The most prestigious private debt event in Europe returns in its 7th year, continuing to deliver unparalleled analysis, proprietary and exclusive data research, and the highest-quality line-up of attendees.
Backed by the market-leading editorial and research teams from Private Debt Investor, the Capital Structure Forum strives to move and adapt with the market, offering a holistic, data-driven, and truly global perspective of today’s private debt market in Europe and beyond.
Deepen your understanding
Learn about the cutting-edge strategies your peers and investors are chasing in this over-crowded market. Gain access to exclusive editorial content and data curated by the Private Debt Investor team made available to attendees.
Enhance your market visibility
Participate in interactive discussions led by industry experts at invitation-only breakfasts, roundtable sessions and much more. On the day, use the on-site event app to arrange one-to-one meetings and join our cocktail reception on the evening of day one.
Build credibility with your peers
Network with LP heavyweights pouring capital into the asset class and be amongst the industry veterans who have spent decades building up billion-dollar portfolios. Connect with LPs from BBC Pension Funds, Prudential, Wimmer Financial and many more.
Investors confirmed to attend
See inside for:
» A list of current attendees, including Border to Coast Pension Partnership, Generali Investment Partners, PensionDanmark and many more
» Featured speakers, including a keynote from David Scudellari, Senior Vice President & Global Head of Credit Investments and Fixed Income, PSP Investments
» Key topics covering Downturn preparations, ESG, distressed debt, GP case studies and more
Partner and Co-Head of European Credit, Ares Management Limited
The Capital Structure Forum has always been the go-to conference for the European private debt industry.
Global Transaction Banking Product Manager, Deutsche Bank
The Capital Structure Forum is now the focal point of the year for Private Debt in what is the market’s newest asset class.
Global Head of Alternatives, AllianzGI
PDI’s series of conferences and events provide a fantastic platform to network and share best practice.
Chairman, StepStone Private Debt & Liquid Alternatives;Co-Founding Partner SwissCapital - Stepstone Global
Director, Investment Practices - PRI
Vice President, Wilmington Trust
Head of Investment Strategy, The Phoenix Group
Senior Director, bfinance
Head of European Middle Market Private Debt within BlackRock Alternative Investors (BAI), BlackRock
Head of Investments, Generali Investments
Principal, Crescent Consult
Partner, Marlborough Partners
Director - Direct Lending Debt Funds, British Business Bank Investments
Managing Director, Head of Private Debt - Golding Capital Partners
Head of Private Markets, Local Pensions Partnership
Commercial Partnership Manager, Official Monetary and Financial institutions Forum
Managing Partner, MV Credit
Policy Lead: Investment and Stewardship, Pensions and Lifetime Savings Association
Director-General, World Pensions
Executive Advisor, European Leveraged Finance Alliance
Partner, Financial Services and Investment Management - Dechert
Senior Managing Director & Global Head of Credit Investments, Credit Investments - Canada Pension Plan Investment Board
Director, Credit Suisse International
Senior Managing Director, ICG plc
Head of Private Credit, Permira Debt Managers
Head of Fund Manager Research, PDI
Partner, Chairman, Certior Capital
Principal - Private Debt, Ares Management Limited
Expert In Alternative Lending and Private Debt, Supervisory Board Member – Mizuho Europe
Advisor, PLEXUS Investments
Investment Associate, Mercer Alternatives
Managing Director, Credit Value Investments
Alternatives, Church of England
Partner, Structured Finance and Financial Restructuring - Dechert
Senior Analyst, SIGLO Capital Advisors
Head of Lower Mid-Market – Northern, Eastern & Southern Europe, European Investment Fund
Founder & Partner, Resilience Partner
Investment Director, ReAssure Asset Management
Head of Distribution within Capital Markets, Funding Circle
Head of Investor Relations & Business Development, ESO Capital
Founder, Prestige Funds
Trustee, Sodexo Pension Scheme
Senior Vice President and Global Head of Credit Investments and Fixed Income, PSP Investments (Public Sector Pension Investments)
Co-Chair, Association of Member Nominated Trustees
Head of European and Asia Pacific Private Finance, Barings
Global Head of Alternatives, Allianz Global Investors
Day 1 - Wednesday 20th
Registration & Coffee
PDI Capital Structure Welcome Address
Chairperson’s Opening Remarks
Opening Keynote Fireside Chat: Exploring private debt as a cashflow-generating asset
Whilst typically being viewed as a liability-driven investment, there now appears to be an appetite for private debt to be considered as part of a cashflow-driven investment strategy for investors.
