The Forum is the premier venue for in-house financial and operational professionals to hear best practices and industry developments from a wide spectrum of private debt industry peers.
The day and a half program featured insights from senior financial, operational, tax, accounting and compliance officers at private debt funds managing BDCs, private credit, distressed investment, and senior lending strategies. They dove into the complexities of managing the finance and operations of firms that invest across the capital structure including senior secured loans, subordinated debt, hybrid financing and more.
- Building the optimum operating model
- What types of internal accounting and reporting systems are required?
- Investor reporting and communication: meeting and exceeding investor expectations
- Potential tax liabilities when buying debt at a discount
- Valuation challenges unique to private debt funds
- Proposed tax reform changes impacting private debt funds
- Unique compliance hot button issues for private debt funds
- Addressing fund administration complexity and working with outsourced providers
- Leveraging technology to scale the organization
- Fund structures to protect non-US investors and tax exempt investors
Marcia L. Page
Founding Partner and Executive Chair
Recognized as a pioneer in the alternative credit industry, Marcia will share her insights on the firm’s 25 year journey from a small fund in Minneapolis to a leading global alternative investment firm with $14 billion in assets across multiple strategies and her efforts to increase diversity in the industry.
For CFOs & COOs
Gain valuable insights and actionable intelligence from CFOs and COOs at private debt funds on how they address their biggest operational challenges.
Latest regulatory and tax updates
While the 2018 tax bill had limited impact on private credit investment, learn how potential CFIUS changes could negatively affect appetite for foreign investment.
Whether your firm is raising its first private debt or credit fund, or expanding an existing platform, this is the event for you to build your network.
Harbert Management Corp
John Harrison, Sr. Managing Director
The best conference on the overall private debt market
I found the conference well put together. The panels were all interesting and topical.
Day 1 - Tuesday 11th
Networking Breakfast co-hosted by PDI and Women in Alternative Credit (invitation only)
Registration and welcome breakfast
Panel | Scaling your organization for growth in an increasingly complex business environment
- How are fund managers improving efficiency and scalability through digital and analytical tools?
- How do you drive the conversations re appropriate staffing with the GPs?
- How can you achieve economies of scale across finance, operations, human resources and compliance?
- As firms grow, which functions gain efficiency with more internal resources?
- Outsourcing and Technology – can you add more efficiency with investment in in-house systems or leveraging outsourced providers?
Mark Johnson, Senior Managing Director, Cliffwater LLC
Head of Financial Reporting, The D.E. Shaw GroupRead bio
Vice President of Fund Administration, AEA Investors LPRead bio
Managing Director, Chief Accounting Officer, Ares ManagementRead bio
Senior Director, Operations, Credit Investments, PSP InvestmentsRead bio
Panel | Update on private debt fund structures
- Recent trends in private debt LPAs
- Advantages of different domiciles
- Negotiating the terms of the LPA
- When does an SMA make sense?
- Flexibility of the way capital is raised to be able to invest in other strategies
Barry Giarraputo, Chief Financial Officer, Antares Capital
Chief Financial Officer and Director of Investor Relations, New Energy CapitalRead bio
Senior Managing Director and Chief Financial Officer, Churchill Asset ManagementRead bio
Managing Director, Fund Administration, Cortland Part of Alter Domus GroupRead bio
Panel | LP perspective on investment in private debt and credit funds
- How does operational due diligence differ from private equity?
- What are LPs looking for in terms and conditions
- How are market volatility, interest rate increases, looser covenants, and increased competition for deals affecting LP sentiment?
- What are the biggest concerns to LPs when they seek to allocate to private debt and what should GPs be aware of when it comes to investor sentiment?
- How do LPs differentiate between managers?
- ILPA guidelines of use of leverage facilities
Michelle Noyes, Managing Director, Head of Americas, AIMA
Panel | Leveraging technology to more effectively manage data across the organization
- Using technology for deal flow and monitoring loans
- Investor reporting dynamic – level of transparency and information that are required by investors
- How do you balance the organization’s requirements and demands of the LPs?
- Transactional volume – tools to track, monitor and calculate performance
- How do you ensure data integrity?
- Determining whether you have the right information to guide the business
Michael Suchenski, Regional Director, Yardi
Workshop A: Tax structuring considerations for non-US based investors
- Qualified interest income pass through vehicles
- US tax rules affecting non-US investors
- Tax implications in debt origination
- Potential tax liabilities when buying debt at a discount
- Seasoning debt components and warehousing strategies
Workshop B: Valuation case studies to illustrate trends in valuation methodology
Panel | Considerations when expanding into adjacent asset classes
- Challenges of integrating new teams and technology systems to manage different strategies
- Do they look different operationally?
- Geographical expansion considerations
- Addressing allocation, conflicts of interest and compliance issues
- LP concerns around style drift
Nicholas Nolan, Director, Solutions Consulting, SS&C Advent
Panel | Expanding your capital base, opportunities beyond the institutional investor
- Where is new capital coming from and why?
- What are these new investors looking for?
- What are some of the new the operational hurdles?
- What role does technology play?
What does the future look like?
Cesar Estrada, Senior Managing Director, Global Head of Product Management for PE & Real Assets Fund Services, State Street Corporation
Managing Partner, Head of Product Development & Origination, iCapital NetworkRead bio
Managing Director & Chief Financial Officer, Benefit Street PartnersRead bio
Managing Director, Owl Rock Capital PartnersRead bio
Brian S. Williams
Chief Financial Officer, Guggenheim Credit Income FundRead bio
Panel | Best practices in managing valuation of loans and illiquid credits
- How to ensure you have the most effective systems in place
- Compare benefits of using 3rd party valuations to complement in-house resources
- Developing robust tools and templates to use internally
- How to effectively manage and use third party valuation advisors, fund administration, custodians and auditors
- Managing the separation between deal partners and fund administrators
- How do you use third party valuation relative to the process?
