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Access PowerPoints from Symposium 2017 here.

Re-calibrating the Market after the First 100 Days:

56 High-Level Speakers in a Day & a Half


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• Mark Barnhill, Partner, Platinum Equity

• Tara Blackburn, Managing Director, Hamilton Lane

David Blair,  Partner, PNC Mezzanine Capital

• Jason Block, Partner & CIO, Freedom 3 Capital

• John Bowman, Managing Director, Crescent Direct Lending

• Sam Boyd, Director of the SBIC Office of Program Development,
  U.S. Small Business Administration (via speakerphone)

• Marc Daniel, Managing Director - Mergers & Acquisitions,
  SunTrust Robinson Humphrey

• Tom Danis, Managing Principal, RCP Advisors

John Deering, Managing Director, Deloitte Corporate Finance LLC

• Grier Eliasek. President, Prospect Capital


"This conference is worth rescheduling your vacation for!"
Randy Schwimmer, Senior Managing Director, Head of Origination & Capital Markets, Churchill Asset Management LLC


• Robin Engelson, Managing Partner, Sapphire Financial Group, LLC

• Michael Ewald, Managing Director, Bain Capital Credit

• Oliver Fadly, Senior Research Analyst, Private Markets, NECP, LLC

• Chuck Georgis, Managing Director, Wells Fargo Capital Finance

• Dave Gezon, Senior Managing Director, Midwest Mezzanine Funds

• David Gittleman, Managing Director, Steel City Capital Funding

• Kevin Griffin, CEO & CIO, MGG Investment Group

• Ted Goldthorpe, Managing Partner & Head of Global Credit, BC Partners

• Lawrence Golub, Chief Executive Officer, Golub Capital

• Michael Guarnieri, Managing Director, Harvard Management Company

• Jeri Harman, Managing Partner & CEO, Avante Mezzanine Partner

• Andrew Hettinger, Senior Managing Director of Originations, Crystal Financial


This is my favorite conference. Relevance, connections, efficiency - if I could attend only one conference per year, it would be this one!"
Robin Engelson, Managing Partner, Sapphire Financial Group, LLC


• Brett Hickey, Founder & CEO, Star Mountain Capital, LLC

• Stuart G. Hoffman, Chief Economist, PNC Financial Services Group

• Bob Horak, Managing Director, Lincoln International

• Oliver Huber, Managing Director, Head of Private Debt,
  Golding Capital Partners GmbH

• Brent Humphries, President, AB Private Credit Investors

• Ron Kahn, Managing Director, Lincoln International

• Ted Koenig, President & CEO, Monroe Capital LLC

• Robert Lewin, Member; Head of US Origination and Underwriting, KKR

• Larry Makel, Partner, Dorsey & Whitney LLP

• Pete Monaco, Director, Alternative Assets, Cigna Investment Management


"As an active mezzanine investor in the lower middle market, this conference is  must attend for me."
Jeri Harman, Managing Partner and CEO, Avante Mezzanine Partners


• Peter Nolan, Senior Managing Director, Antares Capital

'• Terry Olson, COO & CFO, THL Credit

• Craig Packer, Co-Founder, Owl Rock Capital Partners

• Brett Palmer, President, Small Business Investor Alliance

• Mike Revord, Managing Partner, Aldine Capital Partners

Michael Richter, Managing Director, GLC Advisors & Co.

• Alan Roth, Partner, Jenner & Block

Devon Russell, Senior Managing Director, Hancock Capital Management

• Bill Sacher, Partner, Head of Private Credit, Adams Street Partners

• Randy Schwimmer, Senior Managing Director, Head of Origination & Capital Markets,
  Churchill Asset Management LLC

• David Scudellari, Senior Vice President, Principal Debt and Credit Investments,
  PSP Investments


"I really enjoy attending the Symposium. It's very insightful. The topics are well-selected and cover areas of interest for all types of lenders and investors focusing on different parts of the capital structure."
Arthur Martini, Managing Director, Owl Rock Capital Partners


• Jordan B. Sebold, Managing Director, Newstone Capital Partners

• Monica Shilling, Partner and Co-Head, Private Equity Group, PROSKAUER

• David Shuler, Principal, Northstar Capital

• John Sinnenberg, Chairman, Cyprium Investment Partners LLC

• Mike Teplitsky, Managing Director, Wynnchurch Capital, LLC

• Scott Turco, Executive Vice President, Goldman Sachs BDC, Inc.

