18
Jun
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?
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SpeakersPierpaolo Casamento Head of Private Debt Secondaries TIKEHAU CAPITAL
Ed Goldstein Partner, CIO of Coller Credit Secondaries COLLER CAPITAL
Rakesh (Rick) Jain Partner and Global Head of Private Debt PANTHEON
Chrissy Lamont Svejnar Partner ARES MANAGEMENT
Adam Tope Partner DLA PIPER
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Partner, CIO of Coller Credit Secondaries
Ed is Chief Investment Officer for Coller Credit Secondaries, beyond his day-to-day origination activity, and is based in the firm’s New York office.
Prior to joining Coller Capital in 2009, Ed was a Managing Director at GSO Capital Partners’ London and New York offices where he had responsibility for debt origination. He has also worked at Credit Suisse as a Director of its Investment Banking division.
Ed has a BS in Economics from the University of Pennsylvania and an MBA from the University of Chicago.
Rick is a Partner and Global Head of Private Debt. Rick is a member of the International Investment Committee and the Global Credit Committee. Prior to joining Pantheon, Rick was a Managing Director and an Investment Committee Member at Star Mountain Capital, a middle-market private credit manager. Rick previously held several senior investment positions across asset managers and boutique investment firms including Stone Tower Capital, Green Brook Capital and Citigroup Alternative Investments and Morgan Stanley. Rick received a B.Com in Economics and Finance (Hons.) from McGill University. Rick is based in New York.
Chrissy Lamont Svejnar is a Partner in the Ares Secondaries Group, where she focuses on credit secondaries. Ms. Lamont Svejnar serves on the Ares Secondaries Group's Credit Investment Committee. Additionally, Ms. Lamont Svejnar serves on the Ares Diversity, Equity and Inclusion Council. Prior to joining Ares in 2006, Ms. Lamont Svejnar was an Analyst at GE Capital Global Media & Communications, where she focused on providing debt financing to mid-market media firms. Previously, Ms. Lamont Svejnar participated in the GE Capital Financial Management Program and completed roles in risk portfolio analytics and financial planning analytics. Ms. Lamont Svejnar holds a B.A. from Michigan State University's Eli Broad College of Business in Finance.
Adam Tope advises secondaries firms, investment fund sponsors, and investors on fund formation and GP-led transactions. Having completed more than 100 secondaries transactions in his career, Adam has developed class-leading processes for managing tender offers and pooled sale/purchase transactions for clients.
Adam's represents lead investors in connection with GP-led and other complex secondary transactions. He brings a global perspective to his practice, having represented managers and investors in dozens of jurisdictions.
Adam's sponsor-side clients include prominent private equity and hedge fund managers, real estate managers, and venture capital sponsors. He advises in multiple areas, including the drafting of offering memoranda, negotiations with investors and Investment Advisers Act and Investment Company Act compliance. Adam also draws on his computer programming experience to advise fund managers forming cryptofunds.
Adam has worked with spin outs from Apollo, Carlyle, Riverstone, Summit Partners, and others. He has a deep understanding of how principal compensation is structured and can guide principals in negotiating vesting arrangements, key person/for cause removal rights, and rights to carried interest/promote.
Adam’s investor-side clients include family offices, funds of funds, endowments, sovereign wealth funds and royal families. He has represented these investors in hundreds of transactions in nearly every jurisdiction.
Adam is a former entrepreneur and served as the president and CEO of one of the 500 largest online companies – giving him an entrepreneurial perspective useful to first time funds, startups and venture-backed organizations.