London 2020

USA: +1 312 544 0023 LONDON6TH ANNUAL PRIVATE DEBT
UK: +44 203 663 4995
[email protected] 11TH MARCH 2020

LEAD SPONSORS CO-SPONSORS
EVENT PARTNERS

www.lpgpconnect.com

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.

3000+

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

www.lpgpconnect.com

LONDON6TH ANNUAL PRIVATE DEBT

SPEAKERS

www.lpgpconnect.com

www.lpgpconnect.com

LONDON6TH ANNUAL PRIVATE DEBT Gillian De Candole
Investment Principle, Private
SPEAKERS Markets
Brunel Pension Partnership
Brian Lee
Chief Operating Officer Sengal Selassie
London CIV Co-CEO & Co-Founder
Brightwood Capital
Ramesh Yesodharan
Head, Credit Strategy Alastair Brown
Sumitomo Mitsui Bank Founder and CEO
Shard Credit Partners
Andrea Ash
Private Markets Investment Luke McDougall
Director Partner
RPMI Railpen Paul Hastings

Brett Hickey Ed Harris
Founder & CEO Partner
Star Mountain Capital, LLC Paul Hastings

Thomas Raterman Elisabeth Baltay
Partner, CFO Partner
Runway Growth Capital Proskauer

David Wilmot
Partner
Apera Asset Management

www.lpgpconnect.com

SPEAKERS Khuram Bajwa
Director
Sean Egan OneTen Associates
CEO
Egan-Jones Ratings Co. George Szemere, CAIA
Head of Alternatives Distribution,
Tim Houghton EMEA
Head of Debt and Capital Franklin Templeton
Markets
Alter Domus Toni Vainio
Partner
Nishika Samarantunga Pantheon
Senior Consultant, Head of
Distribution Osvaldo Pereira
OneTen Associates Partner
Park Square Capital
Daniel Heine
Founder & Managing Director - Matthew Harvey
Private Debt Managing Director, Head of
Patrimonium Asset Management Direct Lending
AG PGIM Private Capital

Jakob Lindquist Mark Mannion
Co-Managing Partner Head of European Operations
CORDET Virtus from FIS

Jamie Villiers
Director, Business Development
SANNE

www.lpgpconnect.com

LONDON6TH ANNUAL PRIVATE DEBT Cecile Mayer Levi
Head of Private Debt
SPEAKERS Tikehau Investment Management

Efi Ontopoulou, CFA Malcolm Hassan
Senior Credit Analyst Managing Director, Business
Pension Insurance Development & Marketing
SANNE
Matthias Mathieu
Founder Matteo Squilloni
Bright Capital Head of Southern Europe
European Investment Fund
François Lacoste
Managing Partner Michael Guy
Idinvest MD, CIO Europe
Crestline Investors
Filippo Petrucci
Director Alex Tarantino
Cambridge Associates Commercial Director
Colmore
Josh Wilson
Managing Director Greg Caione
Wilson Worldwide Productions Managing Director
Sprott
Vanessa Zampiga
General Counsel, Europe
TPG Sixth Street Partners

www.lpgpconnect.com

SPEAKERS Mikkel Sckerl
Partner and Portfolio Manager
Thomas Mulready Capital Four Management
VP, Private Capital Deals, EMEA
Preqin Aurélie Hariton-Fardad
Director
Carl Beckley Met-Life Investments
Director
Record Currency Management Antonella Napolitano
Managing Director
Tavneet Bakshi Deerpath Capital Management
Partner
FIRSTavenue

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

LONDON6TH ANNUAL PRIVATE DEBT

PROGRAM

LPGP CONNECT 6TH ANNUAL
PRIVATE DEBT LONDON CONFERENCE

11TH MARCH 2020
HILTON LONDON METROPOLE, PADDINGTON, LONDON W2 1JU

8:30am – 9:00am Registration
9:00am – 9:10am
9:10am – 9:50am Opening Keynote

9:50am – 10:30am Thomas Mulready – VP, Private Capital Deals, EMEA – Preqin

10:30am – 10:50am Market Analytics: Evaluating Private Debt from 2019 to Today

Identifying the various opportunities and strategies across market cycles
Has the market witnessed a slowdown in fundraising efforts in 2019? What has been the outlook for
2020 so far?
Have dry powder levels reached a new high and where do you see the next opportunity?
How are you tackling the increasingly sophisticated technological developments; cryptocurrencies,
blockchain, cyber security, etc?
What has been the impact of negative rates on the PC market?
The Brexit fiasco: how are managers coping with political uncertainties and how are they channelling
their funds/investments through such times?

