.
Patrick earned a BSc in Business Studies from Cass Business School in 2004.
Michael Ryan is a Managing Director within Blackstone Credit based in Dublin. Mr. Ryan is involved in all aspects of credit origination, investment selection and ongoing monitoring of Blackstone Credit’s CDO portfolio in Europe. Prior to joining Blackstone Credit, previously known as GSO Capital Partners, Mr. Ryan worked for Hypo Real Estate Bank and KPMG (in both Transaction Services and Financial Services). Mr. Ryan has a Master’s degree in Business Studies & Accounting and an honors degree in Accounting & Finance, both from Dublin City University. Mr. Ryan is also a qualified Chartered Accountant.
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.
Sherri Snelson is a partner in White & Case's Debt Finance practice, based in New York. Sherri has extensive experience acting as lead counsel for lenders, private equity funds and their portfolio companies in connection with leveraged finance and fund/portfolio finance transactions. Sherri is dual qualified in New York and England & Wales and practiced previously in the UK. Sherri has acted as lead counsel on hundreds of finance transactions that span a wide array of industries and jurisdictions throughout the Americas, Europe and Asia. She recently authored, “NAVigating the collateral waters: You have a boat but will it float?” that was first published in GLI - Fund Finance 2022 (January 2022).
Arun Cronin is a Managing Director, and co-head of the Global CLO and Corporate Asset Finance business at Credit Suisse. He is based in London, where he specialises in financing solutions for private credit funds, hedge funds and CLO managers, CLOs and RWA relief transactions. Before joining Credit Suisse in 2009 he worked at Merrill Lynch and Simmons & Simmons.
Arun was educated at the University of Birmingham and the College of Law, York.”
Mark Ennis (London) joined KKR 2013 and is a Managing Director within the KKR Capital Markets team. Prior to joining KKR, he worked in the Morgan Stanley EMEA leveraged finance group. Before that, Mr. Ennis worked as an investment analyst at Guggenheim Partners in the leveraged debt group. He holds a First Class Honours BComm. in Banking and Finance from University College Dublin.
Diala Minott is a private funds lawyer in the credit funds practice in the London office of Paul Hastings.
She advises on a wide range of fund-related work including private equity, private debt, real estate, mezzanine, venture, credit, infrastructure, funds of funds, distressed and special situations, and activist funds, as well as on the structuring of carried interest, co-investment and other incentive schemes, secondary transactions, and fund restructurings . She also specializes in direct lending funds, having set up the first regulated direct lending fund in Luxembourg in 2009 for ICG. She acts for investors for solvency II planning and also lobbies the regulators for improvements in the banking monopoly regimes around Europe on behalf of her clients. She also acts for governments, improving their funds legislations. Mrs. Minott also specializes in credit funds structured finance transactions, including acting on numerous CLOs and CDOs—both pre- and post-crisis—as well as acting on bespoke hybrid mid-market CLO-type funds.
Her clients include the following: Pemberton, Cheyne, Apollo, Blackrock, Monroe, Idinvest, ICG, Aviva Investors, Pantheon, Insight Management, PGIM, Ostrum, and BNP, amongst others.
James is a Partner, Head of the Funds Team and Deputy Head of the firm’s Financial Services team. He deals with funds and financial services law, as well as tax.
James is a highly regarded practitioner who has been instrumental in setting up the majority of Gibraltar’s funds, including the first experienced investor fund and the first protected cell company fund. He is Deputy Chairman of the Gibraltar Funds and Investments Association.
James advised the Government of Gibraltar on its funds legislation and he was involved in the drafting of the Financial Services (Experienced Investor Funds) Regulations 2005. He is a member of the Gibraltar Finance Centre Council and an alternate member of the Gibraltar Investor Compensation Scheme. A member of the Society of Trust and Estate Practitoners, James advised on a substantial trust in a case involving litigation in Paris, New York and Buenos Aires that was featured in the ‘New Yorker’ magazine, the ‘New York Law Journal’ and on CBS News.
He is fluent in English, French, Spanish and Hebrew and he read literature, music and law at Johns Hopkins and Bar-Ilan Universities. James is a member of the Israel Bar Association, the Law Society of England & Wales and the Gibraltar Bar. In his spare time, he serves as Chairman of the Gibraltar Philharmonic Society.
Cedric Rozier joined abrdn in 2020 as an Investment Director to develop the euro private debt franchise. He is also leading abrdn approach and integration of ESG across Private Credit. Prior to joining abrdn, Cedric was a Director at Barclays Investment Bank in London, focusing on hybrid capital origination and structuring. Cedric has experience across industries, geographies and financing instruments ranging from senior secured debt to subordinated tranches and preferred shares, as well as contingent capital and convertible structures.
He graduated with a Master of Science in Management from HEC Paris and a Master 2 (DEA) in Quantitative Finance from Ecole Polytechnique and Dauphine/ENSAE.
Sukhvir Basran has played an instrumental role in establishing and leading the Hogan Lovells Global Sustainable Finance & Investment Group, which launched in 2019. Combining her substantial experience in cross-border leveraged finance, sustainable finance and social enterprise work, Sukhvir advises clients on incorporating innovative financing and investment structures anchored in impact outcomes into mainstream transactions.
Sukhvir plays an active role in the development of the sustainable finance sector and her work extends beyond the purely legal. Her goal is to create strong partnerships and collaborations across the sector to develop unique financial solutions to overcome the challenges facing the sustainable finance economy.
Sukhvir is working with a number of clients to develop detailed and transformational internal ESG, Sustainability and CSR investment policies. She is involved with a number of organisations and financial institutions in the Gender Lens space to develop products and deepening engagement to promote Gender Lens outcomes, including Aurora: The Gender Lens Project with the 2X Challenge. Sukhvir is on the ELFA ESG committee and the Justice, Equality, Diversity and Inclusion (JEDI) Steering Committee. Sukhvir is a member of Hogan Lovells Social Enterprise Board and is a core member of the Business Integrity Group.
William Needham (London) joined KKR in 2014 and is a Managing Director of KKR Credit. He leads KKR's corporate restructuring and governance efforts across the European Private Credit and Special Situations strategies. Mr Needham currently sits on the boards of various portfolio companies including Petainer, Pillarstone and Tekfor. Prior to joining KKR, he was at Weil, Gotshal & Manges where he helped build the European restructuring and distressed investing business. Prior to this, Mr. Needham started his career at Jones Day in the business restructuring and refinancing group. Mr. Needham holds an L.L.B. from the University of Nottingham and a Distinction from Nottingham Law School.
Cécile Mayer-Lévi joined Tikehau Capital in 2013 as Head of Private Debt activity. Previously, she worked at Ardian (previously AXA Private Equity) where she notably broadened the investment scope to include unitranche debt, with a strong focus on forming partnerships. She began her career in 1988 at Merrill Lynch (Corporate Finance and M&A) in Paris and New York. In 1991, she joined Elig, a pioneer private equity fund in France. In 2001, she moved towards mezzanine debt investments, being appointed CIO at Omnes (formerly CAPE - Mezzanis).
Prior to joining Ture Invest in 2015, Martin worked as Director at Nordea Leverage Finance in Stockholm and before that in various roles at SEB in Oslo for five years. Prior to SEB, Martin co-founded the M&A and debt advisor Astrup & Partners in Oslo which subsequently was acquired by SEB. Before moving to Norway, Martin worked at the private equity firm Silver Lake Partners and Goldman Sachs in London where he started his career in 2004.
Martin holds a M.Sc. in Industrial Economics from The Faculty of Engineering, Lund University.
He speaks Swedish, Norwegian, English and German.