8TH ANNUAL Global Fund Finance Symposium

MARCH 21, 2018 NAME ______GRAND HYATT, NEW YORK 8TH ANNUAL Global Fund Finance Symposium

TABLE OF CONTENTS

Letter from the Chairman ...3

Agenda at a Glance ...... 4

Session Details ...... 5

Sponsors ...... 13

Speakers ...... 31

FFA Leadership ...... 78 2 LETTER FROM THE CHAIRMAN

Industry colleagues, The WFF committees have a great set of events planned for As I sit here on a Sunday night, with a glass of pinot in hand, 2018, and a special thanks to each of the firms that are helping trying to think of how to best encapsulate the feeling of the to sponsor these events. To help broaden the audience to 2017 market, my mind keeps wandering off to the pleading include more male participation, we’ve structured a great words of RiRi….. feature panel here today as part of the symposium. It’s my early favorite for winner of Best Panel of the day. “Please don’t stop the, please don’t stop the, please don’t stop the music” Couple of housekeeping notes - this year, we’ll be hosting our Rihanna 2007 (…and investors everywhere in 2017) Sponsor Dinner in London prior to the European symposium. Markets across the board were up, volatility was low, three The European fund finance market continues to grow, and the quarters of global GDP saw a pick-up in year-on-year terms in Board is looking forward to an evening there to both thank 2017, and the IMF is projecting stronger global GDP growth in our participating sponsors, but importantly provide a forum 2018 & 19 than 2017. What’s not to love! Plus, President Trump to discuss how to improve the organization and events and and Kim Jong-Un still haven’t derailed everything! plan for the future. Well, while 2018 got off to a bumpier start than about “Every new beginning comes from some other beginnings end” anything we saw in 2017, there is still a lot to be excited about. Semisonic While asset prices are still high, the new US tax law, increasing While I love coming to New York, and the Grand Hyatt has been labor participation and health of the US banking system give a great partner to work with, the FFA Board is in discussions support to a buoyant market. Candidly, it’s a tough time for around moving the Global Symposium to Miami, Florida for the inner bear in me! 2019. I promise the reasons extend beyond my Florida heritage The fund finance market continues to chug along. More and never-ending desire for beaches and warm weather! funds are getting raised, those funds are looking to lenders Please feel free to reach out to a Board member to express for financing solutions, and banks continue to be happy to your opinion, we’ll be looking to reach a decision shortly. accommodate. Although for the first time, the fund finance Dates are locked down for the -Pacific and European market is getting its share of press. With both Howard events, so mark your calendars: Marks and ILPA publishing their views on the practice (or recommendations for), financial ‘journalists’ seized the 2nd Annual Asia-Pacific Fund Finance Symposium. Wednesday, opportunity for salacious headlines. Personally, I’m not a huge June 13th, 2018. Four Seasons – believer in the saying “there’s no such thing as bad publicity”. 4th Annual European Fund Finance Symposium. Wednesday, Here at the FFA we’ve taken steps to help balance the tone October 24th, 2018. The Landmark Hotel - London and inject facts into the conversation. We’ve had a very Thanks again to our wonderful Sponsors, the tireless effort productive dialogue with ILPA, and are pleased to have them of the marketing and content committees, Sequence Events represented on a panel here today. While I don’t love some and my fellow Board members. It’s great to be a part of such a of the eye-catching headlines, I am pleased with an increase fantastic event, which couldn’t be done without each of your in GP/LP dialogue around the use of subscription facilities. I individual support. firmly believe the industry is better off for it. On behalf of the Fund Finance Association Board of Directors, We’re very excited for the lineup that’s been constructed for welcome to the 8th Annual Global Fund Finance Symposium. the day, as the Content Committee did another fantastic job of arranging panelists for the event. We have countless specialists from around the globe joining us on panels, with some new twists on panels from years’ past. We have 61 sponsors and are estimating to have around 700 attendees today (fingers crossed there is no blizzard this year!). I mentioned in my European letter last fall how excited I was about the momentum the Women in Fund Finance group Jeff Johnston had, and that has done nothing but continue to accelerate. Chairman

3 AGENDA AT A GLANCE

Time Session

8:00 – 8:45 AM Registration & Breakfast

8:45 - 8:55 AM Welcome Remarks & Survey Results

8:55 – 9:20 AM Fireside Chat

9:20 – 10:05 AM Women in Fund Finance: Equality and Moving Ahead

10:05 – 10:55 AM ILPA Guidelines and Investor Panel

10:55 – 11:15 AM Networking Break

11:15 – 12:00 PM Track A Track B, Track C

General Update on Legal Update Hybrids, NAV and Fund Finance Market Asset Level Financings

12:00 – 1:15 PM Lunch

1:15 – 2:00 PM Current (and Exciting) Comparing Global Secondaries Panel Topics in Syndication Fund Finance Markets

2:05 – 2:50 PM Industry Panel How to Save Money A Random Walk in Subscription Down FX Risk Finance Management

2:50 – 3:10 PM Networking Break

3:10 – 3:55 PM Whoa…We’re Halfway There – Today’s Private Credit Environment Described By Top Operators

4:00 – 4:45 PM Fund Sponsors Panel

4:45 – 5:00 PM Awards, Thank You & Closing Remarks

5:00 – 7:00 PM Networking Cocktail Reception hosted by

4 AGENDA MARCH 21, 2018

Welcome Remarks & Survey Results Empire III 8:45 AM - 8:55 AM Jeff Johnston,Managing Director, Wells Fargo Securities LLC Nick Mitra, Managing Director, Natixis

Fireside Chat Empire III 8:55 AM - 9:20 AM Nicole Lapin, New York Times bestselling author, CNBC, Bloomberg and CNN anchor, and “Today Show” and MSNBC financial contributor Jose Minaya, President, Global Investments, Nuveen

Women in Finance: Equality and Moving Ahead Empire III 9:20 AM - 10:05 AM Women make up half the U.S. population but represent just 19 percent of employees in alternative investment, and just 10 percent of senior positions. How can women succeed in alternatives and finance? How do firms move the needle on diversity and improve talent recruitment and retention? What role does unconscious bias play and how does the industry ensure pay, and promotion, equity.