- Are pension funds perfectly suited for a cashflow-driven private debt investment strategy?
- Considering the merits of different types of private debt assets
- Necessary steps to take for all stakeholders when developing a suitable approach
- Is there a catch? Pitfalls to watch out for as you up your stake in these strategies
Keynote Speaker: David Scudellari, Senior Vice President and Global Head of Credit Investments and Fixed Income, PSP Investments (Public Sector Pension Investments)
Keynote Panel Discussion: Investing in illiquidity - why should private debt be part of your portfolio?
In a year where illiquidity has hit the news for the wrong reasons, why should LP’s invest, or increase their investment, in this area in years to come?
- Why certain LP’s are upping their portfolio share in private debt markets; and in contrast, what the main reasons are why some investors remain reluctant when it comes to this asset class?
- Can a private debt allocation truly help provide investors with the diversification needed to guide themselves through any upcoming economic strife?
- Comparisons with other public and private options available in this scenario
- Whether increased understanding of illiquidity is what is needed to improve trust and lead to even further investment in the private debt market
Moderator: Christopher Gardner, Partner, Financial Services and Investment Management, Dechert LLP
Partner, Financial Services and Investment Management - DechertRead bio
Director - Direct Lending Debt Funds, British Business Bank InvestmentsRead bio
Head of Private Markets, Local Pensions PartnershipRead bio
Investment Director, ReAssure Asset ManagementRead bio
Global Head of Alternatives, Allianz Global InvestorsRead bio
Coffee & Networking
Preparing for a downturn? Allocation, underwriting and fund structuring tips from the top
Potential economic downturn is on the worry list for all stakeholders in the private debt industry at present. And for investors, it’s vital to understand how managers have prepared the funds that they have on offer to be resilient to any outcome that might present itself.
- Shifting focus: prioritising restructuring over growth and business opportunity at the end of a stretched cycle
- Is your institution prepared for a downturn? What recovery and restructuring plan have you set out?
- Is the market as a whole ready? Can industry participants or regulators do anything more to manage and mitigate risk?
- What changes have we seen to investor and manager behaviour in anticipation of the correction?
The Quest for Yields in a Time Crisis - Pension Investors Transforming Private Debt for the Public Good
Speaker: Nicolas J. Firzli, Director-General, World Pensions Council (WPC)
Working private debt into your defined contribution scheme
As pension funds increasingly turn to defined contribution schemes for their client base, debt managers and providers have been tasked with innovating their offerings to accommodate this.
- Are DC schemes and private debt strategies genuinely compatible?
- How to drive innovation in your fund team in order to adapt and evolve to such client requirements
- Challenges around creating open-ended vehicles for debt products
- If embraced, would this offer the perfect opportunity for the market to take the next step in evolutionary growth?
The state of play – fundraising in private debt
- A global outlook – taking into consideration different currency tranches and other factors, how do the various markets compare when it comes to fundraising? And how might a fund bring these efforts together to form a truly global portfolio?
- How do you get the most out of your partnerships with placement agents and other intermediaries?
- Investor appetite – are we continuing to see increasing demand for debt products as opposed to, or in addition to, other alternative strategies?
- What might fundraising look like in the future? Will the same channels, intermediaries and strategies still be used in five years’ time?
Lunch & Networking
Keeping pace with the regulators – AIFMD, LIBOR & more
Private debt has perhaps so far escaped the scale of regulation that has hit the finance sector in general – could that be about to change?
