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Recognising the remarkable surge in private credit, driven by the demand for alternative sources of financing and the search for higher yields, this summit brought together top-tier industry professionals, decision-makers, and expert minds, with a focus on networking and education as private credit continues to evolve and grow as an integral part of our markets ecosystem.
AFME & Invisso are proud of the positive response to our NEW
Private Credit Summit at Global ABS 2024!
Keynote Speaker & Key Topics Included
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Key Topics...
The timely addition to the Global ABS 2024 conference explored the recent upward trajectory and evolution of this booming market segment, covering Direct and Middle Market Lending, ABL & ABF, Fund Finance and NAV, Emerging Issuers, and more.
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Macro factors impacting the private credit space, and the increasing scrutiny from regulators.
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Opportunities and challenges across consumer/mortgage finance, hard assets, commercial finance, and contractual cash flow sectors.
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Risk mitigation strategies, transaction structures, borrower profiles, and Investor appetites.
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Bank retrenchment and the increase in direct and non-bank lenders, including increased competition. Reflections on bank disintermediation versus bank collaboration.
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Adapting and evolving to meet middle-market and SME borrower needs, and other structures and solutions across the direct lending space.
Joel Holsinger, Partner, Portfolio Manager & Co-Head of Alternative Credit, Ares Management
Mr. Holsinger is a Partner, Portfolio Manager and Co-Head of Alternative Credit in the Ares Credit Group. Mr. Holsinger serves as a member of the Ares Credit Group's Alternative Credit Executive Committee and the Alternative Credit, Pathfinder and Pathfinder Core Investment Committees. He also serves as a member of the Ares Secondaries Group's Private Equity Investment Committee.
Prior to joining Ares in 2019, Mr. Holsinger was a Partner at Fortress Investment Group in the Credit Group, where he served on the Management Committee of Fortress and the Investment Committee for the Credit Funds. He also co-headed Illiquid Credit, which included leading the Direct Lending, Structured Equity, Net Lease, Structured Finance and Energy Groups at Fortress and focused on tactical and opportunistic direct investments across all asset classes, industries and geographies.
Previously, Mr. Holsinger was a Founding Partner of Atalaya Capital Management, where he co-headed the investment committee. Additionally, Mr. Holsinger held prior positions within financial services at Navigant Consulting, American Commercial Capital (subsequently acquired by Wells Fargo) and Citigroup. He currently serves on a number of corporate boards and advisory groups. Mr. Holsinger is also active in a number of charities, with a particular focus on global health and education, which includes serving on the board of directors of PATH Global Health.
Mr. Holsinger holds a B.A. from California State Fullerton in Business Management and Administration, with an emphasis in Finance.
Summit 2024 Agenda
Wednesday 5th June
17:00 - 18:00 | Private Credit Summit Networking Reception
Thursday 6th June
09:15 - 09:20 | Chair's Opening Remarks
09:20 - 10:15 | The Rise of Private Credit: Growth Expectations & Future Evolutions
- An overview of what's covered by the term 'private credit' and how these sectors interact: Asset-Backed Finance (ABF), Direct Lending, Specialty Finance, NAV and Fund Finance
- Macroeconomic and geopolitical factors impacting the private credit space; interest rates, inflation, recessionary pressures, and increased scrutiny from regulators.Current landscape and sectoral review. Expected developments for fundraising, investor appetite, capital deployment, manager selection and LP/GP strategies.
- Reflections on ‘bank disintermediation’ versus bank collaboration.
- Assessment of manager strategies and approaches to ESG integration. Transparency, Data, Analytics, and Frameworks
Speakers
Marta Stojanova, Director, S&P Global Ratings
Jason Brown, Partner, Victory Park Capital
Paddy Rath, Partner, Walkers Global
Neha Koda, Managing Director, Credit Strategy, BofA Global Research
Suhrud Dagli, Co-Founder, RiskSpan
Benjamin Rieder, CEO, Levenue
10:15 - 11:00 | Keynote Fireside Chat, with Ares Management
Keynote Speaker
Joel Holsinger, Partner, Portfolio Manager and Co-Head of Alternative Credit, Ares Management
Moderated by Tom Lemmon, Global Securitisation Editor, GlobalCapital
11:00 - 11:45 | Networking Refreshment Break
11:45 - 12:15 | The Rise of Non-Bank Lenders in Fund Finance
- How have uses and sources of financing evolved for sponsors? How have trades changes and why have sources shifted to include private credit?