MODERATOR: Nicole Lapin, New York Times bestselling author, CNBC, Bloomberg and CNN anchor, and “Today Show” and MSNBC financial contributor PANELISTS: Barbara Byrne, Former Vice Chairman, BARCLAYS , President, Managing Partner and Co-Founder, Monica Mandelli, Managing Director, KKR Marcia Page, Founding Partner and Chair, Värde Partners

5 ILPA Guidelines and Investor Panel Empire III 10:05 AM - 10:55 AM The panel will present a brief overview of the Institutional Limited Partners Association (ILPA) Guidelines on Subscription Lines of Credit and Alignment of Interests, and background on their development, followed by a discussion of fund finance industry response, including focus on specific provisions from the perspectives of LPs, funds and lenders, concluding with consideration of potential refinements to the Guidelines (Guidelines 2.0?).

MODERATOR: Ellen McGinnis, Partner, Haynes & Boone, LLP PANELISTS: Elena Boeva, Head of Operational Due Diligence, Aflac Global Investments Jennifer Choi, Managing Director, Industry Affairs, Institutional Limited Partners Association (ILPA) Ziv Ehrenfeld, Managing Director, Private Debt, PSP Investments USA Mark Levitt, Managing Director and Chief Operating Officer, Global Infrastructure Partners Patricia Lynch, Partner, Ropes & Gray LLP Nick Mitra, Managing Director, Natixis

Networking Break Empire Foyer 10:55 AM - 11:15 AM

General Update on Fund Finance Market Empire II 11:15 AM - 12:15 PM • An update from Preqin on market trends • Increased public/media focus on fund level finance • Market growth and what is driving it • How facilities are evolving, and what borrowers, lenders and investors are increasingly focused on • “Mega” funds and club deals

MODERATOR: Margaret O’Neill, Counsel, Debevoise & Plimpton LLP PANELISTS: Aaron Cohen, Executive Vice President, City National Bank Steven Cohen, Managing Director, Head of Non-Bank Finance, CIBC Bank USA Chris Elvin, Head of Products, Preqin Matt Taber, Partner, Harneys Julie Thick, Director of National Subscription Lending Program, J.P. Morgan Patrick K. Wolfe, Director of Structured Credit, Tennenbaum Capital Partners

6 Legal Update Empire III 11:15 AM - 12:05 PM Investor-related: • Increased investor power (including through ILPA) and impact on side-letters and inclusion in Borrowing Base • Sovereign wealth funds and funds of one Fund Structures • Overage funds, Funds of one, new constructs • Cayman forms of companies, including new limited liability companies • Umbrella facilities- pros and cons • Joint and several liability within facilities

MODERATOR: Anthony Pirraglia, Partner, Loeb & Loeb LLP PANELISTS: Caroline Barton, Partner, Appleby Peter Gilman, Partner, Simpson Thacher & Bartlett LLP Tim Hicks, Partner, Cadwalader, Wickersham & Taft LLP Jocelyn A. Hirsch, Partner, Kirkland & Ellis LLP Alex Last, Partner, Mourant Ozannes

Hybrids, NAV and Asset Level Financings Empire IV 11:15 AM - 12:00 PM • Introduction and Outline Structure: overview of what we mean by Hybrids, NAV and Asset Backed Facilities and where they “fit” in a Fund Structure. • Use of Hybrid / NAV / Asset Backed Facilities in Europe and US: Discussion on how prevalent these structures are or are becoming in contrast to traditional “Subscription Line” facilities, current market trends in Europe and the US, likely future for these type of Facilities in Europe and the US. • Relationship between NAV and Capital Call Facilities: Where do they “clash” and how do you deal with this? Where would a NAV Facility be used in preference to a Subscription Line and why? • Development of Asset Backed Facilities to facilitate Secondaries and now even Primaries. Leverage at Fund rather than Asset level. Discussion of the market appetite for these type of facilities. • How much are Asset Backed Facilities used outside Debt Funds / Secondaries Funds? Discussion around some of the issues / barriers (if any) and the extent to which these can be overcome for e.g. Real Estate / PE Funds. • Why are Asset Backed Facilities attractive to Sponsors over other forms of funding? • What makes an “asset” or “asset class” attractive to or suitable for a NAV or Asset Backed Facility. Discussion around the ideal “profile” of assets, type of assets and ramp ups / downs. • Are there any other sources of Fund related financing (other than Subscription Financing) that people are seeing in the market? (eg GP financing).

MODERATOR: Jeremy Cross, Partner, Cadwalader, Wickersham & Taft LLP PANELISTS: Samantha Hutchinson, Partner, Dentons William Maier, Senior Portfolio Manager - Avenue Performing Loans Strategy, Avenue Capital Group David Maki, Senior Managing Director and Co-Head, Real Estate Debt, Heitman Tarun Nagpal, Managing Director, Global Head of Investment Solutions and Equities Structuring, Deutsche Bank Annie C. Wallis, Partner, Sidley Austin LLP

7 Networking Lunch Empire I & V & Empire Foyer 12:00 PM - 1:15 PM

Current (and Exciting) Topics in Syndication Empire II 1:15 PM - 2:00 PM

• General Overview of the Subscription Facility Syndication Market • Syndicate Formation • Credit Appetite Regarding Investor Classes and Fund Strategies • Lender and Borrower Hot Button Issues • Syndication Outlook for 2018-2019

MODERATOR: Todd Cubbage, Partner, Haynes & Boone, LLP PANELISTS: Terence Hatton, Managing Director & Group Head, Funds Finance, MUFG Stephanie Landsberg, Vice President, Bank of America Merrill Lynch Jonathan Peiper, Executive Director, Sumitomo Mitsui Banking Corporation Peter Vermette, Managing Director, Goldman Sachs Emma Wallace, Managing Director, State Street Bank and Trust Company

Comparing Global Fund Finance Markets Empire III 1:15 PM - 2:00 PM

• Structures • Lender protections • Service providers • Impact of technology/blockchain

MODERATOR: Guy Dominy, Director, Business Development – Americas, Maples Fiduciary Services PANELISTS: Ben Griffiths, Managing Director, Global Head of Fund Financing, MUFG Investor Services Steve Jacoby, Partner, Clifford Chance LLP Geoffrey Peck,Partner, Morrison & Foerster LLP Alistair Russell, Partner, Carey Olsen

8 Secondaries Panel Empire IV 1:15 PM - 2:00 PM

• Evolving financing and liquidity options • Investor and fund views on asset level leverage • Innovative structures and challenges of facilities to Secondary Funds • Key risk elements, diversification and asset valuation

