Where the private debt market meets

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.

 

Why attend?

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

BFinance
Border to Coast Pensions Partnership
British Business Bank Investments
BVV
Church Commissioners for England
European Investment Fund
Generali Investment Fund
GIC
Golding Capital Partners
ICP Capital
Local Pension Partnership
Lothian Pension Fund
National Pension Service
Nykredit Asset Management
Perpetual Investors
Pheonix Group Holdings
PSP Investments
RAG Stiftung
ReAssure Asset Management
Royal Bank of Scotland
Royal Mail Pension Trustees
Sodexo Pension Scheme
Sumitomo Mitsui Trust Bank
Swiss Re
Tesco Pension Investment
The Royaumont Foundation
Wimmer Family Office

Download the brochure

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

Hear from our investors

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Testimonials

A quote icon for decorating the content Blair Jacobson

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.

A quote icon for decorating the content Dean Kennedy

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.

A quote icon for decorating the content Deborah Zurkow

Global Head of Alternatives, AllianzGI

PDI’s series of conferences and events provide a fantastic platform to network and share best practice.

Sponsors confirmed for 2019

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2019 Speakers include

For more information on speaking, please contact James Hatwell at James.hatwell@peimedia.com  or call +44 (0) 20 3994 7961.

 

Download your copy of the 2019 agenda here.

Hans Jorg Baumann

Chairman, StepStone Private Debt & Liquid Alternatives;Co-Founding Partner SwissCapital - Stepstone Global

Hans Jorg Baumann Chairman, StepStone Private Debt & Liquid Alternatives;Co-Founding Partner SwissCapital - Stepstone Global Mr. Baumann is the chairman of StepStone Private Debt and StepStone Liquid Alternatives. As member of the management team he… Read full bio

Toby Belsom

Director, Investment Practices - PRI

Toby is the Director of Investment Practices at Principles for Responsible Investment. The 10 strong IP team provide guides and tools for signatories when implementing Principle 1 and 2 of the PRI principles. Recent work includes pieces on ESG passiv… Read full bio

Fredrik Berg

Vice President, Wilmington Trust

Fredrik is responsible for introducing corporate clients to Wilmington Trust’s full array of Global Capital Markets services. He specialises in loan agency services, trustee services, high-yield and investment-grade debt, and escrow and distribution… Read full bio

Daniel Blamont

Head of Investment Strategy, The Phoenix Group

Daniel Blamont is head of investment strategy at Phoenix Group within the Corporate Development team. Amongst other, he is responsible for Strategic Asset Allocation for shareholder businesses and derivative strategy for the Group. Daniel has been at… Read full bio

Niels Bodenheim

Senior Director, bfinance

Niels Bodenheim is Senior Director of Private Markets based in bfinance’s London office. Niels leads the coverage of the Private Debt clients and services, and supports initiatives in Real Estate, Infrastructure and Private Equity Markets. The bfinan… Read full bio

Thomas Brady

President, Jeffries Finance

Thomas Brady has been President, Chief Executive Officer and Chief Risk Officer of Jefferies Finance LLC since December 2016 and has been a senior member of our management team since 2004. He previously served as the Head of Structuring & Capital Mar… Read full bio

Stephan Caron

Head of European Middle Market Private Debt within BlackRock Alternative Investors (BAI), BlackRock

Stephan Caron, Managing Director, is Head of European Middle Market Private Debt within BlackRock Alternative Investors (BAI). In this role, he is responsible for leading the platform, originating and executing investment opportunities, leading the i… Read full bio

Trevor Castledine

Principal, Crescent Consult

Now an independent investment consultant, Trevor is formerly Investment Director for the Credit investments of LPPI, the investment management collaboration between Lancashire County Pension Fund and LPFA. Prior to that he was Deputy CIO at LCPF, hav… Read full bio

Romain Cattet

Partner, Marlborough Partners

Romain is a founding Partner of Marlborough Partners which was set up in 2010. Over the last 9 years, he has taken an active part in growing the company to a team of more than 25 professionals with a track record of 200 deals across Europe Prior comp… Read full bio