Malcolm Hassan – Managing Director, Business Development & Marketing – SANNE (Moderator)
Marco Natoli – Head of Lower-Middle Market – European Investment Fund
Sean Egan - Managing Director - Egan Jones Ratings
Jacob Lindquist – Co-Managing Partner & ICC Member - Cordet
Sengal Selassie – Co-CEO & Co-Founder– Brightwood
David Wilmot – Partner – Apera Asset Management
Daniel Heine – Managin Director – Patrimonium

Investors and Consultants Sentiments

Which corners of the market are investors willing to allocate to?
With covenants becoming looser, what is your view on GPs committing to more skin in the game?
What are consultants doing to help navigate the intricacies of the credit market?
Are banks in competition with institutional investors for credit supply? What is the likely outcome of
this competition?
Are there viable opportunities in direct lending or has the market reached a saturation point?

George Szemere, CAIA – Head of Alternatives Distribution, EMEA – Franklin Templeton
(Moderator)
Brian Lee – Chief Operating Officer - London CIV
Gillian de Candole – Investment Principal, Private Markets - Brunel Pension
Partnership
Ramesh Yesodharan – Head, Credit Strategy – Sumitomo Mitsui Bank
Tavneet Bakshi – Partner – First Avenue

Networking Break

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PROGRAM

10:50am – 11:30am Specialised Credit Opportunities

11.30am - 12.30pm Examining the different types of specialised credit funds (resource lending, aviation, shipping,
12:30pm – 1:45pm medical, etc.)
Do highly specialised credit funds carry high beta?
1:45pm – 2:25pm What type of returns are generated by these funds?
Given the specialised nature of the fund, what are some challenges to the origination process?
Is there a different regulatory framework surrounding specialised credit funds?

Jon Hodges – Member of the Executive Committee – Virtus from FIS (Moderator)
Tom Raterman – Partner & CFO – Runway Growth
Greg Caione – Managing Director – Sprott
Brett Hickey – Founder & CEO – Star
Mountain Capital Alastair Brown – CEO – Shard Credit Partners

Showcases

Providers will have 12 minutes to make a solo presentation to showcase their best in class product
offering.

SANNE
James Wood-Collins – CEO – Record Currency Management
Mush Ali – Director & Nikisha Samaratunga – Senior Consultant – OneTen Associates
Josh Wilson – Managing Director – Wilson Worldwide Productions

Networking Lunch

Spotlight on the Market’s Hotspots

Where are the best deals being made and how can investors access them? Are managers ensuring
their mandates look out for the needs of LPs?
What are the components of a successful investment in the PC market? What criteria is used to
assess the effectiveness of a deal?
As the market gets more crowded, how can managers standout amongst competitors?
What is the investor’s appetite for speciality lending? Is there strong competition in this corner of the
market?
Are investors and GPs looking at sponsorless deals?

Luke McDougall – Partner – Paul Hastings (Moderator)
Matthias Matthieu – Managing Partner – Bright Capital
Françoise Lacoste – Managing Partner – Idinvest
Aurélie Hariton-Fardad – Director - MetLife Investments
Osvaldo Pereira – Partner – Park Square Capital
Ciprian Nicolae – Managing Partner – ACP Credit

www.lpgpconnect.com

LONDON6TH ANNUAL PRIVATE DEBT

PROGRAM

2:25pm – 3:05pm Secondaries Market: The Next Frontier?
3:05pm – 3:15pm
3:15pm – 4:00pm How do you assess deal flow and pricing in the secondaries market?
4:00pm – 4:45pm What is your approach to sourcing and origination?
Which strategies are favoured by the market; preferred interest structures, tail-end transactions, or
4:45pm – 5:45pm fund restructurings?
Are secondaries reaching a certain maturity and how can struggling firms enter this market?
How can GP-led deals access alpha through fund continuation vehicles, spinouts, strip sales and
asset sales?