MODERATOR: Ann Richardson Knox, Partner, Mayer Brown LLP PANELISTS: Sammy Asoli, Director, Financial Sponsors, North America, Lloyds Bank Mark Benedetti, Member of the Executive Committee and Co-Head, Ardian USA Ron Franklin, Partner, Proskauer Rose LLP Ray Meyer, Managing Director and Head of Financial Institutions Coverage, Natixis Michael J. Pugatch, Managing Director, HarbourVest Partners, LLC Ram Rao, Managing Director, Macquarie Group John G. Rudge, Partner, Lexington Partners

Industry Panel Empire II 2:05 PM - 2:50 PM

• Market Status and Investing Climate – 2017 take-aways, opportunities and challenges • Recent Developments – US tax reform, LIBOR discontinuation, ILPA guidance • Subscription and Other Fund Financing – When/how used in this environment • Investor Demands/Preferences – Current landscape and outlook for 2018

MODERATOR: Jan Sysel, Finance Partner, Co-Head of Fund Finance Practice, Fried, Frank, Harris, Shriver & Jacobson LLP PANELISTS: Walt Jackson, Head of Direct Lending, Onex Credit Partners Tom Kirby, Executive Director, Head of Fund Finance, Commonwealth Bank of Australia Ilene Levinson, Principal, Hamilton Lane Murtaza Merchant, Managing Director, MV Credit Austin Nowlin, Managing Director and Head of Capital Markets for the Americas, Starwood Capital Group

9 How to Save Money in Subscription Finance Empire III 2:05 PM - 2:50 PM

The panel will discuss • borrower requests for flexibility and operational efficiencies in subscription facilities, including: maximizing the borrowing base, adding borrowers, increasing facility size (both on a temporary and a permanent basis), and multicurrency and letter of credit capacity • how lenders respond to borrower requests, and the use of precedent to facilitate timely execution, streamline documentation and reduce costs • the pros and cons of umbrella facilities, uncommitted facilities and coverage tests • the effect of the ILPA guidelines on subscription facility terms and disclosure

MODERATOR: Mary Touchstone, Head of Fund Finance Practice, Simpson Thacher & Bartlett LLP PANELISTS: Mark Gilles, Group Manager, Equity Fund Services Comerica Bank, Comerica Dana Laidhold, Treasurer, Howard Matlin, Partner & CFO, Managing Director, Kelso Private Equity Paul M. Roder, Partner, Moses & Singer LLP David Wasserman, Managing Director, Anna-Lise Wisdom, Partner, Appleby

A Random Walk down FX Risk Management Empire IV 2:05 PM - 2:50 PM

• We consider the Fund-level FX risk management in the context of the financing and what specifically are Funds seeking to ? • How does strategic FX management influence the strategic goals of the asset manager, including investment strategy, liquidity etc. • What are the legal / credit considerations when Funds look to implement an FX hedging programme? • How is an effective FX risk strategy communicated to Fund investors and other stakeholders? • With financial market volatility potentially on the rise, we consider the outlook for the US and global economy and how this fits into current thinking on FX risk management.

MODERATOR: Mono Ganguli, Executive Director, Global Markets, Commonwealth Bank of Australia PANELISTS: Kevin Bolz, National Australia Bank Dan Falta, Head of Specialty Fund Sales – New York, ANZ Jonathan Gilmour, Partner, Finance Group, Travers Smith LLP Paul Hogan, Director, Barclays Sunil Mody, Managing Director, Morgan Stanley

10 Networking Break Empire I & V & Empire Foyer 2:50 PM - 3:10 PM

Whoa…We’re Halfway There – Today’s Private Credit Environment Described By Top Operators Empire III 3:10 PM - 3:55 PM Today’s lending environment makes it clear, there’s no free lunch in both public and private debt markets across the globe. Yet, managers still outline that attractive risk adjusted returns remain despite significant amounts of capital raised and market valuations at all-time highs / all-time tights. Is a free lunch available in private credit? Perhaps? To shed light on this private credit dynamic, we’ll hear from several of the top managers in the private credit industry with strategies as diverse as the panelists themselves. This panel will resemble an Oscar nominated movie---you’ll laugh, you’ll cry, it will be a part of you.

MODERATOR: Jonathan Bock, Managing Director and Senior Equity Analyst, Wells Fargo PANELISTS: Todd Bundrant, Partner, Mayer Brown LLP Robin Doumar, Managing Partner, Park Square Capital Ken Kencel, President & CEO, Churchill Asset Management Brad Marshall, Senior Managing Director, GSO Capital Partners Michael Smith, Co-President, ARES

Fund Sponsors Panel Empire III 4:00 PM - 4:45 PM • Geopolitical trends affecting fund investment, fund management and fund financing. • Sector trends affecting fund management and fund financing. • Leadership within funds, diversity and social responsibility. • Financings are at a record high: what are the reasons and investor reaction? • The big question that you’ve been too scared to ask…

MODERATOR: Leon Stephenson, European Head of Funds Finance, Reed Smith LLP PANELISTS: Scott Berg, Head of US Finance, Morgan Stanley Real Estate Investing Sandra Kim-Suk, CFO Americas, L Catterton Keith Read, President, Cerberus Business Finance, LLC, Senior Managing Director, Cerberus Capital Management, L.P. Kenneth I. Rosh, Asset Management Partner, Head of Private Equity Funds Practice, Fried, Frank, Harris, Shriver & Jacobson LLP Matthew Skurbe, Treasurer & Managing Director, Blackstone Kevin Sofield, Director of Capital Markets, Vista Equity Partners Tom Walker

11 Awards, Thank You & Closing Remarks Empire III 4:45 PM - 4:55 PM Mike Mascia, Partner, Cadwalader, Wickersham & Taft LLP

Networking Cocktail Reception Hosted by Appleby Manhattan Ballroom (Lobby Level) 4:55 PM - 7:00 PM

12 PLATINUM SPONSORS

APPLEBY Appleby is a leading offshore law firm with close to 500 people, including 60 partners, operating from 10 offices around the globe. We advise global public and private companies, financial institutions, and high net worth individuals, working with them and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions. Appleby represents combined ingenuity and talent taken from all of the most significant international offshore financial centres, and is focused on the development of new products and the provision of effective service to its many international clients. Appleby has been ranked as one of the world’s largest providers of offshore legal services in The Lawyer’s 2016 Offshore Survey. They delivers sophisticated, specialised services, primarily in the areas of Corporate, Dispute Resolution, Private Client and Trusts, Regulatory and Property.

