23
May
Panel: Private credit is booming - what are the trends and opportunities?
With private credit booming, many pension funds and insurers are continuing to expand into the asset class via allocations and direct investment. It’s an attractive time in the economic cycle to commit capital to private credit with the structural shift from banks to private lenders continuing. But are these favourable times here to stay, and how will the asset class continue to grow and specialise? What opportunities are there in alternative lending, such as Nav lending?
- What macro-economic shifts are affecting private credit this year and do interest rates and spreads still favour a private credit boom?
- How is investor behaviour evolving in the private debt space?
- How does Private credit fit into a broader private asset portfolio?
- With liquidity still tight, is private credit more attractive than private equity for institutional investors?
- Which developing sub-sectors of private credit are most attractive? (i.e. Nav-Financing etc)
- Alternative lending – where are the opportunities?
- Will senior direct lending still be the first choice for European debt investors?
- What some ongoing challenges are experts facing when making allocations to private credit?
- What is the outlook in the middle to long term?
- Which sectors will be ripe for private debt investment in Europe this year?
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SpeakersAurélie Hariton-Fardad Head of EMEA Portfolio Management MetLife Investment Management
David Witkin Managing Director, Head of Europe, Credit Investments. PSP Investments
Diala Minott Global Co-Chair of Funds Paul Hastings
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Aurélie heads the EMEA Client Portfolio Management Team, helping MetLife Investment Management’s (MIM’s) clients invest in infrastructure and corporate private debt strategies. She is also ESG Team Lead for the Corporate and Infrastructure Private Placements teams and a member of the MIM ESG Integration Council. Aurélie joined MIM in 2015, to originate and execute corporate private placement transactions in the UK, Ireland and continental Europe.
Prior to MIM, Aurélie spent five years as a Director at rating agency S&P, where she was a Lead Analyst and chaired credit committees, and prior to that she was a VP in the Investment Banking division of Macquarie Capital, where she originated and executed investments in the infrastructure and transport sectors. Earlier in her career Aurélie worked in the Structured Finance business of GE Capital and at economic consultancy Oxera.
Aurélie obtained Masters in Regulation from the London School of Economics (UK) and in Industrial Organisation from Université Paris Dauphine (France). She completed a law undergraduate degree at the Université of Lyon (France).
David Witkin is a Managing Director and Head of Europe for the Credit Investments Team, at the Public Sector Pension Investment Board (PSP Investments). David's responsibilities include originating and executing investments in Europe. He also sits on both the capital committees for the Credit Investments and Private Equity teams.
Prior to joining PSP Investments' London office in January 2017, David spent over a decade at Goldman Sachs, primarily in the Leveraged Finance team, where he arranged leveraged loan and high-yield bond financings for sponsor and corporate clients in the U.S. and Europe. He started his career practicing corporate law at SJ Berwin & Co. David holds a Bachelor of Laws from Birmingham University and an MBA from Columbia Business School.
Since the inception of its Credit Investments group in November 2015, PSP Investments has led, structured or anchored debt transactions for leading sponsors. In Europe this includes Advent, Apollo, Blackstone, Bain Capital, Carlyle, Cinven, CVC, EQT, Hellman & Friedman, HG, KKR, PAI Partners and Permira.
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.