Ed Harris – Partner – Paul Hastings (Moderator)
Toni Vainio – Partner – Pantheon
Efi Ontopoulou – Senior Credit Analyst – Pension Insurance Corporation
Cecile Mayer Levi – Head of Private Debt – Tikehau Investment Management

Networking Break

Distressed Markets, Global Opportunistic Investing and Special Situations: A Sign of the
Times?

Are there macroeconomic indicators that suggest a looming recession?
Are you seeing an uptick in your distressed portfolio? If so, are investors leaning towards one
strategy (special sits, cyclical, contrarian, underappreciated, etc.)?
Are there opportunities to be found within NPLs?
Should new LPs and GPs invest in this sophisticated niche of the market?
The importance of managers being proactive than reactive when considering these strategies

Elisabeth Baltay – Partner – Proskauer (Moderator)
Andrea Ash – Investment Director, Private Markets - RMPI Railpen
Filippo Petrucci – Director – Cambridge Associates
Michael Guy – MD, CIO Europe – Crestline Investors

Investment Methods and Innovations

What are managers doing to stay ahead of the curve and which strategies are proving most effective
in a busy market?
Are managers employing strategies with short-term horizons or is there an appetite for long-term
approaches?
Is portfolio diversification offering LPs and GPs a free lunch? What are the risks of over-
diversification, i.e. “diworsification”?
How has technological developments affected different strategies? Is there an improvement in terms
of reporting and transparency?
Should investors look towards higher risk strategies (with higher payoff) in today’s market?

Mark Mannion – Head of European Operations – Virtus from FIS (Moderator)
Matthew Harvey – Managing Director – PGIM Private Capital
Mikkel Sckerl – Partner & Portfolio Manager – Capital Four Management
Tim Houghton – Director – Alter Domus
Antonella Napolitano – Managing Director – Deerpath Capital
Management

Drinks and Canapes Reception

www.lpgpconnect.com

SPONSORS

LEAD SPONSORS

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.

Paul Hastings provides innovative legal solutions to many of the world’s top financial institutions and
Fortune 500 companies in markets across Asia, Europe, Latin America, and the United States. We offer a
complete portfolio of services to support our clients’ complex, often mission-critical needs—from structuring
first-of-their-kind transactions to resolving complicated disputes to providing the savvy legal counsel that
keeps business moving forward. Since the firm’s founding in 1951, Paul Hastings has grown steadily and
strategically along with our clients and the markets we serve. We established successful practices in key
U.S. and European cities, creating a broad network of professionals to support our clients’ ambitions. In
addition, we were one of the first U.S. law firms to establish a presence in Asia, and today we continue to
be a leader in the region. Over the past decade, we have significantly expanded our global network of
lawyers to assist our clients in financial centers around the world, including the emerging markets of Latin
America. Today we serve our clients’ local and international business needs from offices in Atlanta, Beijing,
Brussels, Century City, Chicago, Frankfurt, Hong Kong, Houston, London, Los Angeles, Milan, New York,
Orange County, Palo Alto, Paris, San Diego, San Francisco, São Paulo, Seoul, Shanghai, Tokyo, and
Washington, D.C. Drawing on the firm’s dynamic, collaborative, and entrepreneurial culture, our lawyers
work across practices, offices, and borders to provide innovative, seamless legal counsel—where and
when our clients need us.

www.lpgpconnect.com

LONDON6TH ANNUAL PRIVATE DEBT

SPONSORS

CO-SPONSORS

Apera provides private capital solutions to mid-market companies in the DACH, the UK, the Nordics,
France and Benelux. Apera was established in September 2016 and is part of the fi-Group, a pan-
European investment platform dedicated to providing private debt and equity solutions to SMEs.
The Apera team has over 70 years’ experience in the private debt markets and has cumulatively invested
more than €5.2 billion in over 160 transactions across Europe. We have access to private industrial
networks which allows us to better understand the specific needs and opportunities of mid-market
companies. Through our extensive investment origination relationships with private equity sponsors and
advisors, Apera provides tailored solutions to growing mid-market companies.