Richard Coldwell

Director - Direct Lending Debt Funds, British Business Bank Investments

Richard is a Chartered Accountant, having started his career with KPMG. He worked in the corporate finance teams for two multi-national divisions and has 10 years’ experience of structured finance in a risk team at GE. He was a founding member of the… Read full bio

Abhik Das

Managing Director, Head of Private Debt - Golding Capital Partners

Managing Director and Head of Private Debt; joined Golding Capital Partners in 2018. He is responsible for the selection, execution and monitoring of private debt fund investments and co-investments, as well as the portfolio management thereafter. Pr… Read full bio

Jeff Davis

Partner - Co-Head of Credit, Eaton Partners

Jeff is the Co-Head of Private Credit and has a leadership role in the origination, underwriting and project management of Eaton’s private credit-related offerings. He works closely with clients on marketing strategy, collateral design and product po… Read full bio

Simon Davy

Head of Private Markets, Local Pensions Partnership

Simon is responsible for the origination, execution and management of infrastructure assets for GLIL Infrastructure (GLIL) and LPP Investments (LPP). GLIL is an open-ended Alternative Investment Fund focused on core infrastructure assets in the UK an… Read full bio

Julia Demidova

Commercial Partnership Manager, Official Monetary and Financial institutions Forum

Julia Demidova part of commercial team at Official Monetary and Financial institutions Forum. Responsible for building and enhancing relationships with senior officials from central banks, sovereign funds, public pension plans, and debt management of… Read full bio

Nicole Downer

Managing Partner, MV Credit

Nicole Downer joined 2005 is a Managing Partner and Head of Investor Relations, managing a number of strategic relationships of the firm. She is also a member of the MV Credit Manager Board. Prior to MV Credit, Nicole was a Managing Director at Deuts… Read full bio

Caroline Escott

Policy Lead: Investment and Stewardship, Pensions and Lifetime Savings Association

Caroline leads on institutional investment and corporate governance issues at the PLSA. She was previously Head of Public Policy at the UK Sustainable Investment and Finance Association (UKSIF) and has also held roles providing financial policy analy… Read full bio

Nicolas Firzli

Director-General, World Pensions

M. Nicolas J. Firzli is Director-General of the World Pensions Council (WPC), the international association of pension and social security funds. He is a graduate of Canada’s McGill University (Statistics & Financial Economics), an alumnus of the HEC… Read full bio

Sabrina Fox

Executive Advisor, European Leveraged Finance Alliance

Sabrina is a recognised expert in the European leveraged finance market focused on increasing transparency, improving disclosure standards, and educating market participants on the importance of lender protections in documentation. Most recently, Sab… Read full bio

Christopher Gardner

Partner, Financial Services and Investment Management - Dechert

Christopher Gardner’s practice focuses on the structuring and establishment of private funds domiciled in a range of onshore and offshore jurisdictions and across a range of asset classes, with a focus on liquid and illiquid debt and credit, hedge, h… Read full bio

John Graham

Senior Managing Director & Global Head of Credit Investments, Credit Investments - Canada Pension Plan Investment Board

John is responsible for leading Credit Investments globally. He has worked in both the Total Portfolio Management group and in Private Investments. John took on leadership of Principal Credit Investments in 2015 as Managing Director and Global Head o… Read full bio

Alex Griffith

Partner, Proskauer

Alex’s practice focuses on leveraged finance and general debt finance work, advising senior, mezzanine, second lien, unitranche and other private capital providers. His extensive experience covers a wide range of transactions, including corporate ref… Read full bio

Will Hayles

Director, Credit Suisse International

Will is a leading project manager in the London office of the Credit Suisse Private Fund Group (PFG) and is a Director in the team. He has built a strong reputation in the industry and has led the PFG’s execution of some landmark fundraises in the Eu… Read full bio

Antje Hensel-Roth

Senior Managing Director, ICG plc

Information to follow.

