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4TH ANNUAL PRIVATE DEBT
EUROPE • BERLIN 6TH NOVEMBER 2019
USA: +1 312 544 0023 UK: +44 203 663 4995 [email protected]
LEAD SPONSOR
CO-SPONSORS
EVENT PARTNERS
www.lpgpconnect.com
EXHIBITOR
LPGP Connect specialise in hosting interactive and engaging investor forums in the global private credit community. We work with firms of all sizes and specialisations to uncover the latest trends in the industry. Our goal is to bring together investors and managers to provide unrivalled networking experiences. We host sector specific and generalist events which aim to inform our clients with the latest news and trends through peer-led networking conferences.
2500+ ATTENDEES WITHIN PRIVATE CREDITS
400+ SPEAKERS
15+ EVENTS
1 ORGANIZER
USA: +1 312 544 0023 UK: +44 203 663 4995 [email protected]
www.lpgpconnect.com
Welcome to the 4th Annual LPGP Connect Private Debt Europe conference. Since the 2008 credit crunch, the industry has witnessed the rise of private debt funds and direct lenders as viable alternatives to banks. As increasing numbers of funds and investors enter the market, the competition intensifies. This is where LPGP Connect events can help, by navigating an extremely busy market and giving you an up-to-date idea on how the private debt asset class is performing through educational, panel-led discussions delivered by industry leaders. Our research team has carefully designed the agenda to cover all areas concerning the asset class; market outlook, range of opportunities and products, maximising alpha with the right strategies, standing out through conscious investing, managing risks and recovery rates, best practices in managing valuations of illiquid loans and mapping out the best prospects. Whether you are investor looking for the right fund or a manager looking to attract new investors, we would like to extend our invitation to attend the networking and lunch breaks followed by a drink reception at the end of the day. Our team is on-site to assist you with anything you require. We would like to give a very special thanks to our sponsors and event partners who supported this conference, and to our speakers and attendees for interesting and insightful discussions. We look forward to bringing you a successful event. The LPGP Connect Team
www.lpgpconnect.com
THE IRISH INVESTMENT LIMITED PARTNERSHIPS ACT – WHAT’S NEW? September 2019
Information on SANNE and details of its regulators can be accessed via sannegroup.com
Bridging the gap Irish Finance Minister, Mr Paschal Donohoe, recently published the Investment Limited Partnerships (ILP) (Amendment) Bill 2019. In the amended ILP Bill, we see changes to the existing legislation that will increase Ireland’s attractiveness as a jurisdiction of choice for closed-ended strategies such as real estate, private equity, venture capital and infrastructure. These highly anticipated changes will close the gap between Ireland and other leading European jurisdictions where funds are domiciled. What is the Investment Limited Partnership Act? The ILP Act provides for the establishment and operation of a regulated ILP structure. The ILP can be used in conjunction with the Alternative Investment Fund Managers Directive (AIFMD), which allows managers registered under AIFMD, to market their funds across the EU and EEA using the European funds marketing passport license/mechanism. What is an ILP? An ILP is a limited partnership fund structure, which is constituted, pursuant to a Limited Partnership Agreement (LPA), where one or more General Partners (GPs), enter into an agreement, with any number of Limited Partners (LPs). An ILP must have an Irish domiciled GP, who will conduct the day-to-day business of the partnership. The assets and liabilities of the partnership are owned proportionately by the LPs, with their liability being limited to the extent of their capital account. The GP is liable for any debt, liability, or obligation greater than the value of the partnership. As ILPs constitute a collective investment undertaking, there is no tax exposure at a fund level, and the ILP remains tax transparent, making this an attractive structure for investors wanting to maintain their current tax status. An ILP must appoint a licensed AIFM, which may be Irish or EU domiciled. In addition, the ILP must appoint an Irish domiciled administrator and depository to perform the respective functions required under AIFMD. Key highlights of the Amendment Bill Umbrella Funds: GPs will have the ability to register and operate an ILP as an Umbrella Fund with segregated liability between sub-funds. “Safe Harbour” Rules: The introduction of “Safe Harbour” rules allow LPs to participate in advisory committees, vote on changes to the LPA and conduct certain activities without losing their limited liability status. Amendments to the LPA: Amendments may be made to the LPA with a simple majority, rather than unanimous approval, of the LPs and providing for the ability to make changes to the LPA if the depositary certifies that the proposed amendments do not prejudice the interests of limited partners and certain other requirements are fulfilled. Dual Foreign Name: The ability to register a “dual foreign name” for the ILP for non-English speaking jurisdictions and receive official recognition thereof. AIFMD Alignment: Certain provisions, clauses and definitions have been amended to conform to the AIFMD prescribed legislation. Liability provisions: Standardising the liability provisions (including those which apply to service providers) with standards under other Irish regulated investment funds, and under AIFMD standards, aligning the ILP legislation to recent statutory updates. Admission or removal of GPs: Creating a statutory vesting event whereby all assets, liabilities and property, in whatever nature of the ILP, are transferred from the exiting GP to the incoming GP or remaining GPs. Modifying the provisions relating to withdrawals or redemptions to reflect other forms of collective investment schemes. Information on SANNE and details of its regulators can be accessed via sannegroup.com
Motives Behind the upcoming ILP legislative amendments The proposed amendments are set to reflect the significant changes in the global closed-ended environment, in terms of modernisation of the ILP in terms of the relevant EU legislation. The Irish Government stated, in the “IRELAND FOR FINANCE - Strategy for the development of Ireland’s international financial services sector to 2025”, that the modernisation of the existing ILP legislation, is a key strategic priority to enhancing Ireland’s position as a leading global fund domicile, now, and into the future. Expected uptick It is expected that the changes will greatly enhance the attractiveness for both investment managers and investors alike. The ILP can cater for all major investment strategies, and is a suitable vehicle for alternative assets, credit, lending vehicles, managed accounts, hybrid funds and hedge funds. The updated limited partnership regime will further enhance Ireland’s position as one of the leading international fund domiciles. Coupled with the potential removal of the National Private Placement Regime, this will become an intriguing option for Non-EU managers seeking access to capital in Europe. How Can SANNE and LIS Assist? Luxembourg Investment Solutions is a fully licensed third-party AIFM and Management Company (ManCo), headquartered in Luxembourg, with an office in Dublin, Ireland. The Firm delivers fund solutions to renowned investment managers and fund initiators. SANNE’s business in Ireland is a fully licensed and regulated administrator with the ability and expertise to service all asset classes. This positions SANNE and LIS to give investment managers and fund sponsors the ability to realise their investment ideas through turnkey solutions in all aspects of management, governance and servicing of the investment fund structure and supporting vehicles. We provide our clients with a full suite of corporate, fund administration and depository services allowing them to focus on the management of the investments. x x x
Full scale AIFMD compliant management company services; Fund distribution and infrastructure services for entry into the EU and the UK; Complete administration service including NAV calculations, transfer agency, investor & regulatory reporting, company secretarial, nominee directorship service, VAT calculation and director payroll services.