Proskauer is a leading international law firm focused on creating value. Our roots go back to 1875, when
we were founded in New York City. With 700+ lawyers active in virtually every major market worldwide, we
are recognized not only for our legal excellence, but also our dedication to client service. Our clients
include many of the world’s top companies, financial institutions, investment funds, not-for-profit
institutions, governmental entities and other organizations across industries and borders. We also
represent individuals in transactions and other matters.

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

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).

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LONDON6TH ANNUAL PRIVATE DEBT

SPONSORS

The credit market is growing more rapidly than other asset classes, drawing investors as they search for
greater yields. But whether it’s leveraged loans, private debt or middle market funds, credit is an opaque
asset class, making it difficult to navigate.
Virtus from FIS brings it all together. Our advanced Business Process as a Service (BPaaS) and
sophisticated technology empowers our clients with scalable and sustainable front-to-back-office solutions,
backed by an unbeatable service level and experts who are immersed in the intricacies of the credit
market.
Our BPaaS provides the entire middle or back office, from the technology, infrastructure and people to
reporting and processes, and easily scales from the smallest organization to the largest. This gives our
clients straight-through processing with integrated service components and solution
Pre- to post-close. Liquid and illiquid. Buy and sell side. Virtus from FIS connects the full lending value
chain, helping you to quickly add new funds and grow your AUM.
Find your path to growth.

EVENT PARTNERS

DunPort Capital Management (“DunPort”) is an Irish owned and managed asset management company
focused on the private debt asset class. DunPort provides flexible debt and hybrid capital solutions for
lower mid market corporates across Ireland and the UK.
The DunPort team of nine investment professionals have over 70 years of corporate and SME lending
experience through all phases of the economic cycle. DunPort has an extensive network of origination
relationships and has reviewed over €7bn of proposals since 2013. We adopt a disciplined investment
approach, having deployed over €500m worth of capital across 50 different transactions.

www.lpgpconnect.com

SPONSORS

One Ten Associates is an award-winning specialist recruitment firm set up in 2011 to service the needs of
the fund management sector across private equity, real estate, hedge funds and the ever growing sector of
private debt in both London and Luxembourg.
We are a 2 Partner firm with over 20 years of direct recruitment experience. The Partners are known for
the work they do at the CFO/COO level and the ongoing support needed in finance, operations, portfolio
management, compliance and investor relations/business development. The firm has identified
experienced and knowledgeable recruiters that focus on those key components that support the
CEOs/CFO/COOs of the fund management sector.
The business is supported by an experienced Head of Research who works with a team to continuously
identify and map out talent from the junior to the senior end of the market in our core areas of focus.
One Ten Associates has built its reputation through being a trusted Partner to our clients. We all share a
strong passion for the industry we recruit into and, having specialised in this space for many years, we are
also able to tap into a strong candidate network specific for the areas we cover. This allows us to continue
building relationship and consistently deliver on mandates for our clients.

