26
Jun
The maturing US private credit market- ushering in a new era
Globally, the private credit market is set to grow to US$2.8 trillion by 2028. In the US, demand for the asset class shows no signs of stopping, with high interest rates, a slowdown in PE deal activity and tighter bank lending bolstering private credit’s appeal. As the direct lending market matures and more consolidation occurs, it is expected that market will continue to expand into new areas, including asset-backed finance structures, more bespoke deals and opportunistic deal activity. Our group of leading managers will discuss the outlook for the year ahead and what to expect in the evolving landscape of private credit.
- What are the key considerations for private credit managers in a challenging and shifting macroeconomic environment?
- Private credit vs banks: will private credit face renewed competition from banks in light of relaxed banking regulations, or will there be more strategic alliances?
- What are the next growth opportunities and capabilities in private credit as managers diversify and expand their platforms beyond LBOs, such as ABFs and BDCs?
- With the continued rise of mega fund activity, will there be increased market consolidation amongst managers? Can niche lenders find a competitive advantage?
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SpeakersRyan Moreno Co-Head, Leveraged Finance DLA Piper
Teddy Desloge Managing Director, Chief Financial Officer & Portfolio Manager, BCRED & BXSL Blackstone
Alexander Popov Partner, Head of Credit Opportunities Carlyle
Brian Stewart Managing Director, Global Co-Head Corporate Credit Fortress Investment Group
Christina Lee Managing Director and Co-Portfolio Manager Oaktree
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Teddy Desloge is a Managing Director in Blackstone Credit and Insurance (BXCI) based in Miami and serves as the Chief Financial Officer and Portfolio Manager of Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund (BXSL). Since joining Blackstone in 2015, Mr. Desloge has been involved with investment management of various direct lending funds and has focused on origination, research, and execution of private and opportunistic credit investments across industries, supporting private credit strategies.
Prior to joining Blackstone, Mr. Desloge focused on origination, research and execution of private credit investments at Gefinor Capital. He started his career in the Leveraged Finance group at Jefferies.
Mr. Desloge graduated from Hobart & William Smith Colleges with a BA in Economics.
Alexander Popov is a Partner, Head of Credit Opportunities at Carlyle. He joined the firm in 2017 to establish Carlyle Credit Opportunities. Since inception in 2017, Carlyle’s Credit Opportunities strategy has deployed nearly $22 billion, leveraging Carlyle’s areas of expertise and market connectivity. Mr. Popov is a member of Carlyle’s Global Credit Investment Committee.
He serves on the Boards of Content Partners, Litmus Music Group, Seattle Reign and the National Women’s Soccer league (NWSL).
Prior to joining Carlyle, Mr. Popov was a Managing Director at HPS Investment Partners from 2008 to 2016. At HPS, he led investment activities in the United States for HPS Mezzanine Funds I & II and was a member of the Investment Committee for HPS Mezzanine Fund III and HPS’ firm-wide Credit Committee. Mr. Popov founded and led the firm’s real estate credit platform and served as a member of the Board and Investment Committee of the joint venture between HPS and The Related Companies. Earlier in his career, Mr. Popov worked at Oaktree Capital Management, American Capital Strategies and Donaldson, Lufkin & Jenrette.
Mr. Popov received his undergraduate degree from Cornell University and his MBA from NYU’s Stern School of Business. He is Member of the Board of Trustees of the Women’s Sports Foundation. He is based in New York.
Mr. Stewart is Global Co-Head Corporate Credit and is based in Dallas. He serves on the Leadership Committee and is a member of several investment committees.
Mr. Stewart oversees global public and private corporate credit investing strategies which include private credit, broadly syndicated loans, hybrid capital solutions and opportunistic/distressed credit. Mr. Stewart has 19 years of experience investing in corporate credit. Prior to joining Fortress in 2014, Mr. Stewart was a Managing Director at Levine Leichtman Capital Partners, a middle market private equity and credit investment firm, where Mr. Stewart led origination, execution and portfolio management for the direct lending, distressed debt and hybrid capital strategies. Before that, Mr. Stewart was an analyst at Houlihan Lokey in the financial restructuring group.
Mr. Stewart attended the University of Southern California where he received a B.S. in Business Administration with an emphasis in Finance.
Christina Lee
Managing Director and Co-Portfolio Manager
Ms. Lee is a managing director and co-portfolio manager for Oaktree’s U.S. Private Debt strategy. Her responsibilities include oversight of the team’s investment professionals, portfolio construction and overall management of the strategy. Ms. Lee joined the team in 2009, initially focused on the firm’s Mezzanine strategy. Prior to joining Oaktree, Ms. Lee spent nearly two years in the Leveraged Finance group at Citi. She received a B.S. degree in commerce with concentrations in finance and international business from the University of Virginia.