• Jay Turner, Partner & Co-Founder, Dos Rios Partners

• Matthias Unser, Founding Partner & Managing Director, YIELCO Investments AG

• Victor Vescovo, COO & Managing Partner, Insight Equity

• Tess Virmani, Senior Vice President & Associate General Counsel,
  The Loan Syndications and Trading Association

• Preston Walsh, Partner, PNC Mezzanine Capital

• Andrew Woolford, Managing Director, Head of Capital Markets,
  Cerberus Business Finance LLC

 PLUS 3 ADDITIONAL SPEAKERS



 

Day 1 
Tuesday, May 16, 2017


 
7:45 a.m. – 8:15 a.m.
REGISTRATION & CONTINENTAL BREAKFAST



8:15 a.m. – 8:30 a.m.

CHAIRMAN'S WELCOME & OPENING REMARKS

John Deering
Managing Director, Deloitte Corporate Finance



8:30 a.m. – 9:15 a.m.

THE STATE OF THE MIDDLE MARKET

Despite heightened political uncertainty, the US M&A and financing markets are very strong.  According to the results of Deloitte’s most recent survey of 1,000 corporate executives and private equity investors, M&A activity is poised to accelerate, perhaps significantly, extending the increase of deal making seen during the final months of 2016. 

Several reasons contribute to the optimism.  For starters, many company executives report they have strong strategic imperatives driving their desire to do more deals in 2017, with 53% of company executives stating they will likely pursue M&A as an acquirer. Additionally, 83% of executive surveyed after the November election are confident the US economy will improve over the next two years, with nearly 40% expecting GDP growth in excess of 3.5%.

Meanwhile, stock prices remain near record levels, and interest rates, despite the forecast for an increase, remain near historic lows while more companies have elevated cash levels they intend to use to strike more deals. 

In addition, US based respondents say 2017 will be the year of globetrotting with a desire to pursue deals in select regions such as Canada, UK and China.  This projected activity will benefit from a highly liquid debt market which is experiencing a growing number of financing sources, positive momentum in BDC share prices and the growing  belief that commercial banks are poised to become more competitive. 

MODERATOR:

John Deering
Managing Director, Deloitte Corporate Finance LLC

SPEAKERS:

DEBT:
Randy Schwimmer
Senior Managing Director, Head of Origination & Capital Markets,
Churchill Asset Management LLC

EQUITY:
Rob Lewin
Member; Head of US Origination and Underwriting,  KKR

M&A:
Marc Daniel
Managing Director - Mergers & Acquisitions,  SunTrust Robins
on Humphrey


9:15 a.m. - 9:30 a.m.
LOOKING AHEAD: IS REGULATORY RELIEF IN SIGHT?
LSTA Update and Analysis


Setting the stage for our traditional lenders’ panel, Tess Virmani from the Loan Syndications and Trading Association will present an update on critical developments regarding leverage, capital requirements and risk management that banks are facing today and that will influence their ability to compete into the future.

Tess Virmani
Senior Vice President & Associate General Counsel
The Loan Syndications and Trading Association



9:30 a.m. - 10:15 a.m.
SENIOR LENDING: THE ONLY CONSTANT IS ... CHANGE


There is, perhaps, no segment of the market facing more ongoing and potential change as senior lending.  Over the past year, traditional players have continued their move up market.  Record levels of private fundraising have brought new players into the market. 

The very definition of what senior debt is has been stretched by the growing popularity of the senior “stretch” product and the continued evolution of the unitranche.  Underwriters must consider the implications of potential border tax adjustments.  Plus, just as banks were getting accustomed to life under leveraged lending guidelines and heavier regulations, the Trump administration may roll them back!  To top it off, one of the foundational pillars of the debt market, the tax deductibility of interest expense, is “on the table”.