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

LONDON6TH ANNUAL PRIVATE DEBT

SPONSORS

CORDET Capital Partners LLP is an independent credit specialist offering private debt and direct lending
solutions for smaller mid-market companies (“MMCs”) and core income-focused credit investment
solutions for institutional investors. CORDET aims to fill the financing gap left by banks and traditional
credit providers that have receded from the European credit markets as a result of increased regulation
and the global financial crisis.
With offices in Stockholm and London, CORDET is locally entrenched and benefits from select access to
industry, government and the financial sector. As a result, CORDET is able to invest quickly given its
strong, current pipeline of proprietary deals.
As a direct lender, CORDET has developed superior, active origination capabilities through extensive
relationships with the targeted region’s local banks, financial sponsors and intermediaries. Furthermore,
CORDET’s proprietary industry network brings financing opportunities, extensive industry understanding
and on-the-ground local origination directly with MMCs. CORDET seeks to combine the agility of an
investment fund and the discipline and lending standards of Nordic banks. The Team has an average of 21
years of professional experience and comprises seasoned specialists with strong lending and investing
expertise as well as restructuring know-how.
CORDET is an independent firm and as such the firm’s strategy is driven by investments, for investors –
not to support specific transactions, business lines or advisory mandates. CORDET has no legacy issues
and is free of the conflicts of interests that may impact firms affiliated with a financial institution.
CORDET’s growing reputation within the investor and borrower communities has led to industry wide
recognition, including being voted “Global
Newcomer of the Year” by Private Debt Investor in March 2017.

Founded in 2006, FIRSTavenue is a leading independent global placement agent and advisory firm
dedicated to raising capital for a distinguished group of alternative asset managers and private companies
across private credit, private equity, real assets and real estate in both developed and emerging markets.
With an experienced team of 55 professionals located in London, New York, Dallas, Hong Kong, and
Sydney, FIRSTavenue provides global distribution and accessibility to an extensive network of institutional
investors.

www.lpgpconnect.com

SPONSORS

Record Currency Management Limited is one of the world’s largest and longest-standing currency
managers, with $64.7bn of assets under management (as at December 2019), and over 35 years of
experience. We are headquartered in Windsor, in the United Kingdom, with offices in Zurich and New
York. Our clients are largely institutions, including pension funds, charities, foundations, endowments, and
family offices, as well as other fund managers and corporate entities. We are an independent currency
specialist, and have always focused on developing a deep understanding of the risk and reward
opportunities in currency markets, in order to deliver tailored solutions. Our clients benefit from our
expertise, and the continuity and consistency with which we apply that expertise.

Record was established in 1983 by Neil Record, who previously worked at the Bank of England, and
continues as our Chairman today. The business grew largely around hedging for both corporate and
institutional clients, with mandates including the world’s first stand-alone currency hedge in 1985. Since
2009, we have sought to offer a greater variety of services, including currency for return, spot execution,
cash and collateral management, derivatives overlay, and advisory services.

In March 2018, we signed up to the FX Global Code. We see it as fully aligned with our position as an
independent currency manager, acting solely on our clients’ behalf and promoting the highest standard of
transparency and market conduct. Later in 2018, we were accepted as a signatory to the Principles for
Responsible Investment, and also developed a method for improving the environmental, social, and
governance (ESG) credentials of our Currency Multi-Strategy product, whilst preserving the return profile.

Record Currency Management Limited is a wholly-owned subsidiary of Record plc, which has been listed
on the Main Market of the London Stock Exchange since our IPO in 2007.

Runway Growth Capital LLC manages funds focused on growth lending and was founded in 2015 by David
Spreng, CEO and CIO, to be the investment advisor to Runway Growth Credit Fund Inc, a private business
development company (“BDC”). Shortly after inception David was joined by Tom Raterman (CFO &
Partner) and Greg Greifeld (MD + Head of Credit). Our mission Is to support passionate entrepreneurs in
building great businesses. We lend capital to companies looking to fund growth with minimal dilution – in
turn, we produce superior risk adjusted returns. We do this through our private BDC which has investment
capacity in excess of $500 million and our recently launched LP fund. Oaktree Capital Management is a
strategic investor in Runway Growth Capital and anchor investor in each of its funds.

www.lpgpconnect.com

LONDON6TH ANNUAL PRIVATE DEBT

SPONSORS

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.

Shard Credit Partners is an investment manager focused on private credit strategies. Its funds seek to
generate superior risk-adjusted returns from conservatively structured senior secured credit investments at
low leverage, benefiting from robust documentation and full covenants. Shard Credit Partners invests in
solid small to medium sized businesses with strong management teams, supporting them by providing
transformative growth capital and event driven financing. The firm has a strong ESG focus; in particular, it
is a strong supporter of female entrepreneurs and firms with meaningful female leadership and senior
management. The manager is investing from its inaugural £90 million direct lending fund. Shard Credit
Partners will commence fundraising for its second UK lower mid-market direct lending fund during the
second quarter of 2020.