David Hirschmann

Head of Private Credit, Permira Debt Managers

David joined Permira Debt Managers in June 2015 and is Head of Private Credit and a Partner. David is also a member of the PCS2 Investment Committee. Previously, David was Managing Director at Babson Capital Europe, where he was responsible for sourc… Read full bio

Daniel Humphrey Rodriguez

Head of Fund Manager Research, PDI

Daniel Humphrey Rodriguez is the Head of Fund Manager Research at PEI. Based in London, he is responsible for leading PEI’s research and analysis of private equity managers and fundraising information globally. He is also responsible for a number of… Read full bio

Johan Hultner

Managing Partner, Arcos Capital

Johan is a founder and Managing Partner of ARCOS Capital, a private debt fund focusing on senior secured lending to the mid-cap corporate market in Northern Europe (GAS, Benelux, UK and the Nordic Region). Prior to joining ARCOS, Johan worked in bank… Read full bio

Ari Jauho

Partner, Chairman, Certior Capital

Since 2011 Mr. Jauho is one of the Founding Partners and the Chairman of Certior Capital Ltd, focusing on private equity and private credit fund investing and co-investing. Previously Mr. Jauho was Partner at Access Capital after Access Capital bough… Read full bio

Alex Jones

Principal - Private Debt, Ares Management Limited

Mr. Jones is a Principal in the Ares Credit Group, where he focuses on European direct lending. Prior to joining Ares in 2014, Mr. Jones was an Assistant Director in the Debt Advisory and Restructuring Group at Rothschild in London, where he focused… Read full bio

Gabriella Kindert

Expert In Alternative Lending and Private Debt, Supervisory Board Member – Mizuho Europe

Dr. Gabriella Kindert is a senior banking and investment professional specialized on Alternative Credit, Private markets and the digital transformation in the financial sector. She gained over 20 years of international experience in managing investme… Read full bio

Matthias Kirchgaessner

Advisor, PLEXUS Investments

Prior founding his own company Cross Atlantic Alternative Asset Consulting, Matthias Kirchgaessner, was the lead Product Manager for managing customized FoHF portfolios under Allianz Hedge Fund Partners in San Francisco, Allianz Alternative Asset Man… Read full bio

Marcin Leja

Managing Director, Credit Value Investments

Marcin Leja is a managing director at CVI, the leading private debt investor in EU accession countries. During his six year tenure at the company, he was instrumental in increasing assets under management from EUR 150m to EUR 1.2bn. He was also the d… Read full bio

Yodia Lo

Alternatives, Church of England

Yodia Lo focuses on Hedge Funds, Alternative Credit and Co-investments at Church Commissioners, the £8b endowment arm of the Church of England. In this role she has sourced investments including Emerging Market Distressed Debt, Short Term Quant and d… Read full bio

John McGrath

Partner, Structured Finance and Financial Restructuring - Dechert

John McGrath, Partner, Structured Finance and Financial Restructuring, Dechert LLP John McGrath, a senior structured finance partner, primarily represents funds and other buy-side parties on a wide range of financial products often involving enforcem… Read full bio

Stefan Mosberger

Senior Analyst, SIGLO Capital Advisors

Stefan Mosberger joined SIGLO as Senior Analyst in 2018. He began his career in 1999 in the Institutional Advisory department at UBS. He then worked for two other banks as institutional adviser, focusing on clients with derivative investments and dev… Read full bio

Marco Natoli

Head of Lower Mid-Market – Northern, Eastern & Southern Europe, European Investment Fund

At EIF since January 2009, Marco is heading the Lower Mid-Market team investing in equity, hybrid debt / equity and private debt funds across Europe, with a particular focus on the Northern, Eastern and Southern regions. He coordinates the Lower Mid-… Read full bio

Maria Nazarova-Doyle

Principal, Market Engagement Leader, Mercer

Following the acquisition of JLT Group by Marsh & McLennan in April 2019, Maria has taken up the role of Market Engagement Leader responsible for leading, formulating and executing a market engagement strategy for Mercer’s DC & Individual Wealth busi… Read full bio

Adriana Oller

Founder & Partner, Resilience Partner

Adriana Oller started her career as a principal investor at 3i Spain, and continued at Axis, providing direct lending solutions to SME's focused on established and profitable Spanish companies, which could not find suitable financing solutions to the… Read full bio

Chris Palmer

Investment Director, ReAssure Asset Management

Chris is an Investment Director in ReAssure's Asset Management team, with prime responsibility for the development and economic returns of ReAssure's investment portfolios, in public and private credit. He was previously Head of Market Risk for Credi… Read full bio

