Private credit: defining the asset class and the strategies on offer

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Norma Jenkins
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1 MAIN CONFERENCE DAY 1-24/04/2018 Registration and welcome coffee 08:30-09:00 Morning Chairperson's welcome address 09:00-09:05 Macro scenarios: protecting your money today and tomorrow 09:05-09:35 Is now the right time to be investing in credit funds? What are the implications of recent global economic and political turbulence and how might allocations shift in the future? Where are investors most protected and where are they most exposed? John Hess - Head of Global Strategic Initiatives, Pavilion Alternatives Group Limited Overview of the market: too much capital and too few deals? 09:35-10:10 What is the state of the market today and what is the effect of increasing competition? What are the important considerations when looking at larger sponsored and non-sponsored deals? Where are the opportunities in the middle market and what do diversified SME platforms bring to the table? Panellists: Robin Doumar - Managing Partner, Park Square Capital Nicole Downer - Managing Partner, MV Credit Claire Harwood - Investment Director, Permira Debt Managers Keynote address 10:10-10:30 Private credit: defining the asset class and the strategies on offer 10:30-11:05 What defines private credit? Which strategies offer the most attractive risk adjusted returns and what distinct skills are required to execute each strategy? From real estate debt and venture debt to special situations and opportunistic credit, how is LP appetite evolving and how are LPs allocating to the different strategies? Moderator: Kelly DePonte - Managing Director, Probitas Partners Panellists: Gareth Edwards - Managing Director, CarVal Investors Parag Gandesha - Chief Operating Officer, MML Capital Partners Morning Coffee and Networking Break 11:05-11:40 Overview of the capital structure 11:40-12:15 How do senior, subordinated and unitranche debt compare? How do you contrast expected cash flow, time to liquidity and risk-adjusted returns to identify the optimum allocation? What are the pros and cons of the different components of the capital structure? Panellists: Symon Drake-Brockman - Managing Partner, Pemberton Capital Advisors Brent Humphries - President, AB Private Credit Investors A bank s perspective: understanding the relationship 12:15-12:35 How do banks like to partner with fund managers in the private credit market and how do such partnerships lead to better results? Where in the market is bank involvement most prevalent and why? Fireside chat Gilles Marchesin - CEO, Chorus Capital Lunch and networking break 12:35-13:40 Afternoon Chairperson's welcome address 13:40-13:45 The lower mid-market: mapping the differences 13:45-14:15 From fund size to risk and return, how is the lower end of the mid-market different? Where are the opportunities and challenges and how does competition look across Europe? Panellists: Marco Natoli - Head of Lower Mid-Market Northern, Eastern & Southern Europe, Equity Investments, European Investment Fund Paul Shea - Managing Partner, Beechbrook Capital David Wilmot - Founder Partner, Apera Capital Sponsored versus sponsorless lending: do the returns justify the risk? 14:15-14:45 How do private credit funds successfully source transactions without a sponsor and what are the different competencies required for sponsorless lending? How do LPs assess the benefits of sponsorless lending and how do the returns compare? Moderator: Ian Borman - Partner, Winston & Strawn LLP Panellists: Ari Jauho - Partner & Chairman, Certior Capital Jakob Lindquist - Co-Managing Partner, CORDET Capital Partners Market place lending: a new way to diversify? 14:45-15:15 Why are high volume lending platforms increasingly attractive to institutional investors? Interviewed by: James Newsome - Managing Partner, Arbour Partners Afternoon refreshments and networking break 15:15-15:40