CADWALADER, WICKERSHAM & TAFT LLP With 225 years of legal experience, Cadwalader, Wickersham & Taft LLP serves a diverse client base, including many of the world’s leading financial institutions and corporations. With five offices in Europe and the U.S., Cadwalader offers legal expertise in antitrust, banking, corporate finance, corporate governance, energy, environmental, executive compensation, financial restructuring, health care, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, , structured finance, tax and white collar defense. We have more than two decades of experience in fund finance, and provide practical, yet cutting edge, advice to a wide variety of financial institutions active in the space. Our team regularly represents the agent, lead arrangers and lenders on subscription credit and capital call facilities to real estate, private equity and other investment funds.

COMMONWEALTH BANK OF AUSTRALIA The Commonwealth Bank is Australia’s leading financial institution, with total assets of more than $A976 billion (as at 18 December 2017). The Group is ranked by Standard & Poor’s as the 10th largest bank in the world by market capitalisation (Bloomberg, as at 14 February 2017). The Commonwealth Bank is headquartered in Sydney, Australia and has a global presence throughout Asia, North America, the United Kingdom, and New Zealand. The Institutional Banking and Markets division provides capital raisings, risk management and transaction banking solutions to the Group’s institutional clients. The division’s approach is underpinned by rich analytics, insights from industry experts, innovative technology and a deep commitment to building long-lasting relationships.

13 FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP Fried Frank advises the world’s leading corporations, investment funds and financial institutions on their most critical legal needs and business opportunities. The Firm’s approximately 500 lawyers are based in North America and Europe. Our premier fund finance practice leverages broad representation of borrowers, investors and arrangers, enabling us to better evaluate evolving market conditions and effectively navigate key issues on behalf of our clients. We have extensive experience in a range of financing transactions for investment funds and other pooled investment vehicles across a wide array of strategies, including private equity, mezzanine, real estate, infrastructure, special opportunities and fund of hedge funds, as borrowers.

HAYNES AND BOONE, LLP Haynes and Boone, LLP is one of the leading U.S. corporate law firms with offices across Texas, in New York, Palo Alto, Chicago, Denver, Washington D.C., London, Mexico City and Shanghai, representing agent banks in Subscription Financing in Asia, Europe, Latin America and North America. With more than 600 lawyers, Haynes and Boone is ranked among the largest U.S.-based firms by The National Law Journal. The firm was instrumental in developing the structure and documentation for subscription financing in the early 1990s. With over 25 years of industry experience in the global subscription financing market, our dedicated 35 full-time attorneys and team members in our Fund Finance Practice Group have worked through various cycles in the subscription finance market by taking a multi-disciplinary approach to working with clients and their customers on each transaction, which includes preserving the lender- borrower relationship by conducting all negotiations with an understanding of the fund’s business issues, while preserving each fund’s relationship with its investors. Our work in the global subscription financing market has been recognized by Private Equity International’s Global Annual Awards as one of the top law firms in the “Transactions” category for both Asia and North America. Our global team’s focus will be on a collaborative team approach and an emphasis on partner-led deals. Our team advises on all types of funds finance including subscription financing, NAV/ Hybrid, GP support and management fee financings.

MAYER BROWN LLP Mayer Brown LLP, the founding sponsor of the Annual Subscription Facility and Fund Finance Symposium, is a global legal services organization advising clients across the Americas, Asia and Europe. Our presence in the world’s leading markets enables us to offer clients access to local market knowledge combined with global reach. Mayer Brown’s finance platform is based on the Firm’s global position and our balanced and integrated practice, which encompasses all the focused skill sets that our clients demand— from cross- border acquisition finance and international capital markets work to project finance, structured finance, and derivatives. Lawyers in Mayer Brown’s Fund Finance practice have represented the lead agent and lenders in more than 350 subscription credit facilities since 2008. The firm has relationships with every major US lender along with the majority of active lenders in the European and Asian markets. The team has led transactions funded by balance sheet lenders and commercial paper conduits as well as large syndicated facilities to accommodate various types of companies. Its lawyers are experienced documenting the full suite of fund and portfolio-level financings including subscription-backed credit facilities, NAV facilities, private placements, equity commitment facilities, hybrid facilities, open-end fund facilities, management fee credit lines and an assortment of leveraged asset level transactions.

MUFG Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups, with total assets of approximately US$2.7 trillion as of 30 September 2017. With approximately 350 years of history, MUFG is a global network with over 2,300 offices across more than 50 countries. The bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. 14 NATIXIS Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 31 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne. With more than 17,000 employees, Natixis has a number of areas of expertise that are organized into four main business lines: Asset & Wealth Management, Corporate & Investment Banking, Insurance and Specialized Financial Services. A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks. Figures as at December 31, 2017

SIMPSON THACHER & BARTLETT LLP Simpson Thacher & Bartlett LLP (www.simpsonthacher.com) is one of the world’s leading international law firms. The Firm was established in 1884 and today has more than 900 lawyers. Building on over 130 years of experience, the Firm has played a substantial role in many of the most complex and noteworthy transactions and matters of the last decades. Headquartered in New York with offices in , Hong Kong, Houston, London, Los Angeles, Palo Alto, São Paulo, Seoul, Tokyo and Washington, D.C., the Firm provides coordinated legal advice and transactional capability to sdjvolclients around the globe. The Firm offers a market-leading fund finance practice with deep experience providing fund- and asset- level leverage solutions for private equity, real estate, investment, special situations and infrastructure funds. Complementing the Firm’s preeminent private funds practice, our fund finance team represents clients across a broad spectrum of transactions encompassing all aspects of the investment management business.

WELLS FARGO Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial financial services through more than 8,600 locations, 13,000 ATMs, online (wellsfargo.com), and mobile devices. We’re headquartered in San Francisco, but we’re decentralized so every local Wells Fargo location is a headquarters for satisfying our customers’ financial needs and helping them succeed financially. We do business with 70 million customers and one in three U.S. households. Wells Fargo has approximately 273,000 team members in 42 countries and territories across our more than 90 businesses. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

15 GOLD SPONSORS

BANK OF AMERICA MERRILL LYNCH Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

BARCLAYS BANK PLC Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website home.barclays.

DENTONS Dentons is the world’s largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons’ polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work.

