Private Debt Europe

4TH ANNUAL PRIVATE DEBT

EUROPE • BERLIN

6TH NOVEMBER 2019

USA: +1 312 544 0023 CO-SPONSORS
UK: +44 203 663 4995
[email protected]

LEAD SPONSOR

EVENT PARTNERS EXHIBITOR

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.

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

ƒ Umbrella Funds: GPs will have the ability to register and operate an ILP as an Umbrella Fund with segregated

liability between sub-funds.

ƒ “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.

ƒ 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.

ƒ Dual Foreign Name: The ability to register a “dual foreign name” for the ILP for non-English speaking

jurisdictions and receive official recognition thereof.

ƒ AIFMD Alignment: Certain provisions, clauses and definitions have been amended to conform to the AIFMD

prescribed legislation.

ƒ 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.

ƒ 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.

ƒ 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 Full scale AIFMD compliant management company services;
x Fund distribution and infrastructure services for entry into the EU and the UK;
x 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 Associate Director, AIFM Services
e. [email protected] e. [email protected]

t. +353 (0) 1 906 22 02 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 are a director-led business We manage all your service We have crafted a dedicated
which means we are committed requirements through one administration and accounting
to delivering quality service to dedicated global team. This means team, which is fully integrated
you don’t have to co-ordinate with
you and you have access to multiple service providers
correct level of staff.

SANNE employs both directors Ensure controlled environment SANNE operates independently
and staff who have extensive for provision of Fund Administration and is not tied to a banking or
knowledge of client structures legal organization allowing us
/ Accounting services, has
and operating procedures bespoke platforms supported to work with the
best in class
by experienced personnel

We have developed business We are a FTSE 250 listed business. Our directors and staff are owners
relationships with a fewer quality Our investors recognise the quality of the business, alongside public
of our business and low levels of
clients rather than adopting a high value long-term institutional investors – this provides
mass market approach continuity and has resulted in
clients / investors SANNE maintaining a low level of

staff turnover

We deliver a high quality We take a pragmatic approach. We consider a fixed fee approach
service and are proactive If problems arise, we actively solve to provide certainty with no
hidden costs
in our work ethic them by facing them head on

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

4TH ANNUAL PRIVATE DEBT THIERRY VALLIÈRE
Global Head of Private Debt
BERLIN Division
Amundi
SPEAKERS
DANIEL HEINE
TAREK MARDINI, LL.M. Managing Director Private Debt
Attorney-at-law, Partner Patrimonium
P+P Pöllath + Partners
MARK MANNION
LEO FLETCHER-SMITH, CFA Head of European Operations
Strategy Head - European Virtus Partners
Alternatives
Aksia RAFAL LIS
Managing Partner
PLAMEN MITRIKOV CVI Credit Value Investments
Managing Director
Cohen & Company SEAN EGAN
Managing Director
MATTHIAS MATHIEU Egan-Jones Ratings Company
Managing Partner
Bright Capital DOMINICK PEASLEY
Head of Distribution
JAMES SCOTT Funding Circle
Partner
Pollen Street Capital

OLIVER E. WRIEDT
Managing Partner & CEO
DFG Investment Advisers

www.lpgpconnect.com

SPEAKERS SENGAL SELASSIE
Co-CEO & Co-Founder
ADRIANA OLLER Brightwood
Founding Partner
Resilience Partners STEPHEN MCKENNA
Co-Head, Private Debt & Capital
REINER M. LÖSLEIN Markets – EMEA
Managing Director SANNE
Credit Solutions Partner
PATRICIA VOLHARD
DR. RUPRECHT HELLAUER Partner
Managing Partner Debevoise & Plimpton
Albulus Credit
CHRISTIAN FRITSCH
ALISTAIR PERKINS Partner
Head of Specialized ESO Capital
Fixed Income
NN Investment Partners ERIC GALLERNE
Managing Partner
DANIEL BARTSCH Idinvest Partners
Founding Partner and Member of
the Executive Board ROBERT MEYER ZU STARTEN
Creditshelf AG Managing Partner
Octane Capital
FRANZ BERNHARD HERDING
Partner www.lpgpconnect.com
Allen & Overy