Dominick Peasley

Head of Distribution within Capital Markets, Funding Circle

Dominick is Head of Distribution for Funding Circle. Prior to FC he co-founded fund placement agency, Capital-B. Prior to this he was head of Fund Distribution for Lombard Odier IM and head of European Fund Distribution for Ashmore Group. Dominick wo… Read full bio

Tingting Peng

Head of Investor Relations & Business Development, ESO Capital

Tingting is the Head of Investor Relations and Business Development at ESO, with coverage of investors across Europe, North America and Asia. Prior to joining ESO, Tingting was Principal and Chief Operating Officer at Real Asset Partners, a boutique… Read full bio

Bobby Rakhit

Chief Executive Officer & Founder, ICP Capital

Bobby is a CFA charterholder, graduate of McGill University and holds an MBA in Finance. He is the Founder of ICP Capital which is a multi-family office that was born from his successes in fintech and investments. The family has used its excess capit… Read full bio

Faisal Ramzan

Partner, Proskauer

Faisal Ramzan is a partner in the Corporate Department and a member of The Private Credit, Finance and Distressed Debt Groups. Faisal's practice focuses on complex cross-border and domestic finance transactions and credit arrangements, particularly t… Read full bio

Craig Reeves

Founder, Prestige Funds

Craig established Prestige in 2007 and has raised almost USD2bn. He has nearly 25 years’ experience as a professional investment manager, trader and investor of alternative investments, hedge funds, capital markets and real estate, and regularly cont… Read full bio

David Ross

Managing Director & Head of Private Credit, Northleaf Capital

David is a Managing Director and the Head of Private Credit at Northleaf Capital Partners, an independent global private markets fund manager with more than $13 billion in private credit, private equity and infrastructure commitments under management… Read full bio

Yusuf Samad

Trustee, Sodexo Pension Scheme

Yusuf has over 40 years of experience in investing, investment consulting and banking. He currently acts as a professional pension fund trustee and consultant on investment matters. Till July 2018, Yusuf was an Investment Principal at the Pension Pro… Read full bio

David Scudellari

Senior Vice President and Global Head of Credit Investments and Fixed Income, PSP Investments (Public Sector Pension Investments)

David Scudellari has more than 30 years of leveraged finance and capital markets experience in the US and Canada. He joined PSP Investments in November 2015 to develop the organization’s presence in the US leveraged finance market through its US affi… Read full bio

David Weeks

Co-Chair, Association of Member Nominated Trustees

David Weeks was elected as Co-Chair of the Association of Member Nominated Trustees (AMNT) in 2016. The AMNT has over 700 members, from around 500 pension schemes. Together, these have assets under management of just under £700 billion: nearly one th… Read full bio

Adam Wheeler

Head of European and Asia Pacific Private Finance, Barings

Adam Wheeler is Head of Barings’ European and Asia Pacific Private Finance and a member of the firm’s Asia-Pacific and European Private Finance Investment Committees. He is responsible for leading the teams that originate, underwrite and manage priva… Read full bio

Deborah Zurkow

Global Head of Alternatives, Allianz Global Investors

Deborah Zurkow is Global Head of Alternatives at Allianz Global Investors, and a member of the Global Executive Committee. Deborah is responsible for AllianzGI’s fast-growing Alternatives business, which includes a diverse mix of both liquid and illi… Read full bio
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View the 2019 agenda

For more information on the agenda, please contact James Hatwell at James.hatwell@peimedia.com  or call +44 (0) 20 3994 7961.

Download your copy of the 2019 agenda here.

 

Day 1 Day 2
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Agenda

Day 1 - Wednesday 20th

Capital Structure Forum 2019 - Day 1
08:15 - 09:00

Registration & Coffee

09:00 - 09:05

PDI Capital Structure Welcome Address

09:05 - 09:20

Chairperson’s Opening Remarks

09:20 - 09:55

Opening Keynote Fireside Chat: Exploring private debt as a cashflow-generating asset

Faisal Ramzan , David Scudellari

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

Moderator: Faisal Ramzan, Partner, Proskauer

A speaker photo for Faisal Ramzan

Faisal Ramzan

Partner, Proskauer

Read bio
A speaker photo for David Scudellari

David Scudellari

Senior Vice President and Global Head of Credit Investments and Fixed Income, PSP Investments (Public Sector Pension Investments)

Read bio
09:55 - 10:40

Keynote Panel Discussion: Investing in illiquidity - why should private debt be part of your portfolio?

