07
Oct
The next era of private credit
The current economic landscape, driven by high interest rates and tighter bank lending are boosting private credit’s appeal as investors tap into other asset classes for diversification. As the direct lending market matures, the market continues to evolve into other aspects of the ecosystem, including asset-backed finance structures and more opportunistic activity. Our group of leading managers will unpack the opportunity set in this growing asset class.
- What key factors should private credit managers consider in today’s volatile and evolving macroeconomic landscape?
- As banking regulations ease, will competition from traditional banks increase, or will partnerships with private credit firms prevail?
- Given increased volatility, will we finally see more differentiation between managers and a dispersion in the market?
- As private credit expands beyond LBOs, where do the emerging opportunities lie?
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SpeakersH.T. Flanagan Partner Kirkland & Ellis
Brent Humphries President AllianceBernstein Private Credit Investors
Amy Klemme Managing Director Ares
Leighton Shantz Managing Director, Credit & Hedge Funds ERS
Brian Stewart Managing Director, Global Co-Head Corporate Credit Fortress Investment Group
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H.T. Flanagan is a debt finance partner in the Dallas and New York offices of Kirkland & Ellis LLP. He advises private credit funds, alternative lenders and other investors in traditional private credit financings and bespoke capital solutions. He counsels such credit-oriented investors on direct originations, secondary market opportunities, complex intercreditor issues and novel structured capital investments. In addition to his private credit-focused lender-side practice, H.T. also advises private equity firms and their portfolio companies on a range of borrower-side leveraged finance transactions. He has extensive experience representing both lender and borrower private capital clients on acquisition financings, liability management transactions, debtor-in-possession financings, hybrid capital instruments and special situations investments.
H.T. has been named as one of the future leaders in leveraged finance as part of the “500 X – The Next Generation” by Lawdragon and is recommended for private credit by The Legal 500 United States. Prior to entering law school, H.T. was a pitcher for the Washington University baseball team, where he was a three-time academic all-conference selection.
Brent Humphries joined AB in 2014 as a founding member and President of AB Private Credit Investors, where he has primary responsibility for overseeing all aspects of the business, including chairing the investment committee, fundraising, investor relations, investment originations, structuring and underwriting, as well as ongoing portfolio management and compliance. He previously held the same position with Barclays Private Credit Partners. Prior to joining Barclays, Humphries served as group head, generalist financial sponsor coverage for Goldman Sachs Specialty Lending Group, and later led its structured private equity initiative. Before that, he served as a partner and managing director of the Texas Growth Fund, a middle market private equity firm. Humphries previously worked in leveraged finance with NationsBank and J.P. Morgan, and as a financial analyst with Exxon. He holds a BBA in finance with an emphasis in accounting from the University of Oklahoma and an MBA from the Harvard Business School. Location: Austin
Ms. Klemme is a Managing Director in the Ares Credit Group, where she focuses on U.S. direct lending. Prior to joining Ares in 2012, Ms. Klemme was an Investment Banking Analyst at Morgan Stanley in the Media and Telecommunications Group, where she focused on leveraged buyouts, mergers and acquisitions, and debt and equity financings. Ms. Klemme holds a B.S., cum laude, from Marquette University in Accounting and Finance.
Mr. Shantz is the Managing Director of Credit and Hedge Funds for the $42 billion Employee Retirement System of Texas. He transformed its core-plus style fixed income portfolio into distinct Rates and Credit mandates and simultaneously developed its internal high yield management capacity. In 2022 he took the additional responsibility of leading the Hedge Fund team. Prior to ERS Mr. Shantz was a Managing Director and Investment Committee member for the Lockheed Martin Investment Management Company where he implemented a similar fixed income format utilizing liability driven investing and additionally created its internally managed hedge fund portfolio. Before Lockheed he was the senior fixed income portfolio manager at the Tennessee Consolidated Retirement System. Mr. Shantz has additionally served on the investment committee for Sandia National Laboratories, The Long Center Investment Committee, is a former president of the Nashville Society of Financial Analyst, is a Chartered Financial Analyst since 1996, performed his Ph.D. studies in Finance at the University of Tennessee, and graduated with honors in Economics and Business Administration from Rhodes College.
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.