18
Jun
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?
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SpeakersColbert Cannon Managing Director HPS INVESTMENT PARTNERS
Alex Chi Partner GOLDMAN SACHS ASSET MANAGEMENTRandy Schwimmer Vice Chairman, Co-Head of Senior Lending CHURCHILL ASSET MANAGEMENT
Phil Tseng Managing Director, Co-Head of U.S. Private Capital BLACKROCK
John Timperio Partner DECHERT
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Colbert Cannon is a Managing Director at HPS Investment Partners. Prior to joining HPS in 2017, Mr. Cannon was a Partner and Director of Research at Wingspan Investment Management, a distressed credit investment firm launched in 2013. Previously, Mr. Cannon was a Managing Director at Glenview Capital, where he led the Credit Investment effort from 2009 to 2012, and a Principal at Audax Group, a Boston-based Private Equity firm. Mr. Cannon began his career in Mergers and Acquisitions Investment Banking at Goldman Sachs and holds an AB in Social Studies from Harvard College.
Alex is Americas co-head of Private Credit within Goldman Sachs Asset Management. He was named co-chief executive officer and co-president of Goldman Sachs BDC, Inc. in 2022. He is a member of the Asset Management Private Credit Investment Committee, Specialty Lending Group Investment Committee and BDC Investment Committee. Alex also serves on the Americas Inclusion and Diversity Committee, is the head of the Asian Network in the Americas and the firmwide recruiting captain for the Massachusetts Institute of Technology (MIT).
Prior to joining Goldman Sachs Asset Management, he worked in the Financial and Strategic Investors Group (FSIG) within the Investment Banking Division from 2006 to 2019, where he managed the firm’s relationships with private equity and related portfolio company clients. From 2000 to 2006, Alex was in Leveraged Finance, where he originated and executed leveraged loan and high yield financings for sponsor and corporate clients across all industries. From 1997 to 2000, he was based in Hong Kong, working on mergers & acquisitions, debt and equity financings, privatization and restructuring assignments for clients across Asia Pacific. Alex joined Goldman Sachs in 1994 as an analyst and spent his first three years at the firm across the Information Technology, Fixed Income Capital Markets and Leveraged Finance groups. He was named managing director in 2006 and partner in 2012.
Alex serves on the Board of Directors for the JED Foundation and the Korean American Community Foundation.
Alex earned a BS from MIT in 1994.
Randy Schwimmer
Vice Chairman, Co-Head of Senior Lending
Randy is Vice Chairman and Co-Head of Senior Lending and oversees senior lending origination and capital markets for Churchill Asset Management, an investment specialist of Nuveen.
Randy has broad experience in middle market finance and is widely credited with developing loan syndications for middle market companies. Prior to joining the firm, Randy served as a senior managing director and head of capital markets and indirect origination at Churchill Financial. In those positions, he took responsibility for all loan capital markets activities and for managing the firm's indirect origination platform. Before that, he worked as managing director and head of leveraged finance syndication for BNP Paribas. He spent 15 years at JP Morgan Chase in corporate banking and loan syndications, where he originated, structured and syndicated leveraged loans.
Randy graduated with a B.A., cum laude, from Trinity College and an M.A. from the University of Chicago.
Phil Tseng, Managing Director, is a member of BlackRock's Global Credit Platform and President and COO of BlackRock TCP Capital Corp (NASDAQ: TCPC). He is Co-Head of US Private Capital and is the Investment Committee Co-Chair for BlackRock's US Private Capital (USPC) business. He is responsible for co-leading the platform, originating and executing investment opportunities, and maintaining relationships with key deal sources and intermediaries across the US. He is also Co-Chair of the Management Operating Committee for US Private Capital and a member of the Private Credit Executive Committee for Global Credit.Prior to joining BlackRock, Mr. Tseng served on the Management Committee and was a Managing Partner at Tennenbaum Capital Partners (TCP). TCP managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. In addition to managing the growth and build out of TCP, he was responsible for sourcing, evaluating, structuring and executing private debt and equity investments. Prior to TCP, he held roles in equity research and investment banking at Credit Suisse First Boston and Deutsche Banc Alex Brown. Mr. Tseng currently serves as a Director on the Board of Connexity Inc., and previously on First Advantage, ITC DeltaCom, and Anacomp, Inc.Mr. Tseng also serves on the Board of Trustees for the California Science Center Foundation and as a Director of the United States Tennis Association (USTA) Southern California.Mr. Tseng received his A.B. with honors in Economics from Harvard College and his M.B.A. from Harvard Business School
John M. Timperio, a partner in Dechert's global finance practice and a member of the firm’s Policy Committee, has more than 25 years of experience working with some of the world's largest asset managers and investment banks on various types of structured finance solutions, including CLOs and structured loan facilities. Mr. Timperio leads Dechert’s Structured Credit and CLO team, which has not only been ranked one of the most active in the CLO market since it restarted but also one of the most distinguished in terms of industry awards for best CLO law firm. He is also actively involved in creating various permanent capital solutions for various of the firm's 50 plus asset manager clients who currently manage CLOs, including US and EU risk retention compliant structures.
Mr. Timperio is recognized by Law360 as a 2020 MVP of the Year for Structured Finance. Mr. Timperio is ranked as a leading lawyer for securitization and CLOs by Chambers USA, recognizing his expertise on middle market CLO transactions. Mr. Timperio is cited in Chambers USA as "the quintessential managers' lawyer in CLOs, he is at the forefront of development and is a pleasure to work with." Mr. Timperio is also a recommended lawyer for Structured Finance by The Legal 500 (U.S.), where he was described as "very prolific" and "well known" for his work in the middle market CLO sector. Since 2012, he has been ranked in The Best Lawyers in America as a leading lawyer in banking and finance law. Mr. Timperio is a frequent author and speaker on the topic of CLOs and risk retention.