最も権威ある一流のデット専門誌とされるPrivate Debt Investor誌の地位を活用したこのフォーラムは、日本の最大手のLPと貴社をつなぎ、最も有力なグローバルGPとインサイトを交換するためのゲートウェイとなります。2019年に投資戦略を強化し資金調達に弾みをつけるまたとない好機です。
最も権威ある一流のデット専門誌とされるPrivate Debt Investor誌の地位を活用したこのフォーラムが、世界中のシニアプライベートデット専門家からの最も独占的な分析と比類のないインサイトをご提供します。
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Day 1 - Tuesday 5th
Registration & networking
PEI welcome and opening remarks
Keynote: The value of scale and differentiated sourcing capabilities in private credit
- Non-sponsor lending: not just sourcing, it’s about execution
- An awash in debt capital – Utilizing scale as a competitive advantage
- Opportunities to find alpha returns persist at the larger end of the lending market
Keynote panel: Global debt under the microscope
- The role of private debt within the wider portfolio
- Addressing the impact of unique global issues in debt
- The tighter terms and limited deal sourcing opportunities: How do they affect the return expectations?
- Lessons learned from the global financial crisis
- Where does the real asset debt sit for investors?
Americas Editor, Private Debt InvestorRead bio
Founder and Managing Partner, PennantPark Investment AdvisersRead bio
Chairman and Chief Executive Officer, NXT CapitalRead bio
Senior Managing Director, Head of Origination and Capital Markets, Churchill Asset ManagementRead bio
Keynote: Getting your debt strategy right
- Evolution of the private debt market and diversity of fund structures
- What LPs should look for when finding a fund manager
- Case study: Investing in complex debt structuring deals – The perils and the potential of the unitranche
Panel: In focus: Mid-market direct lending in US
- What are the drivers for investing in the mid-market?
- How does the upper and lower mid-market compare for deals, visibility, terms and returns?
- What are the trade-offs between syndicated lending and private market lending in the mid-market and SME space?
- To what extent to mid-market lending dynamics align with the overall private debt cycle?
- Is the direct lending market over-saturated and how can managers continue to differentiate themselves from the competition?
Panel: In focus: Mid-market direct lending in Europe
- Opportunities and potential hurdles for European investments – Markets divide, jurisdictions, Brexit, bank vs alternative lenders
- Does the upper and lower mid-market compare for deals, visibility, terms and returns?
- What are the trade-offs between syndicated lending and private market lending in the mid-market and SME space?
- Future prospect of European direct lending market – Growth, LPs, subdivision of the asset class, market unification
Senior Director, U.S. Structured Credit Group, Fitch RatingsRead bio
Head of Private Debt, Managing Director, ArdianRead bio
Co-Head of Asia, Tikehau CapitalRead bio
Partner, EQT CreditRead bio
Panel: Effective ways to manage, add value and extract maximum returns from distressed debt and special situations
- How are Asian or European countries dealing with their NPL issues and performing loans?
- Distressed, special situations and NPL exit strategies that meet return expectations: What are the available options?
- Where are we in the economic cycle and how does credit special situations change in response to the wider economic situation?
Networking lunch (Sponsored by HPS)
European direct lending: How to address investors’ concern for potential downside risks
- Too much dry powder – is market over-crowded?
- Ever loosening lending terms – Do direct lenders maintain the terms to protect LPs?
- Credit risk around the corner – Are lenders prepared to perform workouts in possible downturns?
Panel: Senior debt vs opportunistic credit strategies
- What explains the attractiveness of senior debt at present? What is the workout or restructuring process for senior debt lenders?
- What are other alternative options?
- What role do the strategies play in an investor’s portfolio in the current credit cycle?
- How to diligence managers and evaluate deal sourcing and underwriting capabilities
Panel: The rise of infrastructure debt
- How do recent global trends encourage Japanese investors to pursue this strategy?
- Where are we in the debt cycle and how long can the good times last?
- Where does infrastructure debt sit in an LPs portfolio and how does this impact return expectations?
