Paul Hastings & Debtwire Middle Market Private Credit Forum
Paul Hastings & Debtwire will be hosting a Middle Market Private Credit Forum on July 20, 2017 at Casa Del Mar in Santa Monica CA. This inaugural forum brings together the industry’s top experts for discussions on private debt funds, LP and GP dynamics, and the convergence between large cap and middle markets. Attendees will have an opportunity to network with various practitioners and gain insight into market strategies, trends, and opportunities.Agenda**3:00pm - Registration
3:30pm - Introductory Remarks
3:45pm - The Private Debt Fund Capital-Raising Environment: LP and GP Perspectives**
Increased competition among middle market direct lenders has continued to be robust in 2017 as major asset managers, such as public and corporate pension funds and insurers, continue to put money to work. Could significantly tightening yields among first lien secured loans and unitranche loans be a deterrent for direct lending fund raising?
What continues to drive demand from the LP side?
What credit strategies are appealing to LPs?
What sort of incentives are fund managers now offering to entice LPs?
What are private debt fund sponsors doing to remain competitive?
4:20pm - The Convergence Between Large Cap and Middle Markets
The increase in direct lending has created massive competition among lenders for credit opportunities. There has been a dramatic convergence between the middle and large cap markets, which the latter has historically demanded different credit and intercreditor terms. Private equity investors continue to seek large cap terms in middle market deals while a number of private debt investors are moving up market. Private debt investors are making single investments of up to US$1B and closing transactions that have historically been left solely to the large bank syndicated market. These various market convergences are expected to continue through 2017, putting a premium on investors’ ability to adapt accordingly in an increasingly competitive environment.
How long will this phenomenon continue?
What terms are private equity investors focused on now?
Will a potential loosening of regulatory restrictions and leveraged loan guidelines with the current presidential administration increase bank participation in the middle market?
**5:30pm - Closing Remarks/Networking Cocktail Reception
6:30pm - Event Concludes**
Moderators:Jennifer Yount, Partner, Paul HastingsJon Berke, Editor, Debtwire**
Speakers:**Katherine Bell, Partner, Paul HastingsSiobhan Burke, Partner, Paul HastingsRyan Chin, Managing Director, Business Development Officer, Wells FargoRob Enayati, General Counsel, Direct Lending Investments, LLCJake Fisher, Senior Vice President, Antares Capital LPEmily Lehrer, Associate Director, ICG AdvisorsNatalie Marjancik, Managing Director, Lincoln International, Kunal Soni, Managing Partner, The Carlyle Group