Sprott Resource Lending is part of Sprott (www.sprott.com), one of the largest investment firms in the
metals and mining markets with over $8B in AUM. The Sprott lending business provides senior secured
financing solutions to junior mining companies. Since its inception in 2010, the team has made 60
investments totaling approximately $2 billion while maintaining the objectives of 1) capital preservation 2)
Income distribution 3) strong risk adjusted returns. The business is backed by leading institutional investors
including public pension plans, foundations and SWFs.

www.lpgpconnect.com

SPONSORS

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

Founded in 2007 Capital Four is a leading independent credit manager focusing on sub-investment grade
credit and manages more than 13bn EUR in AuM across private debt, syndicated loans and high yield and
opportunistic credit. Capital Four is based in Copenhagen in Denmark and employs more than 80
dedicated credit specialists.

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.

www.lpgpconnect.com

Our perspective
is di erent

A leading provider of
global private debt
administration services

SANNEGROUP.COM

About our More than 1,800 FTSE 250 In excess of
global business: £250bn AUA
people worldwide listed business
AMERICAS | EUROPE | AFRICA | ASIA-PACIFIC

Information on SANNE and its regulators can be accessed via sannegroup.com

Deal-making can feel like a maze.
Let us help you navigate new paths

to innovation and growth.

21 of ces in Europe, the Americas, and Asia
One global private debt practice

Law Firm of the Year –
Lending & Securities

Alt Credit Fund Intelligence Europe Awards
2019

A One-Stop
Shop for
Private Credit

Proskauer Rose LLP | Attorney Advertising Proskauer is a go-to firm for asset
managers and providers of private
credit, including private funds,
credit funds, business development
companies, hedge funds and specialty
finance companies. We are one of very
few firms with strong, deep practices
on both transactional and debt fund
structuring sides, and our lawyers have
unparalleled knowledge of the terms
and conditions prevalent in the market.

Proskauer.com

MANAGING RISK ACROSS CYCLES
IN PRIVATE DEBT

Producing consistent returns in private debt markets, ACCESSING GOOD OPPORTUNITIES
coupled with low volatility, demands effective Part of developing a successful private debt portfolio or strategy is being
navigation of complex situations, documents, deal able to access relevant deals. Investors should look for the following
structures, and business models. characteristic when choosing a partner:

First and foremost, managers must be able to source new loan opportunities Scaled platforms The ability to make and hold multiple
and develop deal structures. Transparency ≥ $300mm investments
Deep industry knowledge
Next, an effective strategy must be able to identify relative value across Comfort with complexity Clearly de ned, proven and transparent
a company’s capital structure. This requires in-depth due diligence and One-stop solution providers investment process
document analysis and market expertise. Selecting good credit exposure
is aided by a deep knowledge of the target sector. Partnerships Dedicated sector focused analyst

Lastly, managers must have experience with workouts and navigating Not afraid to dig in and develop bespoke
restructurings and recapitalisations, both in and out of bankruptcy. solutions

