Refinitiv LPC's 8th Annual Middle Market Loans Conference
-----> After evaluating the current situation regarding coronavirus, Refinitiv has decided to postpone all Refinitiv-hosted events, including LPC’s 8th Annual Middle Market Loans Conference, scheduled for April 29, 2020.
With so much uncertainty surrounding COVID-19 in the weeks ahead, we felt this was the right decision in order to prioritize everyone’s health and to help contain the spread of the virus.
We will be in touch with you as soon as we are able to announce the revised logistics for the event. We sincerely hope that you will continue your involvement with our conference once it’s rescheduled. <-----
This one-day event is dedicated specifically to Middle Market lending and will help attendees frame and understand the history of — and potential for — this sector and its components, with panels featuring industry experts.
Join hundreds of bankers, investors and borrowers for a day of in-depth discussion and unique networking opportunities. Space for this event is extremely limited.
For more information click here.
AGENDA (all agenda items are subject to change)
7:45 am – 8:40 am
Breakfast
8:40 am – 8:45 am
Opening Remarks
Ioana Barza, Head of Analysis – Refinitiv LPC
8:45 am – 9:30 am
The Evolution of Private Equity: From Execution of Mega Deals to Direct Lending
Presentation by Refinitiv LPC
- Discussion with Blackstone as to how the Refinitiv LBO deal came together, including their analysis of the opportunity, the required due diligence, and securing the financing
- Blackstone’s investments into Refinitiv and announced $27bn merger with the London Stock Exchange
- GSO discusses the evolution of a market footprint from private equity into debt financing and private credit
- What are the motivations, risks and rewards? And what does it take to successfully raise a $12bn direct lending platform?
Moderator: Ioana Barza, Head of Analysis – Refinitiv LPC
Eli Nagler, Managing Director – Blackstone Private Equity Group
Brad Marshall, Senior Managing Director – GSO Capital Partners
9:30 am – 10:15 am
The convergence of banks and direct lenders in middle market finance
Sponsored by KeyBanc Capital Markets
Moderator: Robyn Roof, Managing Director, Group Head – KeyBanc Capital Markets
Sage Nakamura, Senior Managing Director – Capital One Financial Corp
Additional speakers coming soon.
10:15 am – 11:00 am
The Private Equity View
Sponsored by Kirkland & Ellis
- What is the outlook for deal flow opportunities in 2H2020?
- How is PE balancing strong returns with the need to put money to work amid record high purchase price multiples?
- Are the synergies really materializing? How is PE making roll-up acquisition strategies work so late in the cycle?
- How are PE shops weighing a syndicated/rated bank execution vs. a direct lending execution?
Jay M. Ptashek, Partner – Kirkland & Ellis
Eric J. Wedel, Partner – Kirland & Ellis
Additional speakers coming soon.
11:00 am – 11:20 am
Morning break
11:20 am – 12:05 pm
Go Big or Go Home: Direct Lenders take on the Syndicated Loan Market
Presentation by Refinitiv LPC
- What types of deals are direct lenders stepping into that bigger investors are shying away from?
- How are direct lenders viewing risk differently compared to institutional investors?
- Liquid terms on illiquid deals? How to best structure large scale unitranches to win deals yet stay protected
- How big is too big? As more direct lenders amass scale, how large can these financings get?
Moderator: Fran Beyers, Head of Market Analysis, Middle Market Loans – Refinitiv LPC
Kirsten Hagen, Managing Director, Head of America’s Senior Credit, Private Credit Group – Goldman Sachs
Michael Loehrke, Managing Director – Golub Capital
Jim Miller, Partner & Co-Head of U.S. Direct Lending – Ares Management
Craig Packer, Co-Founder and CEO – Owl Rock Capital Corporation
12:05 pm – 12:50 pm
The Airing of the “Grievances”— LPs unabashed views on private credit and the shortfalls of so many managers
Sponsored by Barings
- Explain to me why your Sharpe ratio is even a relevant discussion when you control your own mark?
- Do you work for the sponsor (who shows you more deal flow) or your end LPs?
- What are the hallmark signs of a below average credit manager masquerading as a good one?
Moderator: Jonathan Bock, Chief Financial Officer – Barings BDC
Geoffrey Berg, CFA, Chief Investment Officer – Retirement System Investment Commission
Cassie Boll, Investment Officer – Minnesota State Board of Investment
Bradley E. Dyslin, Senior Managing Director – Aflac
Ian Fowler, Co-Head of Global Private Finance Group, President – Barings BDC
12:50 pm – 2:10 pm
LUNCHEON PANEL: Off the Beaten Path: Finding opportunities outside of middle market sponsored finance
Sponsored by Comvest Partners
- How are direct lenders expanding into new market segments in their quest for yield
- What are the keys to successfully finding these deals and underwriting them? What are the biggest risk?
- Why are so many direct lenders reluctant to go into these verticals? How do investors view these verticals?
- ESG Lending: Are there high return opportunities in ESG lending for direct lenders?
Moderator: David Brooke, Leveraged Loan Correspondent – Refinitiv
Daniel Lee, Partner – Comvest Partners
Additional speakers coming soon ...
2:10 pm – 2:55 pm
“We Built This City on Rock & Roll” – BDC Managers / Investors Talk Industry Successes and Future Challenges
- As permanent capital increases in both size / importance in the private credit landscape, it’s safe to say the industry continues to evolve.
- At the forefront of that evolution are two well respected managers and top BDC investors who’ve been a part of the BDC space since “the beginning”.
- This panel hits the evolution of where the space was, is, and will be headed—and how many managers (and investors) are likely in for a very big surprise in the next recession.
Moderator: Finian O’Shea, Lead BDC Equity Research Analyst – Wells Fargo
Joshua Easterly, Chief Executive Officer – TPG Specialty Lending
Jonathan Bock, Chief Financial Officer – Barings BDC
David Miyazaki, Portfolio Manager – Confluence Investment Management
Peter Vanderlee, Managing Director and Portfolio Manager – ClearBridge Investments
2:55 pm – 3:20 pm
Afternoon Break
3:25 pm – 4:10 pm
Workout Remix: Strategies to prepare direct lenders for a new workout environment amid loose docs
Sponsored by DLA Piper
- Are direct lenders prepared for a potential wave of defaults coming down the road?
- Amid the loosest credit agreements on record, what tools do direct lenders have to preserve recoveries in a default situation?
- What nuanced terms are sponsors putting in the documents now to protect themselves that we may not have seen 12 or 24 months ago?
- Are there consequences to sponsors using trap-doors or will it be business as usual?
- What new situations are arising in workouts today that the market has not seen in the past?
Moderator: Andrew Hedlund, Leveraged Loan Correspondent – Refinitiv
Colbert Cannon, Managing Director – HPS Investment Partners
Jamie Knox, Partner & Chair of NY Finance Practice Group – DLA Piper
Mark Kronfeld, Managing Director – BlackRock Capital Investment Corporation
Additional speakers coming soon.
4:10 pm – 4:55 pm
Brexit, Tariffs, and Coronavirus, Oh My! Geopolitical risk advisor David Chmiel discusses the uncertainties and potential global windfalls which could bleed into the US credit markets in 2020 and beyond.
David Chmiel, Managing Director – Global Torchlight
4:55 pm – 5:00 pm
Closing Remarks
5:00 pm – 7:00 pm
Cocktail reception
Sponsored by Shearman & Sterling LLP