For further information on our services please contact us:
Philip Dempsey
James Kay-Hards
Country Head - Ireland e. [email protected] t. +353 (0) 1 906 22 02
Associate Director, AIFM Services e. [email protected] t. +353 (0) 1 906 22 35
Information on SANNE and details of its regulators can be accessed via sannegroup.com
Why choose SANNE?
We manage all your service requirements through one dedicated global team. This means you don’t have to co-ordinate with multiple service providers
We have crafted a dedicated administration and accounting team, which is fully integrated
Ensure controlled environment for provision of Fund Administration / Accounting services, has bespoke platforms supported by experienced personnel
SANNE operates independently and is not tied to a banking or legal organization allowing us to work with the best in class
We have developed business relationships with a fewer quality clients rather than adopting a mass market approach
We are a FTSE 250 listed business. Our investors recognise the quality of our business and low levels of high value long-term institutional clients / investors
Our directors and staff are owners of the business, alongside public investors – this provides continuity and has resulted in SANNE maintaining a low level of staff turnover
We deliver a high quality service and are proactive in our work ethic
We take a pragmatic approach. If problems arise, we actively solve them by facing them head on
We consider a fixed fee approach to provide certainty with no hidden costs
We are a director-led business which means we are committed to delivering quality service to you and you have access to correct level of staff.
SANNE employs both directors and staff who have extensive knowledge of client structures and operating procedures
Information on SANNE and details of its regulators can be accessed via sannegroup.com
4TH ANNUAL PRIVATE DEBT
BERLIN SPEAKERS TAREK MARDINI, LL.M. Attorney-at-law, Partner P+P Pöllath + Partners
THIERRY VALLIÈRE Global Head of Private Debt Division Amundi
LEO FLETCHER-SMITH, CFA Strategy Head - European Alternatives Aksia
DANIEL HEINE Managing Director Private Debt Patrimonium
PLAMEN MITRIKOV Managing Director Cohen & Company
MARK MANNION Head of European Operations Virtus Partners
MATTHIAS MATHIEU Managing Partner Bright Capital
RAFAL LIS Managing Partner CVI Credit Value Investments
JAMES SCOTT Partner Pollen Street Capital
SEAN EGAN Managing Director Egan-Jones Ratings Company
OLIVER E. WRIEDT Managing Partner & CEO DFG Investment Advisers
DOMINICK PEASLEY Head of Distribution Funding Circle
www.lpgpconnect.com
SPEAKERS ADRIANA OLLER Founding Partner Resilience Partners
SENGAL SELASSIE Co-CEO & Co-Founder Brightwood
REINER M. LÖSLEIN Managing Director Credit Solutions Partner
STEPHEN MCKENNA Co-Head, Private Debt & Capital Markets – EMEA SANNE
DR. RUPRECHT HELLAUER Managing Partner Albulus Credit
PATRICIA VOLHARD Partner Debevoise & Plimpton
ALISTAIR PERKINS Head of Specialized Fixed Income NN Investment Partners
CHRISTIAN FRITSCH Partner ESO Capital
DANIEL BARTSCH Founding Partner and Member of the Executive Board Creditshelf AG
ERIC GALLERNE Managing Partner Idinvest Partners
FRANZ BERNHARD HERDING Partner Allen & Overy
ROBERT MEYER ZU STARTEN Managing Partner Octane Capital
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4TH ANNUAL PRIVATE DEBT
BERLIN SPEAKERS CHRISTIAN STIX Partner, Head of Investor Relations Mezzanine Management
MARCO NATOLI Head of Lower Mid-Market European Investment Fund
GEORGE SZEMERE, CAIA Head of Alternative Sales EMEA Franklin Templeton
ADAM JURCZAK Principal Ontario Teachers' Pension Plan
HOLGER ROSSBACH Senior Investment Director Cambridge Associates
HANS-JÖRG BAUMANN Chairman of Private Debt Stepstone Global
PATRICIA LUSCOMBE Managing Director Lincoln International
HANS LIEBLER Managing Partner Credit Solutions Partner
DR. DIETER KAISER Managing Director Robus Capital
NICHOLAS NOLAN Senior Director of Solutions Consulting SS&C Advent
FRANCESCO DI VALMARANA Partner Pantheon
TIM HOUGHTON Head of Debt and Capital Markets Alter Domus
www.lpgpconnect.com
SPEAKERS JEGOR TOKAREVICH Partner SOF (Substance Over Form Ltd.)
