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7:45am - 8:45am 60 mins
LP
SuperReturn Private Credit US 2018 LP-only breakfast

Walton Room – 7th Floor

7:45am - 8:45am 60 mins
GP
SuperReturn Private Credit US 2018 GP/service provider breakfast
8:15am - 9:00am 45 mins
Day 2
Morning Coffee
9:00am - 9:05am 5 mins
Day 2
Chair’s Welcome Address
  • Kelly DePonte - Managing Director , Probitas Partners
9:05am - 9:40am 35 mins
Day 2
Sponsored (Safer & Better?) Vs Non Sponsored (More Challenging, Risker?) Or Vice Versa?

What is the growth and attractiveness of sponsored vs non-sponsored among investors? Are LPs gaining access to the lower middle market credit space? Examining appropriate fee structures, the deterioration of covenants, navigating a downturn and delivering credit to both high and lower net worth investors

  • Moderator Brett Hickey - Founder & CEO, Star Mountain Capital
  • Theodore Koenig - President & CEO, Monroe Capital LLC
  • Darius Mozaffarian - Partner & Co-President, White Oak Global Advisors
  • Arthur Penn - Founder & Managing Partner, PennantPark Investment Advisers
  • Alexander Popov - Managing Director and Head, Credit Opportunities Fund, Carlyle
9:40am - 10:00am 20 mins
Day 2
Defining Private Credit / Speciality Finance / Income Strategies

The taxonomy of private credit – what does it all mean? With private credit becoming a mature asset class, what are the next steps for encouraging industry standards? Uderstanding the risks in private credit

  • Randy Schwimmer - Senior Managing Director, Head of Origination and Capital Markets, Churchill Asset Management
10:00am - 10:15am 15 mins
Day 2
Interview: Speciality Finance Unpacked
  • Interviewer Mary Bates - Principal, Pension Consulting Alliance
  • Interviewee Shan Chen - Lead Portfolio Manager, Arizona PSPRS Trust
10:15am - 10:45am 30 mins
Day 2
Panel: Speciality Finance Unpacked

10.15-10.45 - Panel discussion: Constructing a private debt portfolio using specialists: What is speciality finance? Self Liquidating vs ABL? How much capital is flowing from core strategies to speciality finance? Focusing on asset-based collateral and structure to ensure risk control and value proposition

  • Moderator Mary Bates - Principal, Pension Consulting Alliance
  • Panellists David Aidi - Partner, Atalaya Capital Managment
  • Shan Chen - Lead Portfolio Manager, Arizona PSPRS Trust
  • Robert Kennelley - Managing Director – Alternative Investments, Rocaton Investment Advisors
  • Aoifinn Devitt - Chief Investment Officer, Chicago Policemen's Annuity and Benefit Fund
10:45am - 11:15am 30 mins
Morning Networking Break
11:15am - 11:35am 20 mins
Day 2
Guest Speaker: Innovation & Disruption

With massive changes and disruption in the broader economy from automation to bio tech, healthcare to AI, how can the private credit market allocate within this?


  • Jack Ryan - CEO & Co-Founder, REX
11:35am - 12:05pm 30 mins
Day 2
Distressed, Special Sits And Opportunistic Funds

With the market being rich and assets almost priced to perfection, why invest here, where are the investment opportunities and how do you put your money to work? Is there a paradigm shift in distressed due to covenant light – will recoveries be as good?

  • Moderator Kelly DePonte - Managing Director , Probitas Partners
  • Ryan Langdon - Senior Managing Partner, Newport Global Advisors
  • Cyril Tergiman - Partner, EQT Partners
  • Paul Triggiani - Managing Partner, Invesco Credit Partners
12:05pm - 12:25pm 20 mins
Day 2
Direct lending: sector specialization
  • Christopher Abbate - Managing Director, Riverstone
  • Jamie Brodsky - Managing Director, Riverstone
12:25pm - 1:00pm 35 mins
Day 2
Spotlight On: Investing In Private Credit Vehicles – The Good, The Bad And The Ugly

BDCs: What is the health of BDCs and how aggressive have inflows been?

Securitisations & CLOs: Can you cycle into a compelling return?

 

 Exploring fund structures & dynamics: What are the benefits of funds, public/private BDCs, SMAs, FOF1s, CLOs, going public and more – how do they stack up vs the alternatives?