Christopher Gardner, Richard Coldwell, Simon Davy, Chris Palmer, Deborah Zurkow

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

A speaker photo for Christopher Gardner

Christopher Gardner

Partner, Financial Services and Investment Management - Dechert

Read bio
A speaker photo for Richard Coldwell

Richard Coldwell

Director - Direct Lending Debt Funds, British Business Bank Investments

Read bio
A speaker photo for Simon Davy

Simon Davy

Head of Private Markets, Local Pensions Partnership

Read bio
A speaker photo for Chris Palmer

Chris Palmer

Investment Director, ReAssure Asset Management

Read bio
A speaker photo for Deborah Zurkow

Deborah Zurkow

Global Head of Alternatives, Allianz Global Investors

Read bio
10:40 - 11:15

Coffee & Networking

Capital Structure Forum 2019 - Day 1
11:15 - 12:00

Preparing for a downturn? Allocation, underwriting and fund structuring tips from the top

Thomas Brady, Abhik Das, Yodia Lo, David Ross

Panel Discussion

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?
A speaker photo for Thomas Brady

Thomas Brady

President, Jeffries Finance

Read bio
A speaker photo for Abhik Das

Abhik Das

Managing Director, Head of Private Debt - Golding Capital Partners

Read bio
A speaker photo for Yodia Lo

Yodia Lo

Alternatives, Church of England

Read bio
A speaker photo for David Ross

David Ross

Managing Director & Head of Private Credit, Northleaf Capital

Read bio
12:00 - 12:25

The Quest for Yields in a Time Crisis - Pension Investors Transforming Private Debt for the Public Good

Nicolas Firzli

Presentation

Speaker: Nicolas J. Firzli, Director-General, World Pensions Council (WPC)

A speaker photo for Nicolas Firzli

Nicolas Firzli

Director-General, World Pensions

Read bio
12:25 - 13:00

Working private debt into your defined contribution scheme

Trevor Castledine, Maria Nazarova-Doyle, Yusuf Samad

Panel Discussion

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?
A speaker photo for Trevor Castledine

Trevor Castledine

Principal, Crescent Consult

Read bio
A speaker photo for Maria Nazarova-Doyle

Maria Nazarova-Doyle

Principal, Market Engagement Leader, Mercer

Read bio
A speaker photo for Yusuf Samad

Yusuf Samad

Trustee, Sodexo Pension Scheme

Read bio
13:00 - 13:30

The state of play – fundraising in private debt

Jeff Davis, Will Hayles, Tingting Peng

Panel Discussion

  • 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?
A speaker photo for Jeff Davis

Jeff Davis

Partner - Co-Head of Credit, Eaton Partners

Read bio
A speaker photo for Will Hayles

Will Hayles

Director, Credit Suisse International

Read bio
A speaker photo for Tingting Peng

Tingting Peng

Head of Investor Relations & Business Development, ESO Capital

Read bio
13:30 - 14:30

Lunch & Networking

Stream A: Regulation & Roadblocks
14:30 - 15:10

Keeping pace with the regulators – AIFMD, LIBOR & more

Daniel Blamont, Caroline Escott

Panel Discussion

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
A speaker photo for Daniel Blamont

Daniel Blamont

Head of Investment Strategy, The Phoenix Group

Read bio
A speaker photo for Caroline Escott

Caroline Escott

Policy Lead: Investment and Stewardship, Pensions and Lifetime Savings Association

Read bio
15:10 - 15:40

Fireside Chat: Brexit Update

David Weeks

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?

  • The bigger picture – analysing the situation post-October 31st
  • What knock-on effects will this scenario have on financial markets and investors in general?
  • Have financial institutions prepared thoroughly enough for this moment?
  • What does the immediate and long-term future have in store for private credit in the wake of this outcome?
A speaker photo for David Weeks

David Weeks

Co-Chair, Association of Member Nominated Trustees

Read bio
15:40 - 16:20

Enduring tough times ahead? Understanding your manager’s long-term approach to potential cycle changes

Alex Griffith, Stephan Caron, David Hirschmann, Alex Jones, Adam Wheeler

Panel Discussion

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?