Chief Product Strategist, Nomura Funds Research and TechnologiesRead bio
Senior Investment Officer & Chief Operation Officer, AISIN Employees' Pension FundRead bio
Manager for Foreign Equity and Alternative Investment Department, Nippon Life InsuranceRead bio
Deputy General Manager, Alternative Investment Group, Sumitomo Mitsui DS Asset ManagementRead bio
Chief Investment Officer, West Japan Metal and Machinery Pension FundRead bio
Panel: Japan and other Asian markets focus
- Successful fundraising strategies in Asia
- Opportunities in private debt: How do Japan and Asia compare with the rest of the world?
- What are the credit opportunities away from the direct lending crowd?
Panel: Japanese LP perspectives on private debt
- How do global trends or local regulations encourage investors to pursue private debt?
- Who LPs think managing capital the best – single strategy fund manager vs multi-asset fund manager vs multi-strategy fund manager?
- What do Japanese investors want from their global fund managers?
- What makes LPs confident to increase allocations to private debt?
- Where on the capital stack are investors looking?
End of forum and Cocktail (Sponsored by MGG)
2019年 PDI 東京フォーラムは、150名を超える世界各国のプライベートデット上級意思決定者の間で組織の認知度を高める独特の機会を提供します。
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Private Debt Investor Conference
Japan’s Chikyoren to hire private debt managers for the first time
The $217bn public pension fund is adding private corporate debt to its portfolio as part of a five percent allocation to global alternatives.
By Adalla Kim | 20 July 2018
Japan’s Pension Fund Association for Local Government Officials, known locally as Chikyoren, has issued a Request for Proposals (RFP) as it searches for private debt, infrastructure, real estate, and private equity investment managers in Japan and overseas, according to its latest announcement. The RFP includes the first mandate dedicated to private debt investments.
Chikyoren is looking to invest in both domestic and offshore private debt via asset managers. Qualifying managers should have assets under management of over 100 billion yen ($885 million; €762 million) as of end-March, including the amount managed via trust accounts, the announcement states.
A senior investment officer overseeing the hiring process told PDI that Chikyoren is looking for private corporate debt opportunities both in the US and Europe.
Its prospective total commitment to alternatives will be made from one of two accounts being managed by the association. “The size of this capital pool accounts for five percent of our total assets under management,” the officer noted.
Its current exposure to alternatives stands at 0.4 percent, while the maximum allocation for alternatives is set at five percent of total assets – representing about 1.2 trillion yen ($10.7 billion; €9.1 billion) of its 23 trillion yen in total assets under management, as of end-March (the fiscal year 2017 ends on 27 March).
Further details regarding selection process and return expectations were not disclosed. There is no set deadline for submission of proposals nor a pre-determined commitment size for each mandate.
Chikyoren’s manager registration system operates on a rolling basis, similar to that of its larger peer, the Government Pension Investment Fund (GPIF) of Japan, which accepts proposals all year round and makes investment decisions accordingly.
It has gained exposure to illiquid credit via infrastructure debt and real estate debt investments.
Between June 2016 and March 2018, Chikyoren invested a total of 18.3 billion yen through four overseas infrastructure mandates, according to its latest annual report available only in Japanese.
These include a 3.4 billion yen commitment to Mitsubishi UFJ Trust Bank targeting European regulated assets, which delivered an annualised return of five percent in the fiscal year 2017.
A 3.5 billion yen mandate with JPMorgan Asset Management to invest in core infrastructure in OECD countries delivered an annualised return of 10.3 percent, while a 1.5 billion yen investment with Tokio Marine Asset Management targeting Australian assets, had generated a negative annualised return of 1.42 percent between July 2017 and March 2018.
The largest mandate of 9.9 billion yen landed with Mizuho Global Alternative Investments to invest in infrastructure debt globally. That had delivered a return of 0.77 percent during the last fiscal year.
The public pension has also awarded five real estate mandates for overseas and domestic investments and two domestic private equity mandates over the past two years.
Chikyoren manages the second largest pension pool in Japan after after the $1.4 trillion sized GPIF. Its assets come from pension reserves for members of local government organisations. It is the first among public pensions to issue an RFP for alternative investments in a bid to diversify its portfolio from a long-term investment perspective.
Why more Japanese investors are demanding real asset loans
These institutions prefer floating rate-based loans to mitigate foreign currency hedging risks.