CHRISTOPH POLOMSKY Chief Sales Officer Crosslend
MALTE SUSEN Co–Founder & CEO Impact X Partners
Bobby Rakhit CEO & Founder ICP Capital
SPEAKER OPPORTUNITIES LPGP Connect speakers are populated almost entirely by individuals and organisations recommended to us or in recognition of their work within their respected field of investment. Speaking opportunities at our conferences provide the platform to showcase your expertise to a senior level peer group, build your professional reputation and gain new business connections. Our conferences are for a carefully targeted senior level audience, if you are interested in speaking at any of our events please contact:
Kamran Tamimi [email protected]
www.lpgpconnect.com
4TH ANNUAL PRIVATE DEBT
BERLIN PROGRAM 4TH ANNUAL PRIVATE DEBT EUROPE 6TH NOVEMBER 2019 9:10am – 9:50am
Macro Outlook and Headlines in Private Debt What have been the biggest challenges for fund managers in 2019? What are some red flags managers and lenders should look out for? How can managers increase the exposure to assets that back their portfolios other than real estate and infrastructure? What has been the effect of changes in the regulatory environment and interest rates? Big cap LBOs: how are fund managers successfully negotiating these deals? Market segments fulfilled by sponsored and non-sponsored lending Tarek Mardini – Attorney-at-law, Partner – P+P Pöllath + Partners (Moderator) Thierry Vallière – Global Head of Private Debt Division – Amundi Leo Fletcher-Smith – Strategy Head - European Alternatives – Aksia Daniel Heine – Managing Director Private Debt – Patrimonium Plamen Mitrikov – Managing Director – Cohen & Company
9:50am – 10:30am
Maximising Alpha with the Right Strategies Credit enhancement features in different strategies How to price and evaluate credit risk linked to the borrower’s risk/return profile? Is infrastructure debt becoming an attractive corner? Are investors willing to allocate to it? What is the appeal of mezzanine and unitranche debt as opposed to direct lending for new investors? Does direct lending provide more structural protection? What factors are driving the growth of specialty finance strategies in an LP’s private debt portfolio? How does the underwriting process differ from traditional direct lending strategies? How should LPs consider the risk/ reward profile of specialty finance strategies in a diversified private debt portfolio? Mark Mannion – Head of European Operations – Virtus Partners (Moderator) Matthias Mathieu – Managing Partner – Bright Capital Rafał Lis – Managing Partner – CVI Credit Value Investments James Scott – Partner – Pollen Street Capital Sean Egan – Managing Director – Egan-Jones Ratings Company
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PROGRAM 10:30am – 10:45am
Presentation: Relative Value Opportunities in Alternative Credit Oliver E. Wriedt – Managing Partner & CEO – DFG Investment Advisers
10:45am – 10:55am
Networking Break
10:55am – 11:35am
Originations, Fundraising and Investment Preferences: Understanding the Lifecycle of a Deal How can investors and managers navigate the complexities of loan originations? What have been fundraising levels so far? Is there shortage of investable supply? Are there more allocations towards specific funds vs open mandates? Are investors looking for short-term enhanced yield opportunities or is there a preference for long-term allocations? Are we moving from alpha products to cost efficient beta? With private debt growing as a distinct asset class, are investors and managers looking to designate separate allocations to it? Daniel Bartsch – Founding Partner and Member of the Executive Board – Creditshelf AG (Moderator) Dominick Peasley – Head of Distribution – Funding Circle Adriana Oller – Founding Partner – Resilience Partners Sengal Selassie – Co-CEO & Co-Founder – Brightwood Christoph Polomsky – Chief Sales Officer – Crosslend Reiner M. Löslein – Managing Director – Credit Solutions Partner
11:35am – 12:05pm
Standing Out through Conscious Investing ESG and its role on differentiating fund managers in their presentation to institutional lenders Sustainability in Infrastructure debt, is there more than renewable energy? Is ESG another box that must be checked or does it have substantial effect on yield? Is there value in other places, i.e. infrastructure debt? In comparison to private equity, how has the asset class done to accommodate ESG policies? What is the role of governance in the asset class and how critical is its function for fund managers? ESG regulation: does it mean more standardization? Stephen McKenna – Co-Head, Private Debt & Capital Markets – EMEA – SANNE (Moderator) Patricia Volhard – Partner – Debevoise & Plimpton Alistair Perkins – Head of Specialized Fixed Income – NN Investments Jegor Tokarevich – Partner – SOF (Substance Over Form Ltd.) Malte Susen – Co-Founder & CEO – Impact X Partners
www.lpgpconnect.com
4TH ANNUAL PRIVATE DEBT
BERLIN PROGRAM 12:05pm – 12:45pm
Opportunistic Investments: Managing Risks and Recovery Rates What should inexperienced managers do to become better prepared for an economic downturn? How can managers and investors capitalise on opportunities that arise within their portfolios during economically challenged times? Is it possible to avoid getting wiped out completely? Historically, what have been the recovery rates? How important is it to differentiate managers when considering distressed and opportunistic investments? For LPs willing to allocate to this niche of the market, should they examine portfolios with levered or unlevered beta? Robert Meyer zu Starten – Managing Partner– Octane Capital (Moderator) Christian Fritsch – Partner – ESO Capital Eric Gallerne – Managing Partner – Idinvest Partners Franz Bernhard Herding – Partner – Allen & Overy
12:45pm – 2:00pm 2:00pm – 2:40pm