HARNEYS Harneys is a global offshore law firm with entrepreneurial thinking built around professionalism, personal service and rapid response. Open, progressive and personable, we provide advice on British Virgin Islands, Cayman Islands, Cyprus, Bermuda and Anguilla law to an international client base which includes the world’s top law firms, financial institutions, investment funds and private individuals. Our network is the largest among offshore law firms with more than 12 locations in major financial centres across Europe, Asia, the Americas and the Caribbean, allowing us to provide reliable and timely service of the highest quality to clients in their own languages and time zones.

16 KIRKLAND & ELLIS LLP Kirkland & Ellis is a global leader in providing sophisticated advice to investment fund sponsors, institutional investors and other market participants in the alternative investment fund space. Kirkland offers clients the unsurpassed resources of a large, integrated, multidisciplinary, global team located across offices in the United States, Europe and Asia-Pacific. With more than 270 dedicated Investment Funds attorneys, including more than 100 partners, no other law firm matches the breadth, depth and scope of Kirkland’s experience in investment funds legal services. The Investment Funds practice is differentiated by an integrated platform of full-service capabilities, including fund formation, regulatory/enforcement, liquidity solutions and strategic advisory. With one of the largest and most active client bases of any law firm, Kirkland is uniquely positioned to provide unsurpassed market intelligence and cutting-edge solutions to address the broad spectrum of legal, regulatory, tax and commercial challenges facing investment funds and their sponsors in today’s market. Kirkland’s Investment Funds attorneys represent a diverse group of clients ranging from some of the world’s largest multi-strategy alternative asset managers and financial institutions to independent boutiques and sponsors raising first-time funds. Kirkland also represents a wide range of institutional investors around the globe, including sovereign wealth funds, family offices, corporations and other investors in private funds. These clients operate across a broad spectrum of alternative investment asset classes and strategies.

LLOYDS BANK In North America, Lloyds Bank Commercial Banking provides sound local US and UK knowledge and advice, providing our clients with the solutions they need to secure growth and manage risk. Acting as a gateway to expert US-UK financial services, our teams of sector and product specialists deliver industry insight and experience alongside tailored solutions to suit our clients’ individual business needs. Our offer includes core banking products such as lending, deposits and a range of domestic and international transaction banking services. In addition, through our registered broker-dealer, we provide access to financial markets and to sophisticated capital markets solutions ranging from private-side debt and public financing to risk management products and solutions for global corporates and financial institutions. Lloyds Bank Commercial Banking has deep local expertise with teams in New York, Houston, London, Frankfurt, Amsterdam, Paris and .

LOEB & LOEB LLP Loeb & Loeb’s Finance Practice represents a broad spectrum of banks, investment funds and other financial institutions in financing transactions of varying sizes and types, including subscription finance facilities. We also routinely represent borrowers and other parties in financing transactions. We are typically involved from the structuring of proposals through the negotiation, documentation, and administration of credit facilities and the issuance of debt securities, offering practical problem-solving skills and in-depth market understanding and experience to get the deals done and meet the needs of our clients in the United States and internationally. For more information, visit www.loeb.com/finance.

MORGAN STANLEY

17 NATIONAL AUSTRALIA BANK National Australia Bank (NAB), which is rated ‘Aa2’ and ‘AA-’, is one of Australia’s biggest banks, managing relationships with retail, corporate, and financial institution customers globally. NAB’s global operations serve over 12 million banking and wealth management clients, providing access to international financial markets and an extensive range of specialised funding, liquidity, investment, asset services and risk management capabilities. In North America, NAB is focused on supporting global institutions with business, trade and investment needs in Australia and New Zealand. NAB also supports Australian and New Zealand corporations with North American operations. The teams of New York-based specialists provide full relationship services, originating and executing complex product solutions with specific emphasis on infrastructure and utilities, natural resources and financial institutions. In New York, NAB has specific teams dedicated to providing banking solutions for asset managers and financial sponsors with links to Australia (either raising capital or sourcing assets). NAB is an active agent for subscription financing and credit facilities for private and publicly listed funds. The markets business at NAB is a worldwide leader in AUD and NZD rates and FX solutions. NAB is also leading agent for cross border USPP solutions globally and is ranked the number one Debt Markets House in Australia by Euromoney.

REED SMITH LLP Reed Smith LLP is a market leading international law firm specialising in funds finance. With more than 1,700 lawyers across 27 offices, it advises lenders and funds on capital call/subscription lines, NAV and asset-backed facilities, secondary funds facilities, hybrid facilities, co-investment and GP/manager support facilities and other fund liquidity facilities in Europe, the US, Asia and the UAE. It has one of the largest team of funds finance lawyers in London and provides specialist advice on the new and developing products in this area. Reed Smith has particular expertise with financings of direct lending, secondary and PE funds. Reed Smith’s funds finance team sits within our Financial Industry Group that contains more than 210 lawyers who provide dedicated multi-jurisdictional services to clients in the financial sector focusing on finance, funds and investment management, regulatory, tax, litigation and commercial restructuring and bankruptcy.

SCOTIABANK Scotiabank is Canada’s most international bank with more than 88,000 employees and assets of $915 billion (as at October 31, 2017). It is a leading financial services provider in North America, Latin America, Central America, Europe and Asia-Pacific. Scotiabank is dedicated to helping its 24 million customers become better off through a broad range of products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. Scotiabank is a leading provider of financial products and services to Financial Institution clients globally. It offers a full range of investment banking, corporate banking, and capital markets products to its Financial Institution clients, while working closely with partners across divisions to provide a coordinated approach across products and geographies. Subscription finance is a strategic product within Scotiabank’s fund finance platform, which also includes traditional lending, prime services, repurchase agreements, total return swaps and conduit finance. Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit http://gbm.scotiabank.com.

18 SILVER SPONSORS

ANZ Headquartered in Melbourne and with a long-term AA- credit rating, Australia and New Zealand Banking Group Limited (ANZ) has a banking heritage spanning more than 180 years in Australia and New Zealand and an established on the ground presence in 15 Asian markets. As clients look to capitalise on the movement of money and goods across Asia Pacific, they find in us a strong banking partner who can help them manoeuvre the rapidly changing business and regulatory landscape, while effectively managing liquidity, risk and investments. We connect clients to opportunities centred around trade and capital flows into and within Asia Pacific.