Moderator: Alex Griffith, Partner, Proskauer

A speaker photo for Alex Griffith

Alex Griffith

Partner, Proskauer

Read bio
A speaker photo for Stephan Caron

Stephan Caron

Head of European Middle Market Private Debt within BlackRock Alternative Investors (BAI), BlackRock

Read bio
A speaker photo for David Hirschmann

David Hirschmann

Head of Private Credit, Permira Debt Managers

Read bio
A speaker photo for Alex Jones

Alex Jones

Principal - Private Debt, Ares Management Limited

Read bio
A speaker photo for Adam Wheeler

Adam Wheeler

Head of European and Asia Pacific Private Finance, Barings

Read bio
Stream B: Innovation & The Future
14:30 - 15:10

Overcoming the hurdles to ESG integration in private debt

Toby Belsom, Nicole Downer, Ari Jauho

Panel Discussion

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

A speaker photo for Toby Belsom

Toby Belsom

Director, Investment Practices - PRI

Read bio
A speaker photo for Nicole Downer

Nicole Downer

Managing Partner, MV Credit

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A speaker photo for Ari Jauho

Ari Jauho

Partner, Chairman, Certior Capital

Read bio
15:10 - 15:40

Fireside Chat: Embracing disruption to ensure you aren’t left behind

Gabriella Kindert, Dominick Peasley

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.

  • How has private debt, and lending more broadly, changed in the last few years as a result of technology?
  • What are the concerns for investors and other stakeholders looking to embrace this disruption? And how can these concerns be addressed?
  • Other than lending platforms, which other areas within private debt have seen technology-driven change & solutions emerge?

Moderator: Gabriella Kindert, Expert In Alternative Lending and Private Debt, Supervisory Board Member – Mizuho Europe

A speaker photo for Gabriella Kindert

Gabriella Kindert

Expert In Alternative Lending and Private Debt, Supervisory Board Member – Mizuho Europe

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A speaker photo for Dominick Peasley

Dominick Peasley

Head of Distribution within Capital Markets, Funding Circle

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15:40 - 16:20

Looking towards the post-established era - where next for private debt?

Fredrik Berg, Niels Bodenheim, Marco Natoli, Bobby Rakhit

Panel Discussion

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

A speaker photo for Fredrik Berg

Fredrik Berg

Vice President, Wilmington Trust

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A speaker photo for Niels Bodenheim

Niels Bodenheim

Senior Director, bfinance

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A speaker photo for Marco Natoli

Marco Natoli

Head of Lower Mid-Market – Northern, Eastern & Southern Europe, European Investment Fund

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A speaker photo for Bobby Rakhit

Bobby Rakhit

Chief Executive Officer & Founder, ICP Capital

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16:20 - 16:45

Coffee & Networking

Capital Structure Forum 2019 - Day 1
16:45 - 16:55

Findings of the ACC’s latest Financing the Economy research

Presentation

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.

16:55 - 17:45

Audience Roundtable Discussions:

Trevor Castledine, Antje Hensel-Roth, Tingting Peng
  • 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
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Trevor Castledine

Principal, Crescent Consult

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Antje Hensel-Roth

Senior Managing Director, ICG plc

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Tingting Peng

Head of Investor Relations & Business Development, ESO Capital

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17:45 - 18:30

Close of Conference & Networking Drinks Reception

Agenda

Day 2 - Thursday 21st

Capital Structure Forum 2019 - Day 2
08:00 - 09:00

Invitation Only LP Networking Breakfast

09:00 - 09:05

Chairperson’s Welcome Address

09:05 - 09:30

Fireside Chat: Exploring emerging markets in private debt

John Graham

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)

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John Graham

Senior Managing Director & Global Head of Credit Investments, Credit Investments - Canada Pension Plan Investment Board

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09:30 - 09:50

Fundraising & investors: how is the market evolving?