 Join us as a panel of leading senior lenders discuss the following:

• Expansion of the “club” execution and traditional “middle market” senior lenders into larger deal sizes.  Does this create opportunity for new players in the traditional and lower end of the senior debt market?

• Current market pricing and terms:  Is all 1st lien senior debt created equal?  What are the differences in leverage and pricing as you move from traditional senior to “stretch” senior?  How are senior lenders participating in unitranche deals?  Unitranche is 1st lien, but should it be considered senior debt?

• How are traditional banks playing in the market today?  If the Trump administration makes changes to Dodd-Frank, are banks poised for a return to leveraged lending and how would this impact the overall market?

• What would happen in a world where interest expense is no longer deductible?     

MODERATOR:

Bob Horak
Managing Director, Lincoln International

SPEAKERS:

Chuck Georgis
Managing Director, Wells Fargo Capital Finance

John Bowman
Managing Director, Crescent Direct Lending

Devon Russell
Senior Managing Director, Hancock Capital Management

Peter Nolan
Senior Managing Director, Antares Capital

 



10:15 a.m. – 10:45 a.m.
NETWORKING & REFRESHMENT BREAK

Hosted by Newstone Capital Partners


 
10:45 a.m. - 11:30 a.m.
THE BDC STRUCTURE: PLAYING TO ITS STRENGTHS

Average NAV of BDCs has gone from 80% last year to 113% now. Most of the publically traded BDCs have worked through portfolio issues and have actively been deploying capital, thereby winning back shareholder support.

By the time of Symposium 2017, a plethora of new and secondary equity offerings will increase the number of active BDCs and increase the financing power of many of the existing funds.

Join three top BDC professionals and one very expert legal mind as they reflect on best practices, current opportunities, and future directions.

• Where will the money be deployed to produce the dividends that investors have been promised?

• How will rising interest rates impact the industry? Will the traditional senior and mezzanine lenders be able to respond effectively, or is the market set for a resurgence in the type of BDC lending that dominated the early 2000s and early 2010s?

• What will BDCs do differently this time to avoid the problems that plagued portfolios in the past?

• Are there regulatory changes ahead that will benefit or hinder the industry?

MODERATOR:

Ron Kahn
Managing Director, Lincoln International

SPEAKERS:

Ted Koenig
President & CEO, Monroe Capital LLC

Monica Shilling
Partner and Co-Head, Private Equity Group, PROSKAUER

Scott Turco
Executive Vice President, Goldman Sachs BDC, Inc.

'Terry Olson
COO & CFO, THL Credit

 



11:30 a.m. – 12:30 p.m.
SBIC SEMINAR SESSION

Sponsored by

In recent years, the SBIC industry has enjoyed record licensing levels and capital inflows. Small and mid market private debt and equity funds as well as BDCs have come to the party by forming SBICs, which are now a meaningful source of debt and equity capital for small businesses. This is no surprise given the access to inexpensive capital through the Small Business Administration's (SBA) SBIC borrowing program, which helps leverage the equity capital that GPs raise, not to mention the potential exemption from SEC registration for SBICs. The SBIC program helps fulfill the SBA's mission to "facilitate the flow of long term capital to America's small business.”

An increasing number of limited partner investors are looking favorably at SBICs as well. LPs enjoy the enhanced returns provided by leverage at the fund level. Large institutional investors have joined what has historically been largely a family office investor base for SBICs. Moreover, due to SBICs' exemption from the Volker rule, banks are allowed to invest in SBICs and get Community Reinvestment Act (CRA) credit, providing a large class of potential investors for SBIC GPs. Of course, there are a variety of restrictions and regulations, which an SBIC is subject to, as well as stringent reporting requirements. For some GPs, this may mean that an SBIC structure isn't right for them.

Much of this could change, however, with the new administration including a new head of the SBA. This seminar will explore the current state of the SBIC market, as well as the outlook and potential changes in a Trump and Republican dominated congress. Times are changing - will this be good or bad for SBICs?