2 MAIN CONFERENCE DAY 1-24/04/2018 How to construct a private credit portfolio: what do LPs want to achieve? 15:40-16:20 What constitutes a true private credit allocation and can it be allocated to at a strategic level? How do LPs benchmark private credit performance and identify the optimum allocation between different regions? What are the merits of a concentrated or diversified portfolio and how can diversification be achieved quickly? Moderator: Toni Vainio - Principal, Pantheon Panellists: John Bohill - Partner, StepStone Global Luis Mayans - Vice-President and Head of Private Debt Europe, CDPQ LLP Sanjay Mistry - Head of Private Equity and Private Debt, Mercer Howard Searing - Director & Portfolio Manager, DuPont Capital Manager selection: are there managers that are truly unique and can managers please all LPs? 16:20-17:00 How are managers differentiating themselves today and what is the best way for them to communicate their approach and advantages? With an increasingly diverse group of LPs allocating to private credit all with different liquidity and risk requirements how can managers balance the competing needs of different pools of money? Moderator: Christoph Gort - Managing Partner, Siglo Capital Advisors Panellists: Niels Bodenheim - Senior Director Private Markets, bfinance Trevor Castledine - Investment Director, Head of Credit, Local Pensions Partnership Limited John Hess - Head of Global Strategic Initiatives, Pavilion Alternatives Group Limited Speed networking 17:00-17:30 End of Main Conference 17:30-17:35 Day One drinks reception 17:35-19:00

3 SCHEDULE MAIN CONFERENCE DAY 1-24/04/2018 TIME DAY 1 NETWORKING BREAKS 08:00 08:30 - Registration and welcome coffee 08:30 - Registration and welcome coffee 09:00 09:00 - Morning Chairperson's welcome address 09:05 - Macro scenarios: protecting your money today and tomorrow 09:35 - Overview of the market: too much capital and too few deals? 10:00 10:10 - Keynote address 10:30 - Private credit: defining the asset class and the strategies on offer 11:00 11:40 - Overview of the capital structure 11:05 - Morning Coffee and Networking Break 12:00 12:15 - A bank s perspective: understanding the relationship 12:35 - Lunch and networking break 13:00 13:40 - Afternoon Chairperson's welcome address 13:45 - The lower mid-market: mapping the differences 14:00 14:15 - Sponsored versus sponsorless lending: do the returns justify the risk? 14:45 - Market place lending: a new way to diversify? 15:00 15:40 - How to construct a private credit portfolio: what do LPs want to achieve? 15:15 - Afternoon refreshments and networking break 16:00 16:20 - Manager selection: are there managers that are truly unique and can managers please all LPs? 17:00 17:00 - Speed networking 17:30 - End of Main Conference 17:35 - Day One drinks reception 17:30 - End of Main Conference 17:35 - Day One drinks reception

4 MAIN CONFERENCE DAY 2-25/04/2018 This exclusive breakfast is only open to invited pension funds, endowments, foundations, DFIs, SWFs and ILPA members, subject to qualification. The breakfast continues through welcome coffee. 07:30-09:00 LP-only breakfast Registration and morning coffee 08:30-08:55 Chairperson s welcome address 08:55-09:00 How does private credit stack up? 09:00-09:20 How does private credit compare to other alternative and public market strategies? Hans-Jörg Baumann - Chairman of Private Debt and Hedge Funds, StepStone Global What to do when the cycle turns: preparing for the inevitable 09:20-10:00 What will happen when there is a change in market conditions and what does the forthcoming cycle mean across the globe? How can managers evaluate whether they have the capabilities to restructure and what is the key to navigating this time intensive process? Might a secondary market develop as managers strive to provide liquidity and what are the other implications on the private credit market? Data: 10 minutes. Panel discussion: 30 minutes. Data introduction & moderator: Marc Dellmann - Head Business Development, Senior Partner, CEPRES Panellists: Roy Kuo - Team Head Alternative Strategies, Church Commissioners for England John Sinik - Managing Partner, Metric Capital Partners Keynote address 10:00-10:20 Morning coffee and networking break 10:20-10:50 Across Europe: what are the nuances of investing in different countries in Europe? 10:50-11:50 Are certain markets more conducive to certain strategies and what are the merits of a pan-regional approach versus always being on the ground? What are the borrower and lender dynamics across the region and what does regulation and competition look like in different countries? This session consists of a 30-minute panel followed by 4 panellist-hosted roundtables each focussed on a different country. Each roundtable will run for 25 minutes. The moderator will then ask each host to summarise the most interesting points that were discussed during their roundtable session. 1. France 2. Germany 3. Spain 4. UK Germany: Daniel Heine - Managing Director Private Debt, Patrimonium Spain: Adriana Oller - Founding Partner, Resilience Partners UK: Olya Klueppel - Partner, Global Growth Capital Beyond Europe: how is private credit evolving across the globe? 11:50-12:30 What are the supply and demand characteristics of the different markets? How is private credit evolving in different regions and what lessons can be learned from the more mature US market? How do approaches to sourcing and structuring differ and how do returns look around the world? 10-minute presentation followed by panel discussion Moderator: Mark O'Hare - Founder, Preqin Panellists: U. Peter C. Gummeson - Managing Director, Audax Private Debt Mark Schachter - Managing Partner, Elm Park Capital Tod Trabocco - Managing Director, Credit Investment Group, Cambridge Associates Lunch and networking break 12:30-14:00 Distressed debt: reading the signs 14:00-14:30 How dependent is this market on the economic cycle? What is the opportunity today and what could it be in the future? What are the merits and challenges associated with different distressed strategies? Moderator: Karim Flitti - Partner, Credit Captial Partners Panellists: Matthew Glowasky - Managing Principal, Monarch Alternative Capital (Europe) Bruce Richards - Chairman & CEO, Marathon Asset Management LP Avoiding the crowds: private credit opportunities away from the mainstream 14:30-15:10 Where do you find non-crowded opportunities? How does European bank deleveraging affect availability in credit in emerging markets? And how does a global approach reduce risk? Moderator: Patrick Stutz - Chief Investment Officer, Bayshore Capital Advisors Panellists: Marten Vading - General Partner, Kreos Capital Richard Frank - Managing Director, Darby Overseas Investment Afternoon refreshments and networking break 15:10-15:40