Networking Lunch Institutional Lenders and Allocations to the Asset Class What are the primary motivations today for an investor to allocate to private debt? Is private credit becoming too crowded? Where do investors stand in terms of spreading out to Asian credit? Where do you see the best opportunities? George Szemere, CAIA – Head of Alternative Sales EMEA – Franklin Templeton (Moderator) Marco Natoli – Head of Lower Mid-Market – European Investment Fund Adam Jurczak – Principal – Ontario Teachers' Pension Plan Holger Rossbach – Senior Investment Director – Cambridge Associates
2:40pm – 3:10pm
Fireside Chat Hans-Jörg Baumann – Chairman of Private Debt – StepStone Global Sengal Selassie – Co-CEO & Co-Founder – Brightwood
3:10pm – 3:30pm
Networking Break
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PROGRAM 3:30pm – 4:10pm
Best practices in managing valuations of illiquid loans What to consider in implementing effective valuation policies? How to best use third party valuation service providers to complement a manager’s internal resources? What are some key tools and market data to provide robust valuations? How important are valuations of illiquid loans from investor’s or limited partner’s perspective? How to perform valuations in a volatile and dynamic market environment? Patricia Luscombe – Managing Director – Lincoln International (Moderator) Hans Liebler - Managing Partner - Credit Solutions Partner Daniel Heine – Managing Director Private Debt – Patrimonium Dieter Kaiser – Managing Director – Robus Capital Management
4:05pm – 4:45pm
Understanding Private Debt: Mapping Out the Best Prospects To what extent has the definition of private credit changed over the last 10 years? Are investors able to keep up with the rapidly changing nature of the asset class? What are fund managers doing to help investors understand the products, i.e. CLOs, mezzanine, unitranche? Should investors opt for senior debt or diversify with opportunistic strategies? What are fund managers doing to accommodate the influx of money into the market? Nicholas Nolan – Snr. Director of Solutions Consulting – SS&C Advent (Moderator) Francesco di Valmarana – Partner – Pantheon Tim Houghton – Head of Debt and Capital Markets – AlterDomus Christian Stix – Partner, Head of Investor – Mezzanine Management Dr. Ruprecht Hellauer – Managing Partner – Albulus Credit Bobby Rakhit – CEO & Founder – ICP Capital
4:45pm – 6:00pm
Drinks Reception
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4TH ANNUAL PRIVATE DEBT
BERLIN SPONSORS LEAD SPONSOR
SANNE is a leading global provider of alternative asset and corporate services. Established for over 30 years and listed as a FTSE 250 company on the Main Market of the London Stock Exchange, SANNE employs more than 1,600 people worldwide and administers structures and funds that have in excess of £250 billion of assets. SANNE delivers tailored fiduciary services to a highly valued international client base through a global network of offices located in 20 leading financial jurisdictions, which are spread across the Americas, Europe, Africa and Asia-Pacific. Clients are serviced through regional businesses which are led by managing directors with extensive asset class and market experience. They in turn are supported by multifunctional and skilled teams of professionally qualified people who are aligned to the specific requirements of each client, across one accredited platform. SANNE leads in the provision of fund and corporate administration, AIFMD depositary and AIFM management company services. Specialist expertise exists in private debt and capital markets, real estate, private equity, hedge, loan agency, regulatory, corporate, executive incentives, private client, family office and investment treasury services. Key clients include leading alternative asset managers, global financial institutions, family offices, UHNWIs and international corporates.
CO-SPONSORS
Alter Domus is a global fund and corporate services provider but more importantly, we’re experts in local business. Our 2,000 qualified accountants, corporate secretaries, consolidators and other professionals are expertly skilled in the intricacies of their jurisdictions. When working with a team which combines local knowledge with international best practices, you benefit from enhanced legal, financial and regulatory compliance for funds, SPVs, holding companies and corporate entities. With global reporting and a single point of contact across all 40 offices and desks, you get a world of expertise working with you to meet your goals.
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SPONSORS Allen & Overy LLP is one of the leading international legal practices with around 2.800 professional advisors, working in 44 offices worldwide. We are one of few firms with the ability to provide a robust ‘one-stop shop’ for the legal needs of debt funds, corporates and investment banks. In Germany our principal areas of advice include banking and finance, investment funds, private equity, corporate/M&A, capital markets, real estate, public law, antitrust/competition, intellectual property, employment and benefits, energy law, insurance regulation, dispute resolution, tax, restructuring and insolvency. Establishing and maintaining long-term relationships with our clients is a fundamental element of our mission and a cornerstone of our culture. Trust and transparency are key to joint success. It is particularly important to us to understand our clients’ business objectives and specific needs. We offer our clients specialist sector knowledge combined with a hands-on approach and the ability to deliver solutions.
Funding Circle is a global small business loans platform, connecting SMEs who want to borrow with investors who want to lend in the UK, US, Germany and the Netherlands. Since launching in 2010, investors across Funding Circle’s geographies – including more than 90,000 retail investors, banks, asset management companies, insurance companies, pension funds, government-backed entities and funds – have lent more than £7.5 billion to over 72,000 businesses globally. In 2018, lending through Funding Circle supported 115,000 jobs globally and contributed £6.5 billion to the global economy.