  • Moderator Jonathan Bock - Managing Director, Chief Financial Officer, Barings BDC
  • Panellists John Martin - Managing Partner & Co-CEO, Antares Capital
  • David Spreng - CEO, Runway Growth Captial
  • Tod Trabocco - Managing Director, Cambridge Associates
1:00pm - 2:00pm 60 mins
Lunch
2:00pm - 2:25pm 25 mins
Day 2
Positioning LPs' portfolios - interview

Fitting private credit into a broader portfolio, risk / returns vs private equity and how will private credit fare in the short term?


  • Interviewer Mark Jenkins - Managing Director and Head of Global Credit, Carlyle
  • Moderator Tod Trabocco - Managing Director, Cambridge Associates
2:25pm - 3:00pm 35 mins
Day 2
Corporate Debt Structures & Strategies: Differentiating Approaches

Analysing opportunities in 1st lien, unitranche, 2nd lien & mezz; What has it done to spreads & deal flow? Where do you source deals with yields narrowing? How are corporate debt managers reacting?

  • Moderator Ian Larkin - Co-Founder and Managing Director, Maranon Capital
  • Jason Block - Partner & CIO, Freedom 3 Capital
  • Becky Kuntz - Managing Director, BMO
  • Christopher Flynn - CEO, THL Credit
  • Randy Schwimmer - Senior Managing Director, Head of Origination and Capital Markets, Churchill Asset Management
3:00pm - 3:30pm 30 mins
Day 2
Real estate debt: Are we at the end of the cycle?

Who is offering debt financing and on what terms? Launching a debt platform; how have loan structures & terms changed over the past 5 yrs? what are the target risk/returns – where are we in the cycle in respect to different sub segments?

  • J.B. Gerber - Managing Director, Ares Management
  • Larissa Herczeg - Managing Partner & CIO, Oak Street Real Estate Capital
  • Moderator Mark Penna - Managing Partner, Emerald Creek Capital LLC
3:30pm - 4:00pm 30 mins
Day 2
Structures: Evergreen Funds Vs Closed End Funds

Contrasting the advantages of closed end funds (know exit pricing, no cash drag) with the advantages of evergreen funds (being invested for the long term)

  • Kelly DePonte - Managing Director , Probitas Partners
  • Ahsha Merson - Principal, TPG Sixth Street Partners
  • Douglas Monticciolo, Brevet Capital
  • Mark Penna - Managing Partner, Emerald Creek Capital LLC
4:00pm - 4:10pm 10 mins
Afternoon Networking Break & End of SuperReturn Private Credit 2018
4:10pm - 5:10pm 60 mins
Day 2
LP Only Roundtables

Each presentation will have a 3-4 minute topic introduction from an industry expert, followed by 10 minute LP only roundtable discussion followed by a 5 minute feedback to the room

  1. Different ways of constructing a private debt portfolio. What are your sourcing strategies? How do you diversify across the portfolio? What do you want your manager to do? Do you do a bottom up vs thematic manager selection?
  2. LP Perspectives On Specialist vs Multi Strategy: With the plan vanilla PC market getting too crowded, where are allocators finding opportunities?
  3. Leverage & Pricing: Managing their own leverage exposure; understanding various types of leverage structures, composition of return, financial engineering, liabilities, cost of leverage and balance sheet; how are subscription lines being used – to bridge investment or pump up IIR
  4. LPs & private debt over the last 5 yrs - How have you seen LPs behave differently with market changes? Given recent trends and compressing yield, how are LPs reacted? Are they ok with lower returns or are they taking out more risky investments?


  • Heinz Blennemann - Principal, Blennemann Family Investments
  • Olga Kosters - Director, Stepstone Group
  • Tod Trabocco - Managing Director, Cambridge Associates
  • Raja Vannela - Private Markets Analyst, Exelon Corporation
5:10pm - 5:15pm 5 mins
Day 2
End of SuperReturn Private Credit 2018 LP Boardroom
Showing of Streams
Showing of Streams
10:45am - 11:15am

Morning Networking Break

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Showing of Streams
1:00pm - 2:00pm

Lunch

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4:00pm - 4:10pm

Afternoon Networking Break & End of SuperReturn Private Credit 2018

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