FTLive and Reorg: Global Alternative Credit Summit (May 4-5, 2022) — New York program

GLOBAL ALTERNATIVE CREDIT SUMMIT
4 – 5 May 2022
Unlocking Opportunities in Private Debt as the Credit Cycle Turns
In-Person & Digital l Glaziers Hall, London and Harvard Club, New York | #FTAltCredit

Private credit is booming with estimates suggesting the market is now worth more than US$1 trillion. Having moved from the margins to the mainstream, this previously niche asset class is proving a real disruptor in debt capital markets, as investors seek out steady and healthy returns, and borrowers opt for new non-bank sources of finance. The expert panelists will discuss the UK’s evolving scheme of arrangement, the American municipal debt market and merger arbitrage strategies in our wide ranging array of panels.

The potential for this market is enormous, but there are risks. For LPs, non-bank credit offers diversification uncorrelated with traditional investments; for borrowers, it promises quicker decisions on loans, better tenors and tailored covenants. Yet, despite ample capital, caution remains a watchword as the global credit cycle turns and the pandemic continues to influence the prospects for business and finance. Moreover, with growing calls for greater transparency and tighter regulation in private credit, is now the right time to join this market? Do the benefits outweigh the risks of this dynamic new asset class?

How does this shadow banking market compare to other private asset classes in terms of returns and ease of access? To what extent has it matured to meet the risk and return profile of an increasingly sophisticated pool of global investors? Can current rates of return be sustained in developed markets, against a fast changing and uncertain macro-economic and geo-political background? To what extent will Asia follow a similar growth path? As demand for direct lending, distressed debt, structured credit and leverage finance increases, where will new avenues for growth emerge? How concerned should investors be about warnings around systemic risks, market opacity, standards and illiquidity issues? Is it time to step up the regulation of private credit?

The FT’s Global Alternative Credit Summit will tackle these and other major questions. Held in partnership with Reorg, and bringing together leading investors, borrowers, lenders, regulators and advisers from the US, EMEA and Asia, our agenda will look at how private credit is evolving and shaking up debt markets, assessing the key drivers behind its current rate of growth, and where the industry will go from here.

Welcome Remarks from FT & Reorg

• Sarah Gefter, Managing Director, Reorg
• Mark Vandevelde, US Private Capital Correspondent, Financial Times

Market observation from Reorg

• Kent Collier, Founder and CEO, Reorg

Fireside Chat – are alternative credit funds now too big to fail?

• Kipp deVeer, Partner, Head of the Ares Credit Group, Ares
• Mark Vandevelde, US Private Capital Correspondent, Financial Times

Panel: Scaling up- Is private credit freezing out banks in leveraged buyouts?

The volume of money being dedicated to private credit is growing year on year, allowing them to put their cash to work to finance bigger deals. A case in point is Thoma Bravo’s use of private credit to part fund the 2021 US$6.6bn acquisition of Stamps.com. Do deals like this suggest that the scale of some funds is turning the tide away from traditional bank financing as the go-to for takeovers? What are the advantages and risks of going the private route vs using a syndicate of bank lenders? What are the risk implications for the market when borrowers and lenders may come from the same fund – private equity on one side, private credit on the other?

• Colbert Cannon, Managing Director, HPS Investment Partners
• Ramya Tiller, Partner, Debevoise & Plimpton LLP
• Alexander Popov, Managing Director – Partner – Credit Opportunities, Carlyle
• Jean-Marc Chapus, Managing Partner, Crescent Capital Group, LP
• Joe Rennison, Deputy US Markets Editor, Financial Times

Panel: The future of alternative credit – what new strategies, sectors and markets are emerging to meet investor demand?

Many now view alternative credit as a mainstream asset class which looks set to maintain its growth path, in the short to medium term. But capital allocations will be driven by private credit manager’s ability to offer differentiated growth and income opportunities, especially in a low yield environment, as well as potential downside protection in times of market turbulence. What does the future hold for alternative credit as the market cycle shifts? What strategies will fund managers look to to distinguish themselves from their competitors? Which regions and sectors show the greatest potential for expansion? How important will ESG considerations be in shaping the market? What are the biggest regulatory challenges likely to affect private credit managers in the coming years?

• Morgan Dean, Managing Director, Sound Point Capital
• David Latour, Managing Director, Strategy & Investment, Capital Solutions CDPQ
• Joel Holsinger, Partner, Co-Head of Alternative Credit, Ares
• Mr. Greg Racz, President, MGG Investment Group
• James Holloway, Team Lead, Reorg

Closing remarks followed by VIP Networking Lunch

• Mark Vandevelde, US Private Capital Correspondent, Financial Times

Please take a look at the agenda here: https://alternativecredit.live.ft.com/agenda/session/693861