Virtus Partners, LLC is a Private Markets Specialist Servicer, with a focus on alternative investment administration services and operations outsourcing. Our Managed Services solution delivers front, middle and back office services, including Fund Administration, Loan Agency and Trade Settlements which can be customized and tailored to meet all the individual needs of our clients. Virtus Partners LLC is headquartered in Houston, Texas and was founded in 2005. Currently, it has 350+ employees, across six offices in the U.S. and Europe, and has over $350BN in assets under administration for more than 100 global financial institutions
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4TH ANNUAL PRIVATE DEBT
BERLIN SPONSORS Cohen & Company (“Cohen”) was founded in 1999 as a private investment firm focused on small-cap financial institutions and has grown into a financial services company with an asset management division and a broker-dealer. Cohen manages approximately $2.8 billion in fixed income assets through a variety of investment vehicles. Cohen’s primary focus is originating (through its affiliated broker-dealer, J.V.B. Financial Group, LLC) and managing hard to source debt instruments issued by small and medium sized insurance and reinsurance companies located primarily in the U.S., Bermuda and Europe. Since 2003, Cohen has successfully lent over $4 billion to more than 200 insurance companies
SS&C Advent, a business unit within SS&C Technologies Holding Inc. (SSNC: NASDAQ), provides software and software-enabled services to the global financial services industry. SS&C’s selection of software and rapidly deployable software-enabled services allows its clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio, collateral and FX management and reporting, and back-office functions such as accounting, performance measurement, reconciliation, reporting, processing and clearing. Our solutions enable its clients to focus on core operations, better monitor and manage investment performance and risk, improve operating efficiency and reduce operating costs. SS&C is a public company, please refer to our website for general company information and for the latest quarterly results. SS&C has more than 65 offices worldwide and close to 8,000 employees serving over 11,000 clients. The company is headquartered in Windsor, Connecticut. As a pioneer in portfolio accounting and reporting software, we have seen continued growth and today have more than 3000 clients on multiple platforms serving asset managers, wealth managers, hedge funds, endowments, foundations and family offices of all sizes.
ESO Capital has been consistently and successfully investing in a diverse European SME market for more than a decade. We offer flexible financing solutions across the capital structure, combing our unique debt and equity skillset for both corporate and real estate opportunities. This deep expertise, along with our rigorously applied investment principles, means we achieve positive results for the businesses we work with – combined with attractive, stable returns for investors. Our strategy aims to apply a value-based approach to private equity deals to deliver sustainable, attractive, risk-adjusted returns. ESO’s senior management team is financially committed to each project. Success matters as much to us as it does to those with whom we work.
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SPONSORS At Franklin Templeton, we’re dedicated to one goal: delivering better client outcomes. By bringing together multiple, world-class investment teams in a single firm, we’re able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world’s largest asset managers. This has helped us to become a trusted partner to individual and institutional investors across the globe. Investment excellence and rigor At the core of our firm, you’ll find multiple independent investment teams—each with a focused area of expertise—from traditional to alternative strategies and multi-asset solutions. And because our portfolio groups operate autonomously, their strategies can be combined to deliver true style and asset class diversification. All of our investment teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. Decade after decade, our consistent, research-driven processes have helped Franklin Templeton earn an impressive record of strong, long-term results. Global scale and local insights In today’s complex and interconnected world, smart investing demands a global perspective. Franklin Templeton pioneered international investing over 60 years ago, and our expertise in emerging markets spans more than a quarter of a century. Today, we have over 650 investment professionals on the ground across the globe, spotting investment ideas and potential risks firsthand. These locally based teams bring in-depth understanding of local companies, economies and cultural nuances, and share their best thinking across our global research network. Strength and Experience Franklin Templeton is a global leader with over $ 692 billion in assets under management serving clients in over 170 countries. We run our business with the same prudence we apply to asset management, staying focused on delivering relevant investment solutions, strong long-term results and reliable, personal service. This approach, focused on putting clients first, has helped us to become one of the most trusted names in financial services. (As of September 30, 2019).
EVENT PARTNERS
DFG Investment Advisers is a specialized asset management firm dedicated to the CLO and leveraged loan markets. DFG manages approximately $6.1 billion across various structures including commingled funds, separate accounts and CLO vehicles. Our strategies span a range of risk/return objectives but share the common goal of creating differentiated returns for our clients with a constant emphasis on risk management.
www.lpgpconnect.com
4TH ANNUAL PRIVATE DEBT
BERLIN SPONSORS At ClearStructure Financial Technology, we offer cloud-based systems for the direct lending marketplace. Our Sentry PM solution suite helps simplify and automate loan processes while delivering total transparency. Sentry PM is a front-to-back office system, which tracks loan investments from idea to funding and streamlines the loan administration process. Centralize and track commentary and document management with each loan, track underlying borrower financials and KPIs, and monitor the compliance of all associated loan covenants. Build custom reports and distribute to clients through branded client portals. Sentry solutions continue to be used and relied upon by top financial institutions around the world
Egan-Jones Ratings started providing ratings in 1995 for the purpose of issuing timely, accurate ratings. The firm rapidly gained credibility by flagging the failures of Enron and WorldCom, and has since established itself as a leading global provider of credit ratings. Egan-Jones is a Nationally Recognized Statistical Ratings Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider. Egan-Jones is also certified by the European Securities and Markets Authority (ESMA). Studies by the Federal Reserve and prestigious academic institutions confirm that over time, ratings from the largest NRSROs tend to converge toward the Egan-Jones Rating
CVI is an independent private debt asset manager focusing on Central and Eastern Europe markets within the European Union. CVI manages seven investment funds with total assets under management of EUR 1.3 billion. Since its start of investing in 2012, CVI has completed over 500 private debt investments having invested more than EUR 1.8 billion, mostly in Poland, and recently started expanding abroad. In 2017 alone, CVI has completed 108 transactions deploying over EUR 600 million. CVI provides a full spectrum of debt financing to companies, from senior, junior, unitranche, and mezzanine to special situations and structured equity solutions. Typical tickets are between EUR 3 and 25 million. CVI works together with various international financial institutions, most notably the European Investment Fund on a EUR 200 million guarantee scheme. CVI is a regulated entity under supervision of Polish Financial Supervision Authority.