MODERATOR:

Alan Roth
Partner, Jenner & Block

SPEAKERS:

Brett Palmer
President, Small Business Investor Alliance

Jeri Harman
Managing Partner and CEO, Avante Mezzanine Partners

Brett Hickey
Founder & CEO, Star Mountain Capital, LLC

Tom Danis
Managing Principal, RCP Advisors

Jay Turner
Partner & Co-Founder, Dos Rios Partners

Michael Richter
Managing Director, GLC Advisors & Co.

Mike Revord
Managing Partner, Aldine Capital Partners

Sam Boyd
Director of the SBIC Office of Program Development,
U.S. Small Business Administration (via speakerphone)
 



12:30 p.m. - 2:15 p.m.
LUNCHEON AT THE ROOSEVELT

Hosted by

Dorsey & Whitney is an international law firm with lawyers who have led the mezzanine/junior capital area for over 30 years. We counsel professionals in finance matters (including mezzanine financings, second lien financings, unitranche debt, senior cash flow and asset based lending) as well as private equity, M&A, general corporate and securities issues. We represent financial institutions, investment funds, venture capital investors, startup companies, institutional investors and others in middle market corporate and commercial financial transactions. More information at www.dorsey.com.

LUNCHEON ADDRESS:
Trump, the Economy and Financial Markets: A Look Ahead

Stuart G. Hoffman
Chief Economist, PNC Financial Services Group
Hoffman has been recognized as one of the most accurate economic and interest rate forecasters in the prestigious Wall Street Journal economic survey covering the 1988 to 2016 period.


 

2:15 p.m. - 2:30 p.m.
23rd ANNUAL ATLANTIC CONFERENCES MEZZANINE MARKET SURVEY

The informal, high-level survey of traditional mezzanine markets explores the current trends in leverage, pricing and terms.

PRESENTED BY:

Preston Walsh
Partner, PNC Mezzanine Capital

 


 

2:30 p.m. - 3:15 p.m.
TRADITIONAL MEZZANINE - THE QUEST FOR DEALS & RETURNS:
EQUITY SPONSORS, INDEPENDENT SPONSORS, OWNER-OPERATORS

The Private Equity market is a 35-year-old industry and is going through major changes. Successful equity funds are attracting more capital than previously while less successful private equity groups are having to work harder to remain the same size and the bottom third are in survival mode.

The same is true for traditional mezzanine funds. Once the primary providers of subordinated debt to deals sponsored by equity funds, mezzanine funds have suffered competitive pressures on pricing and capital from stretch and unitranche lending by BDCs and other senior debt sources, the rise of credit opportunity funds, captive mezzanine providers formed by affiliates of equity funds, and former mezzanine fund investors going direct in search of yield.

Some traditional mezzanine funds have offset compressed pricing by going up market, continuing to support equity sponsors with larger amounts of capital in companies with traditional risk profiles. Others have moved to the SBIC model providing enhanced returns to equity holders through a leveraged fund structure. But, many traditional mezzanine funds have sought to hold onto yields and all-in pricing by moving down market and away from the crowded equity sponsor market, assuming the higher risks associated with smaller enterprises and financing deep within the balance sheet.

In the “Changing Face of Equity” sessions, Symposium 2016 spotlighted the rise of independent sponsors and structured equity. Symposium 2017 revisits these alternatives to traditional equity sponsored deals from the traditional mezzanine fund perspective. Listen as these veteran fund managers compare and contrast their fund strategies.

• What fund investors expect from GPs pursuing independent sponsor and owner-operator deals.

* How risk tolerances and deal profiles compare and how investment management skill sets vary.

• What mezzanine fund managers get from independent sponsors in return for what they provide in terms of capital and carry.

• How different is being a provider of mezzanine in an owner-operator deal from participating in a sponsored deal?

MODERATOR:

Larry Makel
Partner, Dorsey & Whitney LLP

SPEAKERS:

David Blair
Partner, PNC Mezzanine Capital

Jordan B Sebold
Managing Director, Newstone Capital Partners

David Shuler
Principal, Northstar capital

John Sinnenberg
Chairman, Cyprium Investment Partners LLC

 


 3:15 p.m. - 3:45 p.m.

