Debtwire US Private Credit Forum 2023
The must-attend event for the US middle market returns!
Conrad New York Downtown, 102 North End Avenue, New York, NY 10282
14
Jun
Fireside chat - private credit secondaries: coming of age
Private credit secondary deal activity has been growing steadily as LPs search for liquidity options, with more asset managers raising capital in the market. Our secondaries experts will break down the trends and outlook for this strategy.
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SpeakersAdam Tope Partner DLA PIPER
Luca Salvato Partner ARES
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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.
Mr. Salvato is a Partner in the Ares Secondaries Group, where he focuses on private equity secondaries. He also serves as a member of the Ares Secondaries Group's Private Equity and Credit Investment Committees. Prior to joining Ares in 2022, Mr. Salvato was a Co-Founder and Managing Partner of Spring Bridge Partners, a firm dedicated and focused exclusively on GP-led secondary transactions. Previously, he was a Partner at Coller Capital Inc., where he focused on origination, underwriting and execution of global secondary transaction and was a member of the Investment Committee. In addition, Mr. Salvato was an Analyst in the Investment Banking Division at Credit Suisse First Boston in London. Mr. Salvato holds a B.Sc. from the University of Bristol in Chemistry.