26
Jun
Fund formation: customization and diversification
The rapid growth of private credit has meant that GPs and LPs alike have become more sophisticated. Whilst traditional closed-ended structures still remain attractive to institutional investors, managers are increasingly exploring a wider range of structures and customized strategies to provide investors exposure to the asset class, such as through evergreen or hybrid structures. Meanwhile, sources of capital seeking private credit exposure are broadening, with increased inflows from retail and insurance investors. Our panel of GPs and LPs will assess the competitive landscape and discuss the best strategies to employ.
- Where are the best opportunities, and how are GPs dealing with an increasingly competitive landscape?
- What are GPs doing to entice relatively new investor classes in retail, wealth and insurance?
- What is prompting the increased demand for tailored structures and product offerings?
- What is being offered, such as terms, fee discounts and co investments to get LPs through the door?
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SpeakersLisa Fu Reporter Debtwire
Kimberly Smith Chief Capital Formation Officer Andalusian Credit Partners
Jeff Cucunato Managing Director, Head of Multi-Strategy Debt Solutions BlackRock
Charles Sorrentino Managing Director Rithm Capital
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| Kimberly Smith is the Chief Capital Formation Officer of Andalusian Credit Partners. She has more than 20 years of experience in capital raising, relationship management, and marketing and communications. In her current role, Kimberly oversees Andalusian’s fundraising and investor relations efforts. She is responsible for developing the firm’s fund formation strategy, executing initiatives to attract capital, and cultivating and managing relationships with institutional and high-net-worth investors globally. Kimberly also spearheads Andalusian’s communications strategy, enhancing the firm’s visibility and brand among investors, borrowers, and other audiences. Previously, Kimberly served as the Chief Capital Formation Officer at Techstars, where she led the strategy and execution of fundraising, deal sourcing, and investor relations activities for the global network of entrepreneurs and mentors. Before joining Techstars, Kimberly was a Partner and Director of Marketing and Investor Relations at Owl Creek Investment Management, where she managed communication and relationships with existing and prospective investors and oversaw the firm’s branding and marketing initiatives. She has also held roles at Davidson Kempner Capital Management and ABN AMRO Bank. Kimberly serves as an Honorary Trustee of the Ethical Culture Fieldston School after completing a five-year term as Chair of the Board. She is also a trustee of the Bridge Golf Foundation and Group for the East End, and serves on the advisory board of MeshEd, an EdTech company based in New York. Kimberly holds an M.B.A. from Fordham University and a B.A. from Middlebury College. |
Jeff Cucunato leads the Multi-Strategy Debt Solutions team within BlackRock’s Private Credit Group. The team designs and manages solutions and portfolios that allocate to opportunities across public and private global credit markets. He also chairs the credit platform’s Investment Strategy Group, which focuses on evaluating investment opportunities across global investment grade, high yield, bank loans and illiquid credit. Previously, Mr. Cucunato was Head of Investment Grade Credit where he lead the firm’s U.S. fundamental investment grade credit effort for over 10 years and spent 15 years as the lead portfolio manager for BlackRock’s investment grade credit and long duration portfolios. He began his investment career in 1997 focusing on interest rate products, including management of BlackRock’s inflation-linked bond portfolios. Mr. Cucunato joined BlackRock in 1995 as an analyst in the Institutional Client Business group, working with international clients and alternative investments. Mr. Cucunato earned a BA degree, cum laude, in history from Dartmouth College in 1995.