5 MAIN CONFERENCE DAY 2-25/04/2018 Too hot to touch session: Remaining disciplined in a competitive environment 15:40-16:20 Is increased competition leading to imprudent lending? What are the consequences of leverage in reality and where do you draw the line in the quest to support returns? Is there a slip in quality and are covenants becoming too loose? The Chatham House Rule applies. Closed to press. Discussion Leader: Oliver Fochler - CEO, Stone Mountain Capital Strategy roundtables 16:20-17:00 Choose from a selection of hosted roundtables, each focussing on a distinct strategy. 1. Real estate debt 2. Risk sharing 3. Specialty finance & asset-based lending 4. Venture debt Risk sharing: Gilles Marchesin - CEO, Chorus Capital Specialty finance & asset-based lending: Bruce Richards - Chairman & CEO, Marathon Asset Management LP End of :00-17:05

6 SCHEDULE MAIN CONFERENCE DAY 2-25/04/2018 TIME DAY 2 LP-ONLY BREAKFAST NETWORKING BREAKS 07:00 07:30 - This exclusive breakfast is only open to invited pension funds, endowments, foundations, DFIs, SWFs and ILPA members, subject to qualification. The breakfast continues through welcome coffee. 08:00 08:30 - Registration and morning coffee 08:55 - Chairperson s welcome address 09:00 09:00 - How does private credit stack up? 09:20 - What to do when the cycle turns: preparing for the inevitable 10:00 10:00 - Keynote address 10:50 - Across Europe: what are the nuances of investing in different countries in Europe? 10:20 - Morning coffee and networking break 11:00 11:50 - Beyond Europe: how is private credit evolving across the globe? 12:00 12:30 - Lunch and networking break 13:00 14:00 14:00 - Distressed debt: reading the signs 14:30 - Avoiding the crowds: private credit opportunities away from the mainstream 15:00 15:40 - Too hot to touch session: Remaining disciplined in a competitive environment 15:10 - Afternoon refreshments and networking break 16:00 16:20 - Strategy roundtables 17:00 17:00 - End of SuperReturn Private Credit Europe 2018

PLEASE NOTE THE 2019 AGENDA IS COMING LATER THIS YEAR SEE BELOW FOR THE 2018 DAY ONE AGENDA - 24/04/2018

PLEASE NOTE THE 2019 AGENDA IS COMING LATER THIS YEAR SEE BELOW FOR THE 2018 DAY ONE AGENDA - 24/04/2018 THE 2018 DAY ONE AGENDA - 24/04/2018 Registration and welcome coffee 08:30-09:00 Morning Chairman's welcome address 09:00-09:05 Kelly DePonte - Managing Director, Probitas Partners The macro outlook and