NETWORKING & REFRESHMENT BREAK
                                                                                                                                                                                                               


 

3:45 p.m. - 4:30 p.m.
FINDING HIGHER YIELD RETURNS IN A COMPETITIVE MARKET

With growing competitive pressures, many lenders are now more open to underwriting “story” credits. These situations tend to have good stories and good management teams but complexities can be evident in areas such as financial due diligence challenges, acquisition integration concerns, and corporate divestitures issues. In addition, these opportunistic players are actively evaluating companies in out of favor industries. This strategy puts the spotlight on intense due diligence and risk tolerance but the rewards can be meaningful. 

MODERATOR:

Jason Block
Partner & CIO, Freedom 3 Capital

SPEAKERS:

Kevin Griffin
CEO & CIO, MGG Investment Group

Andrew Hettinger
Senior Managing Director of Originations, Crystal Financial

Andrew Woolford
Managing Director, Head of Capital Markets, Cerberus Business Finance LLC

David Gittleman
Managing Director, Steel City Capital  Funding

 


 
4:30 p.m. – 5:30 p.m.

WHAT'S THE FUTURE OF PRIVATE EQUITY?

According to Preqin, dry powder among all classes of private equity hit an all-time high in February 2017 at $1.4 trillion dollars worldwide, 4.9x what it was in Dec 2000. Three times as many private equity firms are in business today than that fifteen years ago, and that does not include increasingly sophisticated family offices, independent sponsors, and direct-investment sovereign wealth and pension funds.

During the eighties and early nineties, net returns for private equity often exceeded 30% annually for leading firms, but by 2000-2002 median net IRRs dropped to the mid 20’s and by 2009-2012 net median annual returns had declined even further to 13-15%.

Despite this sobering backdrop, from 2011-2016 large investors have stated their intention to “increase their allocation to private equity” from 27% to 48%, mainly due to even lower and less consistent returns in other asset classes.

Among PE firms, GPs express as the major concerns: increasing valuations from firms, aggressive pressure from LPs on terms, fewer proprietary situations, and substantially increased competition on deals. With all of these factors, what is the likely evolution of private equity over the next 5-10 years and how can it continue to yield consistently higher rates of return than other asset classes, and within the industry, what will the top-performing PE firms do either with their strategies or tactics in order to sustain consistent top-quartile returns?

MODERATOR:

Victor Vescovo
COO & Managing Partner, Insight Equity

SPEAKERS:

Tara Blackburn
Managing Director, Hamilton Lane

Mark Barnhill
Partner, Platinum Equity

Mike Teplitsky
Managing Director, Wynnchurch Capital, LLC

Plus One Additional



5:30 p.m. – 7:00 p.m.

ANNUAL INDUSTRY COCKTAIL RECEPTION

Hosted by

The Private Credit Group at Proskauer is a unique middle market finance practice. The breadth and diversity of our practice is unmatched in the industry. The group was the first to dedicate its practice solely to representing providers of private credit. We represent over 50 clients, including private debt funds, business development companies, asset managers, finance companies and family offices. These lenders provide financings for transactions ranging from $10 million to more than $1 billion across a myriad of product types and industries.



7:00 p.m. - 8:00 p.m.

YOUNG PROFESSIONALS IN CREDIT NETWORKING RECEPTION
hosted by Deloitte Corporate Finance

The Symposium is known for being awash with senior level financiers. We've been asked to create a separate Symposium event where mid-career people can focus on getting to know their peers.  If you'll be at the Symposium and plan to attend, please contact the Atlantic Conferences office and RSVP.

 


 

END DAY 1

 



 

DAY 2
Wednesday, May 17, 2017



7:45 a.m. – 9:00 a.m.

THE WORKING BREAKFAST
 


 

 9:00 a.m. - 10:00 a.m.
NEW ENTRANTS INTO THE PRIVATE CREDIT MARKET

With banks finally succumbing to “guidance” on leverage and other structural considerations, there was a continued influx of new credit funds to the market in the past 12 months and more scheduled for launch during the balance of 2017. Managers are targeting different segments of the market: senior, senior stretch, second lien, unitranche and mezzanine, with many trying to have as broad a mandate as possible to react to continuing changes in market conditions.