- The case for more regulation – why the market needs protection against slipping underwriting standards and increasing leverage
- What the regulators are planning to effectively protect investors and funds, without causing significant pain
- Does private debt have less systemic risk attached to it?
- Seeing eye to eye: why we need to improve communication & understanding between regulators and industry participants
- The challenges and opportunities that AIFMD proposed changes and LIBOR transition might present to the private credit market
Fireside Chat: Brexit Update
With the new Conservative leadership seemingly more open to the idea, could there be a no-deal departure on 31st October? And what impact would this have on the UK’s, and Europe’s, private credit market?
Enduring tough times ahead? Understanding your manager’s long-term approach to potential cycle changes
For investors and fund selectors, comprehension of a manager’s plans for all economic possibilities, particularly distress cycles, is critical at present.
- Investor due diligence – what do they want to hear from managers?
- How managers can use this as an opportunity to differentiate themselves from competitors
- Underwriting techniques, debt type, geographical positioning… what exactly do investors want to hear to reassure them?
- How far into the future should managers be planning – and relaying to investors – their positional approach?
- Growth vs conservatism… how proportionally resourced is your business for downturn preparation?
Head of European Middle Market Private Debt within BlackRock Alternative Investors (BAI), BlackRockRead bio
Head of Investments, Generali InvestmentsRead bio
Head of Private Credit, Permira Debt ManagersRead bio
Principal - Private Debt, Ares Management LimitedRead bio
Head of European and Asia Pacific Private Finance, BaringsRead bio
Overcoming the hurdles to ESG integration in private debt
Whilst ESG has taken a more established foothold in public markets and elsewhere, it understandably still has some way to go in private debt. Some of the barriers are undoubtedly educational, but there are plenty of technical questions to answer too in order for ESG to truly be integrated with private debt investment.
- The educational piece – challenging market misconceptions
- Tying ESG into value creation & operational excellence
- How can you proof yourself against ‘greenwashing’?
- The final hurdle – reducing the haircut for GP’s & achieving desirable returns
Moderator: Toby Belsom, Director, Investment Practices, UN PRI
Fireside Chat: Embracing disruption to ensure you aren’t left behind
Technology, amongst other disruptive factors, has disrupted the way the private credit market operates. Platforms like Funding Circle offer digital alternatives for lending, and other tools are making their way across the value chain.
Aishwarya Dahanukar, VP, Head of Debt Capital Markets, ZestMoney
Dominick Peasley, Head of Distribution within Capital Markets, Funding Circle
Looking towards the post-established era - where next for private debt?
From ‘shadow banking’ to now being firmly established as a private asset class in its own right, what does the immediate future hold for debt? With little historical data to analyse, are we heading into the unknown?
- Is the private debt market destined for steady growth over the coming years?
- Could more LP’s turn to debt if the economy impacts other markets?
- Are we in a bubble? And if so, when will it burst?
- Do loan defaults and other dangers lie ahead? Has the industry done enough to prepare itself for these?
- Is private debt destined to have a positive social and environmental impact?
- What will the private debt landscape look like in five years time?
Moderator: Fredrik Berg, Vice President, Wilmington Trust
Coffee & Networking
Findings of the ACC’s latest Financing the Economy research
To mark the fifth anniversary of this seminal research series, the ACC has interviewed 25 leading industry figures on the key growth challenges for their businesses and potential market headwinds. The research will reveal their views on the future of private credit alongside data gathered from our annual global survey of private credit managers. This presentation will break straight into the audience roundtable discussions when finished.
Audience Roundtable Discussions:
- The case for CLO’s in the current economic climate
- Accessing the niche markets in private credit facilitated by Tingting Peng, Head of Investor Relations & Business Development, ESO Capital Partners
- Transparency on the ticket: agreeing the right fee structure and value for investors, facilitated by Trevor Castledine, Principal, Crescent Consulting
- Harnessing talent in private debt, facilitated by Antje Hensel-Roth, Senior Managing Director, ICG
- Tangible debt – infrastructure & real estate
- Findings of the ACC’s latest Financing the Economy research
- Sponsored vs non-sponsored lending: key factors to consider
- Creating strength & value through diversity within your team
Close of Conference & Networking Drinks Reception
Day 2 - Thursday 21st
Invitation Only LP Networking Breakfast
Chairperson’s Welcome Address
Fireside Chat: Exploring emerging markets in private debt
With stats showing that private debt fundraising for emerging markets has experienced a significant increase in recent years, this panel will explore the trends and appetite that are contributing to this.
