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
Opening panel: Current state of the US private credit market-filling the public void
According to reports, the private credit market as of 2022 has grown to USD1.4 trillion AUM and it is expected to increase to USD2.3 trillion by 2027. These statistics sit against a backdrop of rising interest rates, inflationary pressures, and a looming recession in the US, where an effective shut-off of the syndicated loan market has meant that private credit managers are increasingly being asked to finance large buyouts. For lenders with dry powder, this should present an opportunity of higher returns as well as the ability to negotiate more favourable terms with borrowers. However, concerns around long-term financial strain remain. Our panel of leading private credit managers and experts will discuss their views on the market and offer insights on how to best navigate the choppy waters ahead.
- What are fund managers doing to prepare for continued uncertainties and market dislocations?
- How has the fundraising market shaped up in the past year, and where are funding sources coming from?
- The transition from public to private lending – how are direct lenders capitalising on this, and what changes do they expect in the next few months?
- Which recession-resistant sectors are private credit managers favouring, and what is the outlook for the year ahead?
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SpeakersJosh O’Neill Head of Private Capital DEBTWIRE
Spyro Alexopoulous Senior Managing Director and Head of Originations GOLUB CAPITAL
Charlotte Muellers Managing Director, Co-Head of North America, Credit Investments PSP INVESTMENTS
Bill Sacher Partner & Head of Private Credit, New York ADAMS STREET PARTNERS
Randy Schwimmer Vice Chairman, Co-Head of Senior Lending CHURCHILL ASSET MANAGEMENT
John Timperio Partner DECHERT
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| Mr. Alexopoulos joined Golub Capital in 2007 and is a Senior Managing Director and Head of Originations on the Direct Lending team. He is a member of the Firm’s Investment Committee and is responsible for originating, underwriting, executing and monitoring investments for the Firm. Prior to joining Golub Capital, Mr. Alexopoulos worked at Silver Point Capital, where he was on the Commercial Finance team that provides senior and junior capital to middle market companies. Prior to that, he was a Vice President at GE Capital’s Global Sponsor Finance group, where he originated, structured and executed middle market private equity and leveraged finance transactions. Prior to this position, Mr. Alexopoulos worked in GE Capital’s Restructuring group, where he managed the workout of distressed portfolio investments. Mr. Alexopoulos earned his BA degree in Economics from Cornell University. He received an MBA from the Wharton School at the University of Pennsylvania. |
Charlotte E. Muellers is Managing Director, Co-Head of North America, Credit Investments, at the Public Sector Pension Investment Board (PSP Investments Holding USA LLC). She has more than 25 years of experience in private debt.
Charlotte joined PSP Investments USA in 2016 and her primary responsibilities include management of the NY Credit team, overseeing origination, portfolio management and capital markets functions.
Prior to joining PSP Investments USA, Charlotte held a number of senior positions, including Vice President, TPG Specialty Lending and Vice President, Barclays Private Credit Partners.
Charlotte holds a Bachelor of Science in Business Administration from American University and an MBA from Columbia University.
Since the inception of its Credit Investments group in November 2015, PSP Investments has led, structured or anchored debt transactions for leading sponsors, including Thoma Bravo, Veritas Capital, GTCR, KKR, Advent, Blackstone, TPG, TA Associates and Apollo.
Bill leads the investment, portfolio construction, and fundraising efforts of the Private Credit Team, and manages key relationships with general partners in North America and Europe.
Prior to joining Adams Street, Bill was head of the US Private Debt Group (at the time the Mezzanine Debt Group) at Oaktree Capital Management. In this role he developed the strategy, managed the team, and approved the investments. In conjunction with Oaktree’s in-house marketing team, Bill led the fundraising effort for each of the three funds for which he was responsible.
Prior to Oaktree, Bill worked at J.P. Morgan, where he was the Co-Head of both the Leveraged Finance Origination Team and the High Yield Capital Markets Group. Bill previously worked at NationsBank as head of the high yield business where he was responsible for the High Yield Origination Team, the High Yield Capital Markets Group, Private Placements, and Nations Bridge (the banks bridge loan unit). Bill commenced his career at Bear Stearns.
Bill is Chair of the Adams Street Partners Private Credit Investment Committee and member of the Executive Committee.
Education:
New York University, BS, cum laude
New York University, MBA
Years of investment/operational experience: 35 years
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.
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.