By Adalla Kim | 3 August 2018
More Japanese institutions are part of the alternative credit landscape this year.
Following Pension Fund Association for Local Government Officials’ announcement last month regarding its planned debut in private corporate debt investment, the world’s largest pension fund, Government Pension Investment Fund (GPIF), confirmed to PDI this week that it has existing exposure to alternative lending via a trust account.
GPIF’s commitment, sized at ¥8.2 billion ($73.4 million; €63.4 million), is for a direct co-investment along with International Finance Corporation and Development Bank of Japan, according to a spokesperson from the pension administrator.
It classifies this investment as an international equity allocation given its asset mix criteria as the commitment is held in a trust. A senior officer from IFC Asset Management Company declined to disclose details on investment targets and the name of the vehicle.
Regardless of which classification investors choose to record their investments, one notable theme seen among Japanese institutions that PDI spoke with is that they prefer lending against real asset collateral when making alternative credit investments.
“We are interested in real asset loans such as project-based debt financing,” said a senior offshore alternative investment officer from a Japanese institution who asked not to be named. He added that to achieve higher returns from private credit markets, his organization had chosen real estate debt and infra debt strategies.
Another example is Japan Post Bank, one of the two units of Japan Post Holdings, a holding company overseeing postal, banking, and insurance businesses. Its current alternative credit investment exposure includes mezzanine debt, distressed debt, infrastructure debt, and real estate debt fund commitments.
PDI understands that Japan Post Bank prefers non-recourse loans for real asset debt strategies as the bank seeks low correlation with systematic risk and underwriting based on the projected cash flow from specific transactions only.
Japan Post Bank also disclosed its existing exposure to senior secured direct lending funds, according to its latest mid-term management plan published on 15 May. It revealed to Private Equity International, a sister publication of Private Debt Investor, in March that it will focus on the US and European direct lending markets to seek a meaningful liquidity premium in exchange for the risk.
Although detailed figures were not disclosed, the bank plans to ramp up its alternative investments, targeting four percent of its total investment portfolio by end-March 2021.
Japan Post Bank’s alternative exposure is sized at 8.5 trillion yen ($76.1 billion; €65.5 billion) or one percent of its total portfolio assets as of end-March, according to the material.
Infrastructure debt is an asset class that has been attracting Japanese investors for the last five years.
Most recently, Dai-ichi Life Insurance Company, known as one of the most active Japanese institutions in alternative investments among its peer group, disclosed its anchor commitment of £70 million (¥10 billion; $92.4 million) to M&G Infrastructure Loan Fund.
The loan fund is a European infrastructure debt fund launched in March, targeting project finance loans and bonds for public-private partnerships (PPP) and infrastructure projects in Europe.
Jack Wang, a fund manager at Mizuho Global Alternative Investment, a Tokyo-based investment arm of Japan’s Mizuho Financial Group told PDI in April that it is possible for investment managers to mitigate cyclicality of the global credit market at a degree by investing in assets with long-term contracts with strong counter parties.
A deputy general manager in the offshore alternative investment team from a Japanese insurance firm told PDI that the insurer has committed to infrastructure debt, mezzanine debt, and direct lending strategies. He added that it has been expanding its investment in alternative investments to generate yield amid the low interest rate environment.
However, there are at least two aspects of infrastructure debt investment that investors should be especially careful about. “We should assess how vulnerable the project itself would be and what the structure of these projects is like in the initial stages,” Wang added.
According to a director of a Japanese institution who oversees offshore alternative investments, the biggest concern he has when looking at investment opportunities is the cost of hedging the Japanese yen against foreign currencies, adding that, whether or not general partners can provide a forex hedging solution is an important consideration.
Two industry practitioners told PDI that now, investors have to discount as much as 200 or 250 basis points on foreign currency exchange risk against the US dollar. “That is a significant effect on our investment returns,” one source added.
Given this, Japanese investors are watching out for US interest rate changes given that the foreign currency hedging cost results from a gap in the interest rates between the two countries. This has implications for the higher return expectations from overseas investment among Japanese institutions.
“Almost all Japanese investors have exposure [to these assets] in [Japanese] yen. They prefer a floating rate-based return structure as this feature can naturally hedge some of the costs borne by currency hedging,” Wang said.