Daniel Humphrey Rodriguez

Presentation

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

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Daniel Humphrey Rodriguez

Head of Fund Manager Research, PDI

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09:50 - 10:50

Case Studies: From the Front Lines 2.0

Gabriella Kindert, Matthias Kirchgaessner, Marcin Leja , Adriana Oller

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.

Co-Moderators:

Gabriella Kindert, Expert In Alternative Lending and Private Debt, Supervisory Board Member – Mizuho

Matthias Kirchgaessner, Advisor, PLEXUS Investments

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Gabriella Kindert

Expert In Alternative Lending and Private Debt, Supervisory Board Member – Mizuho Europe

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Matthias Kirchgaessner

Advisor, PLEXUS Investments

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Marcin Leja

Managing Director, Credit Value Investments

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A speaker photo for Adriana Oller

Adriana Oller

Founder & Partner, Resilience Partner

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10:50 - 11:20

Coffee & Networking

Capital Structure Forum 2019 - Day 2
11:20 - 12:05

Distressed investments in an uncertain future

John McGrath, Julia Demidova, Hans Jorg Baumann, Stefan Mosberger

Panel Discussion

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

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John McGrath

Partner, Structured Finance and Financial Restructuring - Dechert

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A speaker photo for Julia Demidova

Julia Demidova

Commercial Partnership Manager, Official Monetary and Financial institutions Forum

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Hans Jorg Baumann

Chairman, StepStone Private Debt & Liquid Alternatives;Co-Founding Partner SwissCapital - Stepstone Global

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Stefan Mosberger

Senior Analyst, SIGLO Capital Advisors

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12:05 - 12:40

Fireside Chat: Safeguarding your investment - the questions you should be asking when it comes to covenants

Romain Cattet, Sabrina Fox

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
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Romain Cattet

Partner, Marlborough Partners

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Sabrina Fox

Executive Advisor, European Leveraged Finance Alliance

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12:40 - 13:20

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?
13:20 - 13:25

Closing Remarks

13:25 - 14:30

Networking Lunch & End of Conference

2019 Sponsors include

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

Giulia Corsini, giulia.c@peimedia.com, 44 (0) 203 994 7964

 

 

9 Montague Close, London SE1 9DD

Glaziers Hall

Networking opportunities

  • Private and public pension funds, insurers, endowments, family offices & more – all types of institutional investors will be in attendance
  • Hear their unique views on various themes across the agenda – ranging from downturn preparedness to opportunities in emerging markets
  • Utilise the networking breaks to follow up with investors after their sessions, and ask the questions you had in mind in a private informal environment
  • Focused on fundraising? This is the perfect opportunity to introduce your fund & strategies to a global investor audience
  • Forge connections, leave impressions and build lasting relationships with 60+ active and prospective investors in private debt

Hear from our investors

Daniel Blamont, Head of Investment Strategy, The Phoenix Group

Richard Coldwell, Director – Direct Lending Debt Funds, British Business Bank Investments 

Simon Davy, Head of Private Markets, Local Pensions Partnership

John Graham, Senior Managing Director & Global Head of Credit Investments, Credit Investments, Canada Pension Plan Investment Board 

Yodia Lo, Alternatives, Church of England

Marco Natoli, Head of Lower Mid-Market – Northern, Eastern & Southern Europe, European Investment Fund 

Yusuf Samad, Trustee, Sodexo Pension Scheme

David Scudellari, Senior Vice President and Global Head of Credit Investments and Fixed Income, PSP Investments 

Investor perspectives

A quote icon for decorating the content Yusuf Samad

Trustee, Sodexo Pension Scheme

I’ll be attending the PDI Capital Structure forum in London on 20-21st November. I have experience of investing in the private debt market and it remains an are…

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A quote icon for decorating the content John Graham,

Senior Managing Director & Global Head of Credit Investments, Credit Investments, Canada Pension Plan Investment Board

This November I’ll be participating in a fireside chat about private credit at the PDI Capital Structure forum in London. I’m excited to highlight how CPPIB is…

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A quote icon for decorating the content Daniel Blamont

Head of Investment Strategy, Phoenix Group

This November I’ll be participating at the PDI Capital Structure forum in November. I’ll be taking part in a panel on the first day, discussing how to keep pace…

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