These skills are all key to capturing performance, irrespective of economic Private debt, distressed, commercial real
cycle or covenant trends. The reality is that credit is deployed during estate, 1st lien, unitranche, 2nd lien, or
both booms (like nancing capital expenditures for growth), and during other creative structures
recessions (funding M&A). Opportunities exist in all situations.
Structured to scale with borrower as they
CREDIT UNDERWRITING CRITICAL TODAY grow/evolve
At this stage of the credit cycle, it is critical that a private debt manager
conduct deep due diligence on all issuers. Deep due diligence requires Another important consideration for private credit investors is the scale
the involvement of industry experts in each transaction. Having industry and breadth of the rm they partner with. Navigating the complexity of
research experts as part of the private debt deal team is a signi cant the private credit universe is challenging. The best managers, in our
competitive advantage for a manager. view, possess experience across many functional areas (Exhibit A). Scale,
experience and deep relationships may facilitate greater deal choice and
Capturing non-sponsored premium stronger negotiating leverage.
Deals sourced outside of private equity introductions (i.e.,
non-sponsored transactions) tend to be more inef cient and The bottom line is that investors need to be diligent in sourcing partners.
complex—and they are harder to nd. In a sponsored deal, the They should look for sophistication, appropriate scale, experience, and
private credit shop originating the deal provides diligence materials skill. Private lending is a complex business because it needs to be.
(such as the nancial model and quality of earnings report) to the
lenders, whereas in a non-sponsored deal, the lender would be Exhibit A Data Unique
responsible for this. While sponsor deals can take 4–6 weeks to Key Functional Areas Analysis & Origination
review, non-sponsor deals may take 3 months or more. Required for Success Technology,
Because of these factors, there is typically a yield premium in Private Debt
associated with non-sponsor deals. The internal rate of return etc.
for a non-sponsor deal can be ~250 basis points greater than
a sponsor deal. Industry Transaction
Research Underwriting

Views expressed here are Workout Position
those of Franklin Templeton, Expertise Monitoring
Bene t Street Partners.
For illustrative purposes only.

A Franklin Templeton company

For Professional Client Use Only. Not for Distribution to Retail Clients. This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation for
any investment manager or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The views expressed are those of the investment manager and the
comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding
any country, region or market.
The value of investments and any income received from them can go down as well as up, and investors may not get back the full amount invested. Issued by Franklin Templeton Investment Management Limited,
Cannon Place, 78 Cannon Street, London EC4N 6HL. Authorised and regulated by the Financial Conduct Authority. © Copyright 2020. Franklin Templeton. All rights reserved.

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IN PRIVATE DEBT

As the private debt industry evolves, so do the demands on private debt managers. At Alter Domus,
we’re providing real solutions so managers can focus on putting capital to work and winning deals.
Around the world, our expert teams and flexible solutions are helping private debt managers
reach their full potential. Committed to being more than a service provider, we’re a true partner.
Find out how we can support your needs at www.alterdomus.com

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Head of Sales EMEA Head of Debt & Capital Markets Country Executive United Kingdom
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We’re a global asset manager with a
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Apera is an independent
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The Bright
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Employing over 950 people across 5 Owner-managed since our
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If you are launching a fund, looking to outsource, or considering
migrating, we can support you. Please contact James Duffield on Over 1 in 3 clients have
+44 (0)20 3818 0250 or email james.duffi[email protected] migrated from other
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Explore: aztecgroup.co.uk | .eu Private Debt Fund Services
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Brightwood Capital Advisors is a leading
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businesses on behalf of our investors.

Please visit www.brightwoodlp.com to learn more.



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NOTES

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NOTES

Sprott Resource Lending is part of Sprott (www.sprott.com), one of the largest investment firms in the
metals and mining markets with over $8B in AUM. The Sprott lending business provides senior secured
financing solutions to junior mining companies. Since its inception in 2010, the team has made 60
investments totaling approximately $2 billion while maintaining the objectives of 1) capital preservation 2)
Income distribution 3) strong risk adjusted returns. The business is backed by leading institutional investors
including public pension plans, foundations and SWFs.

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UPCOMING LPGP CONNECT EVENTS

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CFO/COO PRIVATE DEBT PRIVATE DEBT
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3RD ANNUAL 5TH ANNUAL 2ND ANNUAL
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NEW YORK CHICAGO CHICAGO

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CFO/COO PRIVATE EQUITY CFO/COO PRIVATE DEBT 2ND ANNUAL
PRIVATE DEBT
NEW YORK NEW YORK
MIAMI
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NOVEMBER 2020

2ND ANNUAL 5TH ANNUAL
WOMEN IN PRIVATE DEBT PRIVATE DEBT

MIAMI BERLIN

NOVEMBER 2020 4TH NOVEMBER 2020

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[email protected]

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USA: +1 312 544 0023
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