- Do emerging markets offer investors a ‘get out’ in the face of the expected western credit market downturn? Is this contributing to their increasing popularity?
- Risks & pitfalls – what do investors & managers need to be aware of within different jurisdictions?
- How do fundraising methods compare to those in more traditional markets?
- What impact is this having on emerging market economies? And can emerging market investing complement sustainable or impact investing targets?
John Graham, Senior Managing Director & Global Head of Credit Investments, Credit Investments, Canada Pension Plan Investment Board (CPPIB)
Fundraising & investors: how is the market evolving?
An overview of the private debt fundraising space and how investors plan to manage their portfolios in 2020. Topics will include:
- Private debt in numbers
- Exclusive: The top managers of private debt capital
- Exclusive: What is the investor perspective?
Speaker: Daniel Humphrey Rodriguez, Head of Fund Manager Research, PDI
Case Studies: From the Front Lines 2.0
Following the success of our case study special at the PDI Germany forum this year, the format returns at Capital Structure. Leading GPs tell us in depth how they ensure best risk adjusted returns and secure sufficient protection through their approach to transaction structuring. Moderated by our investment committee and voted on by the audience.
Moderator: Matthias Kirchgaessner, Advisor, PLEXUS Investments
Coffee & Networking
Distressed investments in an uncertain future
Distressed investing in uncertain times may seem counterintuitive. Increased risk of borrower default at a time where a correction seems inevitable? However, trends seem to be indicating that the distressed market isn’t showing any signs of slowing down.
- Defining distressed: does special situations give you more flexibility?
- Are investors truly becoming increasingly open to distressed debt offerings? If so, which type?
- How to ensure robustness in your risk analysis for distressed investing
- What managers can do to ease investor concerns
- Understanding the importance of diversification
Moderator: John McGrath, Partner, Structured Finance and Financial Restructuring, Dechert LLP
Partner, Structured Finance and Financial Restructuring - DechertRead bio
Commercial Partnership Manager, Official Monetary and Financial institutions ForumRead bio
Hans Jorg Baumann
Chairman, StepStone Private Debt & Liquid Alternatives;Co-Founding Partner SwissCapital - Stepstone GlobalRead bio
Senior Analyst, SIGLO Capital AdvisorsRead bio
Fireside Chat: Safeguarding your investment - the questions you should be asking when it comes to covenants
Covenants remain a contentious item when it comes to investor-manager relationships. Whilst some managers are still of the opinion that ‘covenant-lite’ is the right path forward, others are less convinced.
- Redressing the balance – what the industry must do to ensure all stakeholders are equally protected by non-aggressive covenants and documentation
- How can investors best equip themselves to be covenant-savvy and protect their investments?
- What are the key questions investors should always ask when it comes to covenants?
- The role that covenants will play as we near an expected downturn
Understanding the underlying - how to ensure your debt is secured against the right asset class
Closing Panel Discussion
What are investors looking for when it comes to underlying asset classes in private debt? As we near the end of an already-extended cycle, understanding this is integral to portfolio protection.
- Are investors looking for tangibility? The growing influence of infrastructure and real estate
- What are the sensible choices to make when looking to mitigate risk in the face of a downturn?
- Are there any additional emerging asset classes to consider?
Networking Lunch & End of Conference
The Capital Structure Forum offers a unique opportunity for organisations to raise their profile as a part of the premier meeting for European investors allocating to private debt.
For more information on the available sponsorship opportunities contact
Alexander Jakes, firstname.lastname@example.org + 44 (0) 0203 862 7498