Richard Horowitz, Partner, Co-Head of Permanent Capital Practice, Dechert LLP
Chief Financial Officer, Apollo Investment CorporationRead bio
Chief Operating Officer and Chief Financial Officer, THL CreditRead bio
Managing Director, The Carlyle GroupRead bio
Chief Operating Officer, Managing Director, Evolution Credit PartnersRead bio
Day 2 - Wednesday 12th
CFO and COO Think Tank (invitation-only)
Registration and breakfast
Chairwoman’s opening remarks
Panel | Asset based leveraged facilities for private debt funds
- Best practices in staffing and managing leverage facility
- What trends are you seeing with investor preferences for levered vehicles?
- How do you use subscription lines for your levered vs unlevered funds?
Patrick Frisch, CFA, Managing Director, Head of Investment Industry Finance, ING Capital LLC
Panel | Carried interest plan structures and design
- How is carried interest structured for your deal teams, finance executives and potential new hires?
- Assessing various structures: deal by deal, vintage year, and fund level point allocation
- How do you treat carry in BDC’s?
Are there holdbacks in your award points?
- Reserve or reallocation: approaches for handling points when hiring new deal team professionals
- How do you treat vested points for retired and former employees?
Tom Pittman, Managing Director, Chief Marketing Officer, EWM Global
Panel | Managing liquidity and treasury management
- Track records and multiples of how IRRs are calculated for debt structures
- Funding deals over time
- Managing capital calls
- Allocating deals across multiple vehicles that participate in debt funds
Shaun Gembala, Head of Credit Liquidity Solutions, Macquarie Group
Panel | Key compliance issues for private credit funds
- Managing and monitoring investment opportunity allocations
- Insider trading controls
- Expense allocation issues
- Current trends and update on “hot button” SEC issues
Jason Brown, Partner, Ropes & Gray LLP
Panel | CFOs role in helping the workout team when there are credit issues
- Managing potential claw back risk
- How are you preparing for cash management at the fund level if you see defaults on the horizon?
- Impact on use of lines of credit /subscription lines if the asset quality doesn’t hold up
- If there’s a general decline how will that affect getting leverage
- Monitoring the credit and underlying borrowers
Timothy Clark, Partner, Dechert LLP
Networking luncheon and end of conference
Interested in speaking at the 2020 Forum? Please contact Arleen Buckley at firstname.lastname@example.org or +1 212 633 1454.
Managing Director, Head of Operational Due Diligence, Cambridge Associates
Partner, Ropes & Gray LLP
Managing Director Operations & Compliance, Monroe Capital
Partner, Dechert LLP
Chief Financial Officer, MC Credit Partners
Senior Vice President, ARENA Investors LP
Managing Partner, Head of Product Development & Origination, iCapital Network
Chief Financial Officer and Treasurer, PennantPark
Sr. Managing Director, Global Head of Product Management for PE & Real Assets Fund Services, State Street Corporation
Managing Director, Head of Investment Industry Finance, ING Capital LLC
Director, Lincoln International LLC
Head of Credit Liquidity Solutions, Macquarie Group
Barry Giarraputo Chief Financial Officer, Antares Capital
Head of Financial Reporting, The D.E. Shaw Group
Partner, Ropes & Gray LLP
Partner, Co-Head of Permanent Capital Practice, Dechert LLP
Director, Finance and Controller, Thoma Bravo
Chief Financial Officer, Apollo Investment Corporation
Senior Managing Director, Cliffwater LLC
Vice President of Fund Administration, AEA Investors LP
Managing Director, Lincoln International LLC
Managing Director & Chief Financial Officer, Benefit Street Partners
Chief Financial Officer and Deputy Chief Operating Officer, EJF Capital
Chief Financial Officer, MidCap Financial
Chief Financial Officer and Director of Investor Relations, New Energy Capital
Director, Solutions Consulting, SS&C Advent
Managing Director, Head of Americas, The Alternative Investment Management Association (AIMA)
Managing Director, Owl Rock Capital Partners
Partner, General Counsel and Chief Compliance Officer, Brightwood Capital Advisors
Chief Operating Officer and Chief Financial Officer, THL Credit
Global Private Credit Strategist, Aksia LLC
Founding Partner and Executive Chair, Värde Partners
Managing Director, Brightwood Capital Advisors
Chief Risk Officer, OC Private Capital
Partner and Chief Operating Officer, Atalaya Capital Management
Managing Director, Chief Marketing Officer, EWM Global
Managing Director, The Carlyle Group
Chief Financial & Administrative Officer, NXT Capital
General Counsel and Chief Compliance Officer, THL Credit
Senior Director, Operations, Credit Investments, PSP Investments
Partner, Chief Operating Officer and Chief Financial Officer, Victory Park Capital
Chief Operating Officer, Managing Director, Evolution Credit Partners
Chief Financial Officer, Twin Brook Capital Partners
Regional Director, Yardi
Chief Financial Officer, MGG Investment Group LP
Senior Portfolio Manager- Credit, UPS Group Trust
Senior Vice President, Head of Valuation, GSO Capital Partners
Senior Managing Director and Chief Financial Officer, Churchill Asset Management
Chief Financial Officer, Guggenheim Credit Income Fund
Managing Director, Fund Administration, Cortland Part of Alter Domus Group
Event venue & hotel accommodations
Click here to reserve hotel accommodations in our room block at the Kimpton Muse Hotel. Rooms are limited and are on a first-come-first-served basis; early booking is strongly advised.