CAREY OLSEN Carey Olsen is a leading offshore law firm advising financial institutions, corporations and private clients on British Virgin Islands, Cayman Islands, Guernsey and Jersey law from a network of eight international offices. Our fund finance specialists have extensive experience of advising on all types of lending to investment funds in the British Virgin Islands, Cayman Islands, Guernsey and Jersey. Our lawyers regularly deal with subscription facilities, GP leverage, co-invest facilities as well as hybrid and NAV based arrangements. Loan sizes range from tens of millions to over 1 billion. Our team includes banking, finance and investment funds specialists who are hugely experienced in closing deals in this sector. We act directly for banks and borrowers as well as alongside leading global law firms. Relationships are key and we seek to maintain excellent lender, sponsor and investor relations as a priority.

CIBC CIBC, through CIBC Bank USA, provides U.S. clients with tailored commercial, wealth management, personal and small business financial solutions as well as cross-border banking services to clients with North American operations. CIBC is a 150-year-old Toronto-based, global financial institution with our U.S. headquarters in Chicago. We have 46 strategically located offices in 18 states with specialty banking businesses that serve clients from coast to coast.

CITY NATIONAL BANK With $48.7 billion in assets, City National Bank provides banking, investment and trust services through 73 offices, including 18 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, , Nashville, Atlanta and Minneapolis. In addition, the company and its investment affiliates manage or administer $62.2 billion in client investment assets. City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 35 other countries. For more information about City National, visit the company’s website at cnb.com.

19 CLIFFORD CHANCE LLP Clifford Chance is one of the world’s pre-eminent law firms, with the depth and range of resources to help our clients across all the major global financial centres. As a single, fully integrated partnership, we pride ourselves on our ability to work seamlessly across national borders to deliver broad industry expertise and local knowledge. Clifford Chance brings a market-leading fund finance proposition, advising lenders and funds on a wide range of financing options, including capital call bridge financing, leveraged NAV facilities and borrowing base deals (including hybrid facilities), along with facilities for general partners. Our global funds/funds formation practice of over 130 lawyers works in tandem with our lending team to provide a complete fund financing platform for our clients.

COMERICA Comerica Bank’s Equity Fund Services Group specializes in providing a full range of banking services including capital call lines, subscription lines and loans to general partners for leading and private equity funds throughout the US and Canada. The group is staffed with experienced professionals who understand the unique needs of funds. Our relationship managers work closely with Comerica Bank product experts who can bring solutions to address treasury management, foreign exchange and custody needs. Learn more at Comerica.com. Member FDIC. Equal Opportunity Lender.

DEBEVOISE & PLIMPTON LLP Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. Our Private Equity practice is a cornerstone of the firm’s Corporate Department, representing a diverse client base of private equity firms and investment funds, advising them on all aspects of their business. We have extensive experience in all facets of fund-level financing transactions and regularly represent their managers and lenders. Our financing lawyers work closely with our fund formation, tax and ERISA lawyers on fund financing transactions. We take a business-oriented approach to develop and implement the best solutions for our sponsor clients and their investors. The breadth of our experience is a direct result of their distinct structures and financing needs while the depth of our expertise is a direct result of the satisfied and loyal client base we serve. As a result, we received the 2017 Chambers USA “Finance Client Service Award.”

20 DEUTSCHE BANK SECURITIES INC Global Investment Solutions (GIS) is a fully integrated, multi-asset solutions business with 140 professionals across the globe and over EUR50bn in value of investment products. We partner with clients to deliver tailored investment and risk management solutions across their entire portfolio allocation needs. We do so by leveraging our unified multi-disciplinary risk engineering and investment delivery platforms and by providing access to the very best sources of across the industry. GIS comprises four core business lines delivering content and solutions across multiple delivery formats (funds, managed accounts and structured notes): Quantitative Investment Solutions (QIS): focused on the development, tailoring and delivery of quantitative investment strategies, and the construction of bespoke multi-strategy portfolios. Working closely with research, the business has built a market-leading risk premia business, providing institutional investors with access to top-quality IP and execution experience. Multi Asset (3rd Party) Products (MAP): offers access to third-party alternative strategies in managed account and fund formats which address investors’ growing requirements regarding regulation, transparency, liquidity and governance. Operating for over 14 years, the award winning franchise provides a Deutsche Bank risk-controlled and governed framework offering access to hedge funds, risk premia, private equity, private credit and long-only strategies in UCITS, AIFMD and unfunded managed account formats, complemented by market-leading online reporting tools. Multi Asset Solutions (MAS): dedicated to meeting investment and portfolio risk management needs for institutional clients, wealth managers and retail distributors across a wide range of asset classes and strategies. MAS leverages its unique access to GIS’ world class systematic and managed investment content by combining it with superior delivery, reporting and risk engineering capabilities. Retail Structured Products (RSP): provides retail clients with access to a broad range of products across all asset classes to meet their investment needs from wealth preservation to leveraged exposure to enhanced income strategies. Products cover investment possibilities from bespoke solutions to a wide range of flow products in various forms from certificates to structured notes and warrants traded on exchange and off exchange.

J.P. MORGAN JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. J.P. Morgan’s Private Bank delivers customized wealth management advice and solutions to wealthy individuals and their families, leveraging its broad capabilities in investing, management, philanthropy, credit, fiduciary services and special advisory services to help its clients advance toward their own particular goals. J.P. Morgan’s Commercial Real Estate businesses provide dedicated service, forward-looking insights and tailored solutions, from capital redeployment and investment strategies to private debt and equity placement, asset analysis and portfolio evaluation to help clients address their unique challenges and opportunities and navigate the commercial real estate markets.

MACQUARIE Macquarie Group is a global financial services provider with offices in 27 countries. Our breadth of expertise covers advisory and capital markets, trading and hedging, funds management, asset finance, financing, research and retail financial services. The diversity of our operations, combined with a strong capital position and robust risk management framework, has contributed to our 47-year record of unbroken profitability.

21 MAPLES AND CALDER Maples and Calder is a leading international law firm advising financial, institutional, business and private clients around the world on the laws of the Cayman Islands, Ireland and the British Virgin Islands (“BVI”). Combining Maples and Calder’s leading finance and investment funds capability, the firm’s Fund Finance team has widespread experience in advising on all aspects of fund finance and related security structures for both lenders and borrowers. The firm’s affiliated organisation, MaplesFS, is an independent global provider of specialised fiduciary, corporate formation, fund administration, trust administration and accounting services. With more than 1,500 staff worldwide, the Maples group provides a seamless one-stop-shop capability through its offices in the Cayman Islands, Bermuda, Boston, the BVI, Delaware, Dubai, Dublin, Hong Kong, London, Luxembourg, Montreal, the Netherlands, New York, San Francisco and Singapore.