- How are non-banks plugging the gap, and does this risk fit co-investors pool of capital? Can co-investors do this alone, or do they prefer a partner?
Speakers
Richard Sehayek, Managing Director, Ares Management
Samantha Hutchinson, Head of Fund Finance, Europe, Cadwalader, Wickersham & Taft LLP
Seth Perlman, Executive Director, Morgan Stanley
12:15 - 13:10 | Global ABF: Asset-Backed Finance, the Next Frontier of Private Credit?
- Assessment of current market dynamics, key trends and growth opportunities across global jurisdictions and emerging industries.
- Idiosyncrasies, opportunities, and challenges across specific sectors; consumer/mortgage finance, hard assets, commercial finance, and contractual cash flows.
- Similarities and differences in risk mitigation strategies, transaction structures, and borrower profiles; Investor appetite, allocation of capital, and strategies towards different opportunities.
- Fund Finance and NAV as a sector within ABF. The financing tool kit.
Speakers
Eli Appelbaum, Partner, Co-Head European Alternative Credit, Ares Management
Patrizia Lando, Head of Capital Markets, Fasanara Capital
Loïs Duhourcau, Chief Executive Officer, Novicap
Rob Sinclair, Managing Director, AB CarVal
Anirban Ghosh, Managing Director, KKR
Jurek Burmicz, Director, Barclays
Kandarp Rawal, Specialty Finance, SpecFin Capital
13:10 - 14:00 | Exploring the Middle Market: Considerations & The Latest Developments in Specialty Finance and Direct Lending
- Bank retrenchment and the increase in direct and non-bank lenders, including increased competition and it’s impacts on market dynamics and borrowers. Proliferation and protections in ‘lender-on-lender’ violence.
- Financing structures in direct lending and the rise of alternative financing solutions e.g. first and second lien, mezz financing. Adapting and evolving to meet middle-market and SME borrower needs.
- Technological developments in direct lending. Emergence of tech-enabled lending platforms; scaling and streamlining through data analytics and automations.
- Middle Market CLOs in the U.S. and UK/Europe. Considerations in liquidity provision, structures and ratings, opportunity for portfolio diversification, and investor appetite.
Speakers
Sushila Nayak, Partner, Structured Finance, Orrick, Herrington & Sutcliffe
Gabriele Gramazio, Senior Director, KBRA
Michelle Manuel, Co-Portfolio Manager, Investec
Paolo Morrone, Head Of UK Direct Lending, Tikehau Capital
Robert Wartchow, Managing Director, Mid-Market Debt, Pemberton
Marc Chowrimootoo, Managing Director, Portfolio Manager for Private Credit, Hayfin
Borja Gomez-Zubelda, Partner, TresMares Capital
14:00 - 15:00 | Networking Lunch & Drinks, and Conference Concludes
Interested in sponsoring our
Private Credit Summit next year?
Contact us to hear about how you can showcase your firm through speaking roles and other branding opportunities during our summit.
2024 Exclusive Lead Sponsor
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Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of Dec 31, 2023, Ares Management Corporation's global platform had approximately $419 billion of assets under management with more than 2,600 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
2024 Associate Sponsors
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Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence. Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is owned by Hearst. For additional information, please visit fitchratings.com. -
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions. -
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S&P Global provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through ESG and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world. We are widely sought after by many of the world's leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world's leading organizations plan for tomorrow, today. For more information, visit www.spglobal.com. -
With a global presence and staff of more than 1,200+ people, Walkers provides legal, tax and professional advisory services to the world's leading financial institutions and companies. Across our practice groups, jurisdictions and regions, we specialise in providing legal & tax advice and professional corporate services to the world's leading financial institutions, capital markets participants and managers. We work hard to understand the sectors and markets in which we operate so that we can go beyond simply resolving technical issues and actively add value for our clients by helping them to identify and seize opportunities. Across our 10 international offices we take in the big picture but always with a disciplined focus on our clients. We help make financial services work and are an acknowledged market leader with substantial experience in the provision of sophisticated and innovative legal, taxation and listing services across all types of ABS, securitisation, debt capital markets and other types of structured finance transactions.