It’s debatable depending on pricing and structure whether there is a void or an oversupply of credit in today’s market. The one constant is that there is definitely an advantage to not being formally regulated. Even if Dodd Frank loosens up, there will still be greater constraints on banks than non-banks; and leveraged lending continues to grow. Are today’s new entrants part of the continuing disintermediation of banks and the growing demand for more flexibility, higher leverage and more tolerance for storied credits?

Come listen as four “new” entrants to the market discuss their strategy and differentiation propositions.

• Why a new fund now—and has the view changed in light of recent market and political events?

• Investors are increasingly open to private capital as an asset class and want to get in on the steady returns. How flexible are/were investors on mandate and range of risk within the fund?

• Is there more demand for credit at the lower or higher end of the pricing matrix?

• What market conditions would be most/least beneficial to your strategy?

MODERATOR:

Robin Engleson
Managing Partner, Sapphire Financial Group

 SPEAKERS:

Ted Goldthorpe
Managing Partner & Head of Global Credit, BC Partners

David Scudellari
Senior Vice President, PSP Investments

Craig Packer
Co-Founder, Owl Rock Capital Partners

Bill Sacher
Partner, Head of Private Credit, Adams Street Partners

Michael Guarnieri
Managing Director, Harvard Management Company


10:00 a.m. - 10:30 a.m.
POP-UP INTERVIEW

Why is private credit so popular as an asset class? What do consultants look for in a manager? Are there unexplored opportunities in the middle market?

INTERVIEWER:
Randy Schwimmer, Senior Managing Director, Head of Origination & Capital Markets,
Churchill Asset Management LLC

INTERVIEWEE:
Oliver Fadly
Senior Research Analyst, Private Markets, NECP, LLC

plus one additonal



10:30 a.m. - 10:45 a.m.

NETWORKING & REFRESHMENT BREAK

 



10:45 a.m. – 11:30 a.m.
FUND INVESTORS:
WHAT DO THEY WANT & WHERE ARE THEY GOING TO FIND IT?

Mergers & Acquisitions reported that with $355.3 billion raised globally in 2016, it was the fourth consecutive year in which fundraising was in excess of $300 billion and was closing in on the pre-recession records of close to $400 billion for funds that closed in 2007 and 2008.

While anecdotal evidence shows a rise in independent sponsors, M&A reported that a record number of new traditional funds are headed to the market in 2017. As record levels of capital are going into traditional private equity funds, private debt funds continue to form to meet the borrowing needs of the middle market. What does this mean for limited partners?

• What’s fueling the record level of fund commitments?

• How are fund investors viewing new funds and new fund managers?

• Are there asset classes that are attracting more of the inflow than others?

• How does the ongoing rise of the US public markets and the US economic outlook influence fund investment strategies?

• How does Brexit and the condition of the European economies influence them?

• Are there alternatives to the traditional GP/LP format that are being considered?

MODERATOR:

Dave Gezon
Senior Managing Director, Midwest Mezzanine Funds

SPEAKERS:

Matthias Unser
Founding Partner & Managing Director, YIELCO Investments AG

Pete Monaco
Director, Alternative Assets, Cigna Investment Management

Oliver Huber
Managing Director, Head of Private Debt, Golding Capital Partners GmbH

One Additional


11:30 a.m. - 12:30 p.m.
THE ROUNDTABLE DISCUSSION

Ron Kahn, Managing Director, Lincoln International, returns to lead a round table discussion on financing in the middle market. Join us as we close out Symposium 2017 with this popular interactive session in which industry leaders are challenged by our moderator as well as each other regarding current lending and investment practices, risks and opportunities, the outlook for the remainder of 2017 and beyond and lessons from the past.

DISCUSSION LEADER: 
Ron Kahn
Managing Director, Lincoln International

SPEAKERS:

Lawrence Golub
Chief Executive Officer, Golub Capital

Grier Eliasek
President, Prospect Capital

Michael Ewald
Managing Director, Bain Capital Credit

Brent Humphries
President, AB Private Credit Investors



12:30 p.m.

CHAIRMAN'S CLOSING REMARKS

John Deering

Managing Director, Deloitte Corporate Finance


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