Paul Hastings & Debtwire Middle Market Private Credit Forum
July 20, 2017 | Hotel Casa Del Mar, Santa Monica, California
Welcome to the Middle Market Private Credit Forum!
The Private Debt Fund Capital-Raising Environment: LP and GP Perspectives
Increased competition among middle market direct lenders has continued to be robust in 2017
as major asset managers, such as public and corporate pension funds and insurers, continue to put money to work.
Could significantly tightening yields among first lien secured loans and unitranche loans be a deterrent for direct lending fund raising?
What continues to drive demand from the LP side?
What credit strategies are appealing to LPs?
What sort of incentives are fund managers now offering to entice LPs?
What are private debt fund sponsors doing to remain competitive?
Will the pro-business Trump administration affect today’s climate and how?
Siobhan Burke, Partner, Paul Hastings
Rob Enayati, General Counsel, Direct Lending Investments, LLC
Jake Fisher, Senior Vice President, Asset Management Group, Antares Capital
Emily Lehrer, Director, ICG Advisors
Jon Berke, Editor - Middle Markets, Debtwire(moderator)
The Convergence Between Large Cap and Middle Markets
The increase in direct lending has created massive competition among lenders for credit opportunities.
There has been a dramatic convergence between the middle and large cap markets, which the latter has historically
demanded different credit and intercreditor terms. Private equity investors continue to seek large cap
terms in middle market deals while a number of private debt investors are moving up market. Private debt investors are making single investments
of up to US$1B and closing transactions that have historically been left solely to the large bank syndicated market.
These various market convergences are expected to continue through 2017, putting a premium on investors’ ability to adapt
accordingly in an increasingly competitive environment.
How long will this phenomenon continue?
What terms are private equity investors focused on now?
Will a potential loosening of regulatory restrictions and leveraged loan guidelines with the current presidential administration increase bank participation in the middle market?
Katherine Bell, Partner, Paul Hastings
Ryan Chin, Managing Director, Business Development Officer, Wells Fargo
Natalie Marjancik, Managing Director, Lincoln International
Rusty Parks, Managing Director, Guggenheim Partners
Kunal Soni, Managing Director of Global Market Strategies, Carlyle
Jennifer Yount, Partner, Paul Hastings (moderator)