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SPONSORS P+P Pöllath + Partners is an internationally operating German law firm with offices in Berlin, Frankfurt and Munich. Its more than 140 lawyers and tax advisors provide highend legal and tax advice with a focus on asset management and transactions. The firm is a market leader in the structuring of private funds in Germany. More than 40 professionals contribute to one of the largest and most experienced fund structuring practices in continental Europe. P+P advises managers of and investors in private funds and worldwide fund participations in the area of alternative investments. The team has extensive expertise in fund structuring, AIFMD/KAGB and MiFID II advice, asset management and secondary transactions. This includes all relevant fund structures in private equity (buy-out, venture capital, growth capital), mezzanine, private debt/direct lending, distressed debt, real estate, infrastructure, hedge funds, crypto/digital assets funds, master-feeder structures, as well as primary and secondary fund of funds. P+P provides innovative, tax-efficient and practical solutions to all complex legal, tax, contractual and regulatory issues for many of the best-known international and German fund managers and investors. P+P advises fund managers on all areas of asset management (e.g. formation of investment platforms, managed accounts, family offices). Besides asset management, the firm is well-known for its advice on corporate/M&A, private equity and real estate transactions of all sizes. P+P’s advisory services include company acquisitions and mergers, tax structuring and planning, private equity transactions, advice to management teams and management participation programs, venture capital investments, distressed M&A and restructuring, antitrust, merger and foreign investment control, transaction-related litigation and arbitration.
Brightwood Capital Advisors, LLC provides debt and equity capital solutions to US based companies with EBITDA of $5 million to $75 million. Since 2010, we have created and managed private investment funds on behalf of institutions and high net worth individuals. We currently have $4 billion in assets under management and 50 employees, making us one of the leading direct lending and lower middle market platforms. Brightwood oversees two Small Business Investment Company (SBIC) vehicles and several Limited Partnerships. All Brightwood managed funds possess flexibility to invest in both debt and equity structures (e.g. unitranche, senior secured, second lien and subordinated debt, preferred stock and equity). Brightwood provides capital solutions in five core areas: Technology & Telecommunications, Healthcare, Business Services, Transportation & Logistics and Franchising.
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4TH ANNUAL PRIVATE DEBT
BERLIN SPONSORS Idinvest Partners is a leading European mid-market private equity firm. With €8bn under management, the firm has developed several areas of expertise including innovative startup venture capital transactions; mid-market private debt, i.e. single-tranche, senior and subordinated debt; primary and secondary investment and private equity advisory services. Founded in 1997, Idinvest Partners used to belong to the Allianz Group until 2010, when it branched out as an independent firm. In January 2018, Idinvest Partners became a subsidiary of Eurazeo, a leading global investment company, with a diversified portfolio of €17bn in assets under management, including approximately €11bn from investment partners, invested in over 350 companies.
Preqin is the leading source of information for the alternative assets industry, providing data and analysis via online databases, publications and complimentary research reports. Preqin is an independent business with over 350 staff based in New York, London, Singapore, San Francisco, Hong Kong, Guangzhou and Manila, serving over 60,000 customers in over 90 countries. Preqin has the most comprehensive and extensive information available on the private equity and venture capital, hedge fund, real estate, infrastructure, private debt and natural resources industries, encompassing funds and fundraising, performance, fund managers, institutional investors, deals and fund terms. Leading alternative assets professionals from around the world rely on Preqin’s services daily, and its data and statistics are regularly quoted by the financial press.
SEI’s Investment Manager Services supplies investment organizations of all types with advanced operating infrastructure they must have to evolve and compete in a landscape of escalating business challenges. SEI’s award-winning global operating platform provides investment managers and asset owners with customized and integrated capabilities across a wide range of investment vehicles, strategies and jurisdictions. Our services enable users to gain scale and efficiency, keep pace with marketplace demands, and run their businesses more strategically. SEI presently partners with more than 450 traditional and alternative asset managers, as well as sovereign wealth managers and family offices, representing over $21.0 trillion in assets, including 41 of the top 100 asset managers worldwide.
www.lpgpconnect.com
SPONSORS NN Investment Partners (NN IP) is the asset manager of NN Group. NN is the acronym for Nationale Nederlanden, one of the biggest Dutch insurance companies. NN IP manages EUR 260 bln (31 March 2019) in assets for institutions and private investors worldwide, employs over 1,000 staff and is active in 16 countries across Europe, U.S., Latin America, Asia. NN IP operates a German office based in Frankfurt for more than 10 years now. NN IP offers fixed income, equity, multi asset as well as Alternative Credit/Private Debt strategies. As an asset manager owned by an insurance company our focus is on fixed income and private debt strategies. In addition, with more than 20 years of experience in applying environmental, social and governance (ESG) criteria in our investment strategies responsible investing is an integral part of our business.
We are trusted investment banking advisors to business owners and senior executives of leading private equity firms and public and privately held companies around the world. Our advisory services include mergers and acquisitions and capital markets advisory for the mid-market. We also provide valuations and fairness opinions and joint ventures advisory services. As one tightly integrated team of more than 500 professionals across 15 countries, we offer an unobstructed perspective, backed by superb execution and a deep commitment to client success. With extensive industry knowledge and relationships, timely market intelligence and strategic insights, we forge deep, productive client relationships that endure for decades.