MORRISON & FOERSTER LLP Morrison & Foerster LLP is an international law firm with attorneys in key markets in America, Asia and Europe. We regularly represent some of the largest lenders and private equity funds in a wide variety of financings, including subscription line of credit transactions and fund formation.

MOSES & SINGER LLP Moses & Singer LLP provides legal services to a broad array of clients, including prominent banks, companies, individuals and families. Our Banking & Finance Practice Group has deep perspective in fund finance structures and documentation, having represented money center banks in investor note financings in the early 1980s and in subscription financings since the 1990s. We have been an industry source of innovative structuring and documentary language, providing cost effective services to agent banks and syndicate members in subscription financing transactions involving a multitude of sponsors, funds, investors, jurisdictions and structural landscapes.

MOURANT OZANNES Mourant Ozannes has a market leading multi-disciplinary private equity practice, which includes transactional lawyers with long and broad experience in advising both lenders and private equity borrowers on subscription finance arrangements and other financings for private equity structures and transactions. Our private equity practice spans the firm’s practice areas, drawing upon BVI, Cayman Islands, Guernsey and Jersey lawyers in each of those locations as well as in London and Hong Kong. Our team combines legal skill, market knowledge and industry connections to deliver commercial and pragmatic advice to get deals done on time and within budget. To find out more about our award-winning practices, please visit mourantozannes.com

22 PROSKAUER ROSE LLP Proskauer’s Finance Group focuses on a wide range of transactions across the debt markets. Our lawyers have remarkable breadth of expertise in acquisition finance, leveraged lending, fund finance, workouts and restructurings, investment grade and commercial lending, structured products, and specialty financings. Proskauer is a leading law firm with 725+ lawyers serving clients from 13 offices located in the leading financial and business centers in North and South America, Europe and Asia. The world’s top organizations, companies and corporations choose us to be their representatives in their most critical situations. But more, they consider Proskauer a strategic partner to drive their business forward. We work with asset managers, major sports leagues, Fortune 500 companies, entertainment industry legends and other industry-redefining companies which are changing how business is conducted today as well as tomorrow.

RIEMER & BRAUNSTEIN LLP Riemer & Braunstein’s finance practice is both nationally and globally focused. Based in Boston, New York, and Chicago, and working with international lending counsel, we specialize in assisting our clients complete complex financing transactions. With 85 attorneys practicing in the finance area, the firm has one of the more specialized finance practices in the U.S.

ROPES & GRAY LLP Ropes & Gray is a preeminent global law firm with more than 1,200 lawyers and legal professionals serving clients in major centers of business, finance, technology and government. The firm has offices in New York, Boston, Washington, D.C., Chicago, San Francisco, Silicon Valley, London, Hong Kong, Shanghai, Tokyo and Seoul, and has consistently been recognized for its leading practices in many areas, including private equity, M&A, finance, investment management, hedge funds, real estate, tax, antitrust, life sciences, health care, intellectual property, litigation & enforcement, privacy & cybersecurity and business restructuring.

SIDLEY AUSTIN LLP Established in 1866, Sidley is a global, full-service law firm with 1,900 lawyers practicing on four continents (North America, Europe, Asia and Australia). Sidley’s Global Finance practice comprises lawyers who have pioneered the development of financial instruments for the world’s financial markets. Our team provides a comprehensive range of syndicated and leveraged finance, asset-based debt finance and structured finance legal services for clients and around the world. Sidley also provides a broad range of transactional services including mergers and acquisitions, joint ventures and strategic transactions, intellectual property and tax, among many others. In addition, we offer regulatory services to clients in virtually every major industry, and many lawyers in our regulatory practices previously held senior positions in government agencies in the U.S., EU and Asia. Our litigation and arbitration practices operate at the trial and appellate levels, and span virtually every area of substantive law.

STATE STREET BANK AND TRUST COMPANY State Street helps you identify opportunities and mitigate challenges, allowing your company to be more effective and resilient. Our global reach, market expertise and unique combination of consistency and innovation to help you manage uncertainty, act on growth opportunities, optimize cost structures and enhance the value of your services. We offer a flexible suite of services that spans the investment spectrum, including investment management, investment research and trading, and investment servicing. For more information, visit www.statestreet.com. SMBC Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by . SMBC Americas Division, with more than 2,500 employees, oversees operations in the US, Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.

TRAVERS SMITH LLP Travers Smith is an international law firm, which acts for publicly-listed and private companies, financial institutions and private equity clients, as well as other business enterprises involved in large and complex UK and cross-border matters and transactions. The firm’s business comprises the following main practice areas: Commercial, IP & Technology, Competition, Corporate Finance and M&A, Dispute Resolution, Employee Incentives, Employment, Environment & Operational Regulatory, Finance & Restructuring, Financial Services & Markets, Investment Funds, Pensions, Private Equity, Real Estate, Regulatory Investigations and Tax.

24 BRONZE SPONSORS ABN AMRO BANK NV ABN AMRO is a leading Dutch bank headquartered in Amsterdam. We offer our retail, private banking and corporate banking clients a full range of financial services and advice. By combining our banking expertise with up-to-date knowledge of our clients’ industries, economic circumstances and the latest digital trends, we craft creative solutions that suit your business needs. We continually invest in improving the quality of our products and services, adapting them to a changing world. In our corporate bank, we offer a comprehensive package of financial products and services to corporate and institutional clients globally. We serve our clients based on sector and product expertise. Our international network is active in 18 countries across all time zones and is driven by the client sectors we focus on. Product expertise is organized in four product units: Global Markets, Clearing, Structured Finance, and Private Equity. ABN AMRO’s Financial Institutions Group services clients in Europe, North America and Asia. As part of its strategic focus, FIG’s Sponsor Coverage team works with selected investment firms in their banking needs, including fund finance. Sustainable banking is at the heart of our business. We aim to contribute to a better world by thoroughly selecting our business partners and we encourage our clients to do more business in a sustainable manner.

CHAPMAN AND CUTLER LLP Chapman and Cutler LLP is a law firm with more than 240 attorneys in Charlotte, Chicago, New York, Salt Lake City, San Francisco, and Washington, DC that is Focused on Finance. Every day, Chapman attorneys help clients structure and adapt financing arrangements for their business needs and in response to the changing financial environment. Chapman has extensive experience working with lending products for private equity funds and their portfolio companies ranging from traditional subscription financing transactions to secured management company facilities to hybrid facilities.