4TH ANNUAL PRIVATE DEBT MARCO NATOLI
Head of Lower Mid-Market
BERLIN European Investment Fund

SPEAKERS ADAM JURCZAK
Principal
CHRISTIAN STIX Ontario Teachers' Pension Plan
Partner, Head of Investor Relations
Mezzanine Management HANS-JÖRG BAUMANN
Chairman of Private Debt
GEORGE SZEMERE, CAIA Stepstone Global
Head of Alternative Sales EMEA
Franklin Templeton HANS LIEBLER
Managing Partner
HOLGER ROSSBACH Credit Solutions Partner
Senior Investment Director
Cambridge Associates NICHOLAS NOLAN
Senior Director of Solutions
PATRICIA LUSCOMBE Consulting
Managing Director SS&C Advent
Lincoln International
TIM HOUGHTON
DR. DIETER KAISER Head of Debt and Capital Markets
Managing Director Alter Domus
Robus Capital

FRANCESCO DI VALMARANA
Partner
Pantheon

www.lpgpconnect.com

SPEAKERS CHRISTOPH POLOMSKY
Chief Sales Officer
JEGOR TOKAREVICH Crosslend
Partner
SOF (Substance Over Form Ltd.) Bobby Rakhit
CEO & Founder
MALTE SUSEN ICP Capital
Co–Founder & CEO
Impact X Partners

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
9:50am – 10:30am
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

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

www.lpgpconnect.com

PROGRAM

10:30am – 10:45am Presentation: Relative Value Opportunities in Alternative Credit
10:45am – 10:55am
10:55am – 11:35am Oliver E. Wriedt – Managing Partner & CEO – DFG Investment Advisers

11:35am – 12:05pm Networking Break

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

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

12:45pm – 2:00pm What should inexperienced managers do to become better prepared for an
2:00pm – 2:40pm economic downturn?
How can managers and investors capitalise on opportunities that arise within their
2:40pm – 3:10pm portfolios during economically challenged times?
3:10pm – 3:30pm 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

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

Fireside Chat

Hans-Jörg Baumann – Chairman of Private Debt – StepStone Global
Sengal Selassie – Co-CEO & Co-Founder – Brightwood

Networking Break

www.lpgpconnect.com

PROGRAM

3:30pm – 4:10pm Best practices in managing valuations of illiquid loans
4:05pm – 4:45pm
4:45pm – 6:00pm 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

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

Drinks Reception

www.lpgpconnect.com

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.

www.lpgpconnect.com

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

www.lpgpconnect.com

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.

www.lpgpconnect.com

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.

www.lpgpconnect.com

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 high-
end 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.

www.lpgpconnect.com

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 di erent.
Partner with
us to see how.

SANNEGROUP.COM

More than 1,600 In excess of FTSE 250 Leaders in O ces located Trusted and
people worldwide £250bn AUA listed business alternative asset across Americas, proven partner to
and corporate global clients and
administration EMEA and advisers since 1988
Asia-Pacific

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

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
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2007, 2011, 2012, 2014, 2017 and 2018

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Management, Fund Administration and WƌĂĚĞĞƉ ZĂŽ͕ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ
Settlement Services—all with one provider. WƌĂĚĞĞƉ͘ZĂŽΛǀŝƌƚƵƐůůĐ͘ĐŽŵ

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Combining cutting-edge technology, deep domain www.virtusllc.com
knowledge and unparalleled Client Service,

Virtus delivers your custom-built solution.

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
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DON’T LIMIT
YOUR POTENTIAL.

• Any instrument type
• Any legal or accounting structure
• In-house or hosted

WWW.ADVENT.COM ADVENT SSCINC.COM

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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12+ 32 $6.1

years of team billion
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management

DFG Investment Advisers is a specialized asset
management rm dedicated to the CLO and
leveraged loan markets. As of September 2019,
the rm manages about $6.1 billion in assets for

a global and diverse investor base.

For further information, [email protected]
please contact (212) 488-1544
www.dfgia.com