CrossLend is a digital debt marketplace with a mission to make the world’s lending and investment ecosystem more efficient, transparent and profitable. By means of an innovative securitisation solution, CrossLend seamlessly connects originator supply with institutional investor demand, creating beneficial opportunities for both. With lenders empowered to lend more and investors able to deploy their capital more efficiently, liquidity is available to flow where it is needed: a win-win situation for all. CrossLend is backed by an array of prestigious equity investors from Europe and the U.S., including Lakestar, CME Ventures, Santander InnoVentures, Earlybird, ABN AMRO’s Digital Impact Fund, solarisBank, finleap and the Luxembourg Future Fund (EIF and SNCI). CrossLend is working to create a secondary market which, together with its primary market, will further strengthen its efforts to make the capital markets union a reality.
www.lpgpconnect.com
4TH ANNUAL PRIVATE DEBT
BERLIN SPONSORS EXHIBITOR
Established in 2001, Aztec Group is an award-winning provider of fund and corporate services. Specialising in alternative asset classes, the Group supports investment managers with the establishment and ongoing administration of their funds and investment vehicles from their offices in Guernsey, Jersey, Luxembourg, the Netherlands, Sweden and the United Kingdom. Stability – Owner-managed and independent Experienced – 360 funds, 4,000 entities and €320bn in AUA Service continuity – Industry-leading employee retention rate Award-winning – 11 industry awards in 9 years Relationship approach – Multiple services and jurisdictions, one relationship Trusted – Unrivalled client retention rate Organic growth – Committed to preserving the company’s identity, culture and values Robust governance – ISAE 3402 Type II accredited and ISO 27001:2013 certified Tailored technology – Specialist in-house systems team
www.lpgpconnect.com
Our perspective is different. Partner with us to see how. SANNEGROUP.COM
More than 1,600 people worldwide
In excess of £250bn AUA
FTSE 250 listed business
Information on Sanne and its regulators can be accessed via sannegroup.com
Leaders in alternative asset and corporate administration
Offices located across Americas, EMEA and Asia-Pacific
Trusted and proven partner to global clients and advisers since 1988
17 OF THE 20 LARGEST DEBT MANAGERS PUT THEIR TRUST IN US. WHY?
Alter Domus Debt Administration Services
Because at Alter Domus, we provide them with an operations solution that lets them focus on putting capital to work and winning deals. Around the world, we’re helping private debt managers keep their focus exactly where they want it to be.
To learn more, please contact: Tim Houghton Head of Debt & Capital Markets +352 48 18 28 3349 [email protected]
www.alterDomus.com
AHEAD
Most innovative law firm of the year
– Winner of the Financial Times Innovative Lawyers Awards 2007, 2011, 2012, 2014, 2017 and 2018
www.allenovery.com
Time to Streamline your Private Debt Service Providers?
*NBHJOFPOFJOUFHSBUFEXPSLƌPX: Loan Capture, Processing, Agency, Cash Management, Fund Administration and Settlement Services—all with one provider. Combining cutting-edge technology, deep domain knowledge and unparalleled Client Service, Virtus delivers your custom-built solution.
DĂƌŬDĂŶŶŝŽŶ͕,ĞĂĚŽĨ ƵƌŽƉĞĂŶKƉĞƌĂƚŝŽŶƐ DĂƌŬ͘DĂŶŶŝŽŶΛǀŝƌƚƵƐůůĐ͘ĐŽŵ ϯϱϯ͘ϭ͘ϱϲϲ͘ϳϴϬϱ WƌĂĚĞĞƉZĂŽ͕DĂŶĂŐŝŶŐŝƌĞĐƚŽƌ WƌĂĚĞĞƉ͘ZĂŽΛǀŝƌƚƵƐůůĐ͘ĐŽŵ ϰϰ͘ϮϬϯ͘ϵϯϰ͘ϲϯϯϰ www.virtusllc.com
Strong roots in insurance and credit markets within the US, Bermuda and Europe, combined with our expertise in structured finance, allow us to deliver the most value to our clients.
Learn more at cohenandcompany.com
@assetcohen @cohen-and-company-asset-management
Cohen & Company, LLC, operates its asset management business through investment advisor subsidaries that are registered with the U.S. Securities and Exchange Commission.
Make a real impact to the economy Help fund the real economy. Join the institutions lending to small businesses through Funding Circle.
£4.6bn lent to UK small businesses Investor lending in 2017 helped businesses thrive
45,000
£2.4bn
jobs unlocked
added to UK economy
Learn more about our Private Debt Fund Solutions at fundingcircle.com/global/capitalmarkets or contact Dominick Peasley on +44 (0) 203 829 0419 or [email protected].
Data taken from The Economic Impact of Lending Through Funding Circle, Oxford Economics, June 2018. Funding Circle Global Partners Limited is an Appointed Representative of Sturgeon Ventures 004[LMGLMWEYXLSVMWIHERHVIKYPEXIHF]XLI*'% *62 8LMWGSQQYRMGEXMSRMWSRP]HMVIGXIHEXXLSWITIVWSRWMRXLI9RMXIH/MRKHSQ[LSEVI[MXLMRXLIHIƤRMXMSRSJMRZIWXQIRXTVSJIWWMSREPW EWHIƤRIHMREVXMGPI SJXLI*MRERGMEP7IVZMGIWERH1EVOIXW%GX *MRERGMEP4VSQSXMSRW 3VHIV 8LIŰ*43ű 8LMWGSQQYRMGEXMSRMWRSXMRXIRHIHJSVHMWXVMFYXMSRXSSVYWIF]VIXEMPGPMIRXW EW HIƤRIHMR1-*-( 8LMWQEXIVMEPMWTVSZMHIHJSVMRJSVQEXMSRTYVTSWIWSRP]ERHHSIWRSXMXWIPJGSRWXMXYXIERSJJIVWSPMGMXEXMSRSVMRZMXEXMSRXSTYVGLEWISVWYFWGVMFIJSVER]WIGYVMXMIWRSVHSIWMXGSRWXMXYXI advice or recommendation with respect to any securities. Nothing herein should be construed as legal or investment advice, please consult your legal or investment advisor for any such advice.
