23
May
Panel: The private credit outlook
Private credit deals have increased in popularity over the past 10 years, but as the economic outlook weakens, interest rates rise and the price of liquidity increases, there may be signs of a squeeze on European lenders. Speakers on this panel will discuss:
- What does the deal pipeline look like for dealmakers given lack of M&A activity?
- What are sponsors' appetites for UK versus European financings?
- How are leverage multiples affecting dealmakers?
- Where are funds finding opportunities to invest?
- What happens when lenders take the keys to companies from sponsors?
- Private debt funds are increasingly focusing their efforts on ESG strategies - How are dealmakers tackling ESG strategies with portfolio companies and how are private lenders leveraging loan terms to drive an impact agenda?
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SpeakersMichael Dennis Partner, Co-Head of European Credit Ares Asset Management
Roxana Mirica Partner and Head of Capital Markets APAX PARTNERS
Luis Mayans Partner and Deputy Head, Private Debt CDPQ London
Patrick Ordynans Managing Director, Co-Head European Direct Lending Goldman Sachs
Vinay Raj Managing Director Private Credit HSBC Group
Alexander Griffith Partner Proskauer
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Mr. Dennis is a Partner and Co-Head of European Credit, in the Ares Credit Group. Mr. Dennis serves on the Ares Executive Management Committee. Additionally, Mr. Dennis serves as a member of the Ares Credit Group's European Direct Lending and European Liquid Credit Investment Committees, and the Ares SSG Direct Lending (Australia) Investment Committee. Prior to joining Ares in 2007, Mr. Dennis was Head of the London Financial Sponsor Group at Barclays Bank, where he focused on originating middle market financing opportunities. Mr. Dennis holds a B.Sc. from the University of Nottingham and University of Manchester Institute of Science and Technology and an M.B.A., with high honors, from the University of Chicago Booth School of Business.
Roxana Mirica is a Partner and head of Capital Markets in Europe. She is responsible for leading acquisition financing and ongoing debt and equity capital markets transactions for Apax’s portfolio companies. Additionally, Roxana manages day-to-day relationships with banks and institutional debt and equity investors.
Roxana joined Apax Partners in 2017. Prior to joining Apax Partners, Roxana spent 9 years at Barclays, most recently as Director in Leveraged Finance.
Roxana holds a BA in Economics and Chemistry cum laude from Dartmouth College.
Based in London, Luis Mayans is Partner and Deputy Head, Private Debt for Europe. In collaboration with CDPQ’s investment teams, he develops high-quality strategic partnerships with key market participants to support the implementation of the organization’s European corporate credit strategy.
Mr. Mayans has over 20 years of experience in the European financial sector. He joined CDPQ in September 2017 as Partner, Private Debt – Europe. Previously, he was a Managing Director at Avenue Capital Group in London, where he played a key role in the firm’s direct lending strategy, including portfolio construction and monitoring. Prior to that, he worked for over a decade in the leveraged finance unit of GE Capital, building his international expertise through senior roles held in its London, Paris and Madrid offices.
He holds a Master’s in Economics and Business Administration from Universidad Autónoma de Madrid, and is a Certified European Financial Analyst (CEFA).
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.
Vinay is a Managing Director in Private Credit with more than 20 years of experience which HSBC across Credit Trading, Structured Credit and Financing roles. In his current role, Vinay is responsible for setting up the Private Credit O2D (Originate to Distribute) business that seeks to identify private credit opportunities from HSBC’s corporate banking clients globally and distribute to institutional investors. In his previous role, Vinay was the Global Head of Illiquid Credit Syndicate responsible for distribution of illiquid credit from Global Banking.
Vinay has a B. Tech in Chemical Engineering from IIT Madras and a MBA from IIM Ahmedabad, both No. 1 ranked institutions in India.
Alex Griffith is a partner in the Corporate Department and a member of The Private Credit and Finance Groups.
Alex’s practice focuses on leveraged finance and general debt finance work, advising senior, mezzanine, second lien, unitranche and other private capital providers.
His extensive experience covers a wide range of transactions, including corporate refinancings, management buyouts and buy-ins, recapitalizations, institutional acquisitions, restructurings, public-to-private takeovers (both domestic and international), and other innovative, first-in-kind transactions involving private sources of capital.
In addition, Alex advises financial sponsors, corporates and management teams on the raising of debt finance in the European Markets.
Recognized by Chambers UK, one client comments, “Alex is an excellent lawyer – I very much trust him and can talk through what I’m trying to achieve and he’ll make it work.” He has also been recognized as a notable banking lawyer by IFLR 1000.