Debtwire Private Credit Forum New York

The must-attend event for the US middle market returns!

Conrad New York Downtown, 102 North End Avenue, New York, NY 10282

Agenda

08.15 - 08.55
EDT

Breakfast and registration

08.55 - 09.00
EDT

Chair’s Opening Remarks

John Bringardner
John Bringardner Executive Editor, DEBTWIRE
09.00 - 09.30
EDT

Keynote fireside chat

Hear from one of Canada’s largest pension plans ($164 billion AUM) on their plans to expand their $6 billion private credit strategy in the US. 

09.30 - 10.30
EDT

Opening panel: Market outlook - Private credit vs banks

In 2023, the US$ 1.7 billion private credit market had its golden moment amid a high interest rate environment, increased borrowing coats, a slowdown in M&A and private equity activity and a syndicated loan market shut-off. However, changing macroeconomic conditions, including expected rate cuts by the Fed has meant that banks are quickly making a comeback in 2024. Despite this, it is expected that whilst syndicated market activity picks up, private credit manager activity will continue to remain robust, particularly in the middle market segment. Our panel of leading private credit managers will discuss their expectations for the year ahead.
 
  • Macroeconomic outlook: with the expected interest-rate cuts, do GPs expect sentiment towards private credit to change? 
  • Direct lenders vs banks- is the pendulum swinging back towards the banks, or will the trend of private credit taking share from the BSL market continue to be an unstoppable force? 
  • Given increased competition in 2024, will there be more market consolidation amongst managers? How will smaller/new entrants differentiate themselves from the crowd? 
  • What is the outlook for the year ahead? 
10.30 - 11.00
EDT

Networking break

11.00 - 11.30
EDT
11.30 - 12.15
EDT

Panel: The growth of private credit secondaries - Unlocking liquidity

Continued demand for liquidity, as well as a muted IPO and M&A market has created a boom in the private credit secondaries market, and it is expected that activity in this space will reach US$30 billion in 2024 as LPs look to offload their stakes in private credit funds to raise cash. Investment managers have responded accordingly, raising large funds dedicated to the space, and it is expected that activity in the GP-led secondary market will increase. Our panel of secondaries experts will assess the opportunity set.  

  • What are the factors driving deal flow in the private credit secondaries market?
  • Will 2024 continue to be a buyer’s market, or will there be a shift in the balance of power?
  • Will there be an increase in GP-led secondaries as GPs seek ways to provide more liquidity to their LPs? 
  • What is the outlook for the strategy, and what are some specializations that are expected to emerge within secondaries?
12.15 - 13.15
EDT

Lunch

13.15 - 13.45
EDT

Fireside chat- The impact of Private Credit growth on LBO Financing: a Sponsor’s perspective

13.45 - 14.30
EDT

Panel: Opportunistic and special situations credit - Investing in dislocations

Continued market dislocations have meant that opportunistic and special situations opportunities remain on the rise, with more investors allocating to the space, and GPs launching new funds. Our panel of investment professionals discuss the outlook and competitive landscape for distressed debt and special situations, as well as their thoughts on what opportunities may emerge in the next 12 months.

  • How are continued market dislocations creating more distressed debt and special situation opportunities? 
  • How can managers best take advantage of the upcoming distressed cycle? 
  • Which sectors and regions look most attractive for distressed investors? 
  • What is the outlook for the year ahead?
14.30 - 15.00
EDT

Presentation: The growth of BDCs - The push into retail and wealth channels

15.00 - 15.30
EDT

Networking Break

15.30 - 16.15
EDT

Panel: Capitalizing on the software and technology opportunity in private credit

Amidst challenging market conditions and sources of financing drying up, technology companies have increasingly turned to private credit as a solution to finance growth. Private credit managers with deep sector expertise in areas such as enterprise software and technology now find themselves in a position to source the most attractive opportunities in the industry. Our panel of technology and software private credit lenders and industry experts will discuss their views on the market and identify opportunities on the horizon.    

  • How has the technology and software lending market developed in the past 12 months? 
  • Will the appetite for software deals amongst private credit firms only increase amidst choppy market conditions?                           
  • How are LPs looking at the sector and why do they see software as a defensive opportunity? 
  • Where are the greatest opportunities for returns in this sector?
16.15 - 17.00
EDT

Allocator perspectives - In search of alpha and stability

LPs continue to make meaningful allocations into the private credit space, with US private credit funds raising over $120 billion from their investors in 2023, and with a number of pension funds allocating to the sector for the first time or increasing their allocations. However, continued macroeconomic uncertainties, risk of default and a tougher fundraising environment has meant that some pension funds may be writing smaller cheques and taking a more cautious approach towards private credit. With expected rate cuts later this year, the outlook for 2024 remains uncertain from an allocator perspective . Our panel of top LPs will discuss their allocations to private credit and their outlook for the year ahead.

  •  What continues to make private credit a compelling investment opportunity for LPs, despite market uncertainty? 
  • Has the pendulum swung in favour of borrowers this year? 
  • What some ongoing challenges LPs face when making allocations to private credit? Are there enough opportunities in the space and is the market becoming overcrowded? 
  •  What is the outlook for the year ahead?
KF
Kenton Freitag Senior Managing Director of Private Debt, BCI