CITIZENS BANK Citizens Bank, N.A., a subsidiary of Citizens Financial Group, Inc., is a $151.4 billion super regional bank with a national corporate banking focus. For over 16 years The Private Equity Banking Group at Citizens has been providing a broad range of commercial banking products and services, including the structuring of capital call/subscription facilities, to the private equity community. In addition, this group works closely with the bank’s Sponsor Finance group to provide unified banking services for the whole private equity firm. As part of Citizens’ ongoing commitment to serving the needs of private equity firms, Citizens is the founding corporate sponsor of The Private Equity CFO Association (www.privateequitycfo.org), now in its 16th year. With 8 chapters across North America, the Association serves as a national networking and thought leadership group for over a thousand senior financial professionals at private equity firms.

25 CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s n°13 bank measured by Tier One Capital (The Banker, July 2017). The Bank offers its clients a comprehensive range of products and services in capital markets, investment banking, structured finance and corporate banking, structured around six major divisions: • Client Coverage & International Network • International Trade & Transaction Banking • Global Investment Banking • Structured Finance • Global Markets • Debt Optimisation & Distribution. The Bank provides support to clients in large international markets through its network with a presence in major countries in Europe, America, Asia Pacific and Middle East and North Africa. For more information, please visit its website at www.ca-cib.com

EAST WEST BANK, PRIAVTE EQUITY East West Bancorp, Inc. is a publicly owned company with total assets of $36.3 billion and is traded on the Global Select Market under the symbol “EWBC”. The Company’s wholly-owned subsidiary, , is one of the largest independent banks headquartered in California. East West is a premier bank focused exclusively on the United States and Greater China markets and operates over 130 locations worldwide, including in the United States markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In Greater China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen. For more information on East West, visit the Company’s website at www.eastwestbank.com.

FIFTH THIRD BANK The newly expanded Financial Institutions Group within Fifth Third’s Commercial Bank is a NY-based national practice that manages relationships with insurance companies, fund managers, financial technology companies, diversified financials and correspondent banks. This group of industry specialists works closely with clients across the U.S. to understand individual needs, and its holistic approach provides resources and strategic advice for client coverage, credit, treasury management and capital markets. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of Dec. 31, 2017, the Company had $142 billion in assets and operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest with $362 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Visit www.53.com/commercial. Member FDIC.

26 FIRST REPUBLIC BANK Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich, and New York City. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans.

HSBC SECURITIES (USA) INC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. HSBC Global Banking and Markets in the United States offers a full range of tailored financial products and services to government, corporate and institutional clients through HSBC Bank USA, N.A. and HSBC Securities (USA) Inc Our teams in Global Banking and Global Markets bring experience and expertise in the areas of advisory, mergers and acquisitions, structured finance, asset management, private equity, treasury and capital markets, payments and cash management, and trade services. With access to the global resources of the HSBC Group, we provide a comprehensive suite of banking services with a focus on emerging markets. For more information, please visit www.hsbcnet.com.

MCGUIREWOODS LLP McGuireWoods LLP. Law Firm. 1,000+ lawyers, 23 offices. McGuireWoods regularly represents lead arrangers of syndicated and club credit facilities, and bank and non-bank lenders offering bilateral financings in a variety of industries and transaction structures. In subscription finance, whether advising on a bilateral loan to a middle market fund, structuring fund support for a portfolio company financing or arranging a billion dollar syndicated umbrella credit facility for a fund group, with nearly more than 150 debt finance and private equity lawyers in New York, London, Charlotte, Chicago, Dallas, Los Angeles and San Francisco, we have the resources to support a broad variety of both middle market and larger cap transactions. In 2017, McGuireWoods ranked 4th in number of deals and 7th in dollar volume for its representation of lead arrangers and bookrunners in syndicated debt financings. We also represent the middle market SBIC and BDC industry with respect to regulatory and finance matters.

OGIER “Truly excellent”, “responsive and efficient”, “in a nutshell they get the job done” – that’s what the leading directories have to say about Ogier’s top ranked cross-jurisdictional finance team. With offices in BVI, Cayman, Guernsey, Hong Kong, Jersey and Luxembourg, Ogier’s team has years of specialist expertise in fund finance, and we work with 21 of the 25 biggest global law firms. We have a long track record in all aspects of fund financing including structuring, security requirements, quasi-equity and mezzanine financing – and it’s not for nothing that our finance teams in Guernsey and Jersey are rated in the top tier by both Chambers and Legal500. Above all, our approach is both commercial and long-term. Our relationships in this specialist field have been built over many years of providing a responsive and expert service across the leading offshore jurisdictions, getting straight to the point and managing complexity for our clients.

27 PNC BANK, NATIONAL ASSOCIATION PNC is one of the nation’s largest financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, treasury management, real estate finance, asset-based lending, wealth management and asset management. We are focused on delivering ideas, insight and solutions to our clients to help them maximize the value of their business. For more information, visit pnc.com/ideas.

SEWARD & KISSEL LLP Seward & Kissel LLP is a global leader in the fund formation, fund finance and securitization industries. We regularly represent the agent, lenders, arrangers and borrowers in all types of fund finance facilities, at both the fund and asset levels, including subscription credit and capital call facilities, asset-based loan facilities, hybrid credit facilities, fund-of-fund loan facilities, debt issuances, private placements, equity commitment facilities, preferred share issuances and other unique products. We regularly work on secured and unsecured facilities, bilateral and syndicated transactions, as well as loans funded by the issuance of commercial paper. Seward & Kissel’s expertise extends to all areas of law associated with finance, including lending, securities, banking, regulatory, formation and governance, bankruptcy and restructuring, real estate, tax, derivatives products and ERISA. We provide innovative and practical solutions to complicated legal issues. We are committed to providing the highest quality legal services in an efficient and responsive manner.

SIGNATURE BANK Signature Bank (NASDAQ: SBNY) is a full-service commercial bank with over $40 billion in assets, headquartered in New York City and operating 30 Financial Centers throughout the New York metropolitan area. The Bank specializes in serving the financial needs of privately owned businesses, their owners and senior managers – a group of clients who often find themselves underserved. Signature Bank’s proven service model offers our clients a single point of contact via a dedicated Private Client Group. Every Signature Bank Private Client Group is supported by experienced professionals, robust