GROW, EVOLVE AND EXPAND WITH CONFIDENCE. DON’T LIMIT YOUR POTENTIAL. • Any instrument type • Any legal or accounting structure • In-house or hosted
WWW.ADVENT.COM [email protected]
THERE IS NO ALTERNATIVE
FROM INSIGHTS TO OUTCOMES Because every organization is unique in its concerns and objectives, we begin every client engagement by learning about both. Then, using the insights gained through deep experience, we design an investment solution that’s tailored to your goals— all part of the process built to seek better outcomes. Start a conversation today at ftinstitutionalemea.com
All investments involve risks, including possible loss of principal. © 2018 Franklin Templeton Investments. All rights reserved.
SEI Investment Manager Services
Turn your operating infrastructure into a competitive advantage We supply investment managers worldwide with the advanced operating infrastructure they need to evolve and compete in a landscape of escalating business challenges. US: 610 676 1270 Dublin: 353 1 638 2400 London: 44 (0)20 3810 7570 seic.com/ims
Global Valuations & Opinions Group Unique Insights Backed by a Rigorous Focus on Execution
AREAS OF FOCUS Portfolio Valuations Transaction Opinions Corporate Valuations Benchmarking
REAL CONNECTION. TRUE PERSPECTIVE. Connect with us at www.lincolninternational.com/valuations
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OFFICES
P+P Berlin 3RWVGDPHU3ODW] %HUOLQ 3KRQH ̪̪ )D[ ̪̪ EHU#SSODZFRP
P+P Frankfurt $QGHU:HOOH )UDQNIXUW0DLQ 3KRQH ̪̪ )D[ ̪̪ IUD#SSODZFRP
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www.pplaw.com
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12+
32
$6.1
years of success
team members
billion under management
DFG Investment Advisers is a specialized asset management firm dedicated to the CLO and leveraged loan markets. As of September 2019, the firm manages about $6.1 billion in assets for a global and diverse investor base.
For further information, please contact
[email protected] (212) 488-1544
www.dfgia.com
Leading private debt investor in Central Europe • Connecting investors to private debt markets in Central Europe since 2012 • Delivering superior risk adjusted returns in an unsaturated, growing market • Proven and scalable platform with local presence and an experienced team of 18 investment professionals www.cvi.pl
• Strong track record with EUR 1.9bn invested in over 530 private debt transactions
The Home of Alternatives Indispensable data, solutions and insights Unlock the potential of alternatives Access the industry’s most comprehensive private market datasets and tools.
Seamlessly build and manage your portfolio Maximize performance with solutions to reliably compile portfolio company data, efficiently value investments and deliver effective, shareable investor reporting.
Master your domain Enhance your point of view with publications, surveys and events that provide insider access to the largest global network of alternative assets experts.
Find out more: www.preqin.com linkedin.com/company/preqin
@preqin
Brightwood Capital Advisors is a leading credit platform providing growth capital to family, founder, and entrepreneur-owned businesses on behalf of our investors. Please visit www.brightwoodlp.com to learn more.
The Bright Alternative in Private Debt Fund and Corporate Services
Employing over 900 people across 6 jurisdictions, we’re proud to administer over q360bn in assets for some of the industry’s leading alternative investment managers. If you are launching a fund, looking to outsource, or considering migrating, we can support you. Please contact Hana Prochaska on +352 246 160 6008 or email [email protected]
Owner-managed since our inception in 2001
Trusted partner for over 410 funds and 4,200 entities
Over 1 in 3 clients have migrated from other service providers
1 dedicated team and
central point of contact across all offices
Industry-leading employee retention rate
13 industry awards in 9 years
The Bright Alternative Explore: aztecgroup.co.uk | .eu | .se Aztec Group is authorised to carry on financial services in the jurisdictions in which it operates.
Private Equity Fund Services Real Asset Fund Services Private Debt Fund Services Corporate Services
4TH ANNUAL PRIVATE DEBT
BERLIN NOTES
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NOTES
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4TH ANNUAL PRIVATE DEBT
BERLIN NOTES
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UPCOMING LPGP CONNECT EVENTS 2020 EVENTS 6TH ANNUAL PRIVATE DEBT
3RD ANNUAL WOMEN IN PRIVATE DEBT
2ND ANNUAL CFO/COO PRIVATE DEBT
LONDON
LONDON
LONDON
11TH MARCH 2020
12TH MARCH 2020
31ST MARCH 2020
CFO/COO PRIVATE EQUITY
6TH ANNUAL PRIVATE DEBT
3RD ANNUAL WOMEN IN PRIVATE DEBT
NEW YORK
NEW YORK
28TH APRIL 2020
29TH APRIL 2020
5TH ANNUAL PRIVATE DEBT
2ND ANNUAL CFO/COO PRIVATE DEBT
CFO/COO PRIVATE EQUITY
CHICAGO
CHICAGO
10TH JUNE 2020
11TH JUNE 2020
CFO/COO PRIVATE DEBT
2ND ANNUAL PRIVATE DEBT
2ND ANNUAL WOMEN IN PRIVATE DEBT
MIAMI
MIAMI
NOVEMBER 2020
NOVEMBER 2020
LONDON 1ST APRIL 2020
NEW YORK 17TH SEPTEMBER 2020
NEW YORK 16TH SEPTEMBER 2020
5TH ANNUAL PRIVATE DEBT
BERLIN 4TH NOVEMBER 2020
USA: +1 312 544 0023 UK: +44 203 663 4995 [email protected]
www.lpgpconnect.com
USA: +1 312 544 0023 UK: +44 203 663 4995 [email protected]
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