Agenda

*Almost all speeches/panels will be in German

The event will be moderated by Dr. Philipp Bunnenberg, Head of Alternative Markets, BAI e.V. 

 

8:00 – 8:50
Admission

 

8:50 – 9:00
Welcome and opening remarks

Frank Dornseifer, Managing Director, BAI e.V.

 

9:00 – 9:25
Keynote: Private Debt Market Outlook & Key Takeaways

  • Opportunities and risks of private debt in today's changed market environment
  • Effects on institutional investors' private debt allocations in the overall portfolio context
  • Trends from a private debt sub-asset class perspectivet

Matthias Erb, Board of BAI e.V., Partner Stepstone

 

9:25 – 10:05
Investor Panel

Dominik Thienel, Head of Private Equity / Private Debt, WPV
Sina Timm, Private Debt Lead, Viridium Group
Klaus Grünfelder, Vorstand / CFO, Siemens Stiftung
Priscilla Schnepper, Investment Manager Diversified Debt Funds, European Investment Fund

Moderation: Matthias Erb, Board of BAI e.V., Partner Stepstone

 

10:05 – 10:30
Silver Lecture: Large Cap Private Credit in Times of Macroeconomic Uncertainty and Volatility

  • Volatility in the debt capital markets as an opportunity for private credit funds in the "large cap" segment
  • Risk and return expectations of private credit compared to other fixed income alternatives in the current environment
  • Increasing focus on restructurings and work-outs poses new challenges for the private credit industry after years of low default rates

Christian Schäfer, Managing Director, Goldman Sachs

 

10:30 – 11:00
Coffee Break sponsored by BB Alternatives

 

11:00 – 11:25
Silver Lecture: Advantages and disadvantages of public vs. private corporate credit

  • Is private credit still an attractive form of investment against the backdrop of higher interest rates, the denominator effect and recession concerns?
  • How do high-yielding public and private credit investments differ from each other?
  • What are the investment implications of these differences and the current market environment?

Rene Hartert, Head of Direct Lending Origination (DACH), DWS Group

 

11:25 – 11:45
Update Investor Regulation and Private Debt

  • Solvency II: CIC categorisation, ratings, eligibility of collateral, qualified infrastructure, warrants
  • ISA: AnlV categorisation, ratings
  • CRR: CRR 2 vs. CRR 3 incl. ratings, shadow banking regime, non-performing loans
  • ESG: SFDR / taxonomy specifics for private debt

Jegor Tokarevich, CEO, SOF

 

11:45 – 12:05
Keynote lecture: Lower-Mid-Market in a Nutshell

  • Empirical findings, determinants of portfolio construction & testing in practice
  • Classification and delineation of the lower-mid market (LMM) in the current competitive dynamics.
  • Empirical discourse on leverage levels, profitability ratios and transaction types
  • Investor perspective: specifics and focus in due diligence of managers in the LMM

David Hansen, Portfoliomanager, Kapital 1852
Sven Gralla, Portfoliomanager, Kapital 1852

 

12:05 – 12:50
Panel: Lower- & Mid-Market Direct Lending

Lower & Mid-Market Direct Lending offers both investors and German SMEs a tailor-made and flexible alternative to traditional financing solutions. What are the differences to the large cap and syndicated loan market: from origination, DD & structuring to monitoring? Sponsored or sponsor-less transactions? What role does the current market environment play? Which return and risk drivers do investors pay particular attention to?

Christian Fritsch, Managing Partner, ELF Capital Group
Matthias Mathieu, Founder & Managing Partner, Bright Capital
Dr. Klaus Petersen, Founding Partner, Apera Capital
Danny Tuchlinsky, Ärzteversorgung Land Brandenburg

Moderatorin: Sabine Fischer, Managing Partner, BB Alternatives

 

12:50 – 13:50
Lunch

 

13:50 – 14:15
Silver Lecture: Private Debt for SMEs - a Balanced Risk / Return Profile

  • The German private debt market at a glance
  • Advantages of private debt compared to bank financing (strategic, operational, in crisis situations)
  • Unitranche credit conditions since 2013 until today and outlook
  • European private debt market participants

Bertram Schütz, Partner, Head of DACH Region, Capza

 

14:15 – 14:40
Lead-Vortrag: Credit Opportunities - Mind the forest, not the trees!

  • Distinction between credit opportunities and direct lending: main differences, purposes of the two allocations
  • Heterogeneity of the credit opportunity universe: distinction between cyclical opportunities and all-weather opportunities
  • Portfolio construction: strategy diversification, correlation and drawdown considerations
  • Implementation approaches: Primary funds & secondaries/late primaries, SMAs & co-investments

Marc-André Mittermayer, Partner, Stepstone

 

14:40 – 15:05
Silver Lecture: Exploring Market Opportunity in Special Situations

  • Recessionary fears, the recent surge in inflation, Europe’s energy crisis and other spill over effects from the war in Ukraine have caused a significant repricing of risk
  • Indices have retraced COVID lows and the size of the European stressed/distressed market has grown to above €120 billion
  • The opportunity set is likely to continue expanding as eroding corporate earnings trigger downgrades and borrowers struggle to refinance at significantly higher interest rates
  • Europe’s specific macroeconomic and geopolitical challenges point to a prolonged period of disruption across multiple sectors and geographies
  • Jurisdictional complexity and private market dominance makes analysis and access opportunities a challenge for most investors

Eric Larsson, Portfolio Manager & Co-Head of Special Situations, Alcentra

 

15:05 – 15:35
Coffee Break

 

15:35 – 16:20
Panel: Specialty Lending und Special Situations

How can an existing Direct Lending portfolio be completed with Specialty Strategies? Capital solutions in situations characterized by a scarcity of liquidity, across the primary and secondary markets. The acquisition of underperforming corporate loans / distressed leveraged loans / rescue financing & turnaround. Bridge Financing. Why are syndicated markets not suitable for this situation? The origination of transactions. Current market opportunities.

Börge Grauel, Vorstand & Partner der YIELCO Investments AG, Co-Head Private Debt
Musa Sönmez, Co-Head of Europe & Partner, Oak Hill Advisors
Robert Meyer zu Starten, Managing Partner, Octane
Dominik Felsmann, Managing Director & Head of Germany, Tikehau Capital

Moderation: Mattis Poetter, Co-CIO and Partner, Arcmont Asset Management

 

16:20 – 16:45
Silver Lecture: Credit Co-Investments – The next evolution in private credit portfolios

  • Co-investment role in Private Markets investing (RE, PE, Infra, Credit)
  • Attributes of high-quality credit co-investing
  • Challenges when executing credit co-investments
  • Current credit co-investment opportunity set and market backdrop

Steve McMillan, CFA, Managing Director, Absolute Return Strategies, GCM Grosvenor

 

16:45 – 17:10
Silver Lecture: Opportunities in Secondary Credit Markets

  • The presentation will aim to address the growing and attractive investing opportunity that we believe exists in secondary credit markets
  • Secondary credit allows investors to benefit from the broader advantages of secondary investing, while achieving highly-diversified exposure to leading private credit assets and portfolios
  • We anticipate the market will continue to grow, driven by the sustained growth of the primary private credit asset class and the increased adoption of secondary technology by both GPs and LPs
  • We believe the market remains significantly undercapitalized today, presenting an exciting opportunity for investors to generate attractive risk-adjusted returns

 Dave Schwartz, Partner, Head of Credit, Secondaries, Ares Management

 

17:10
Closing remarks and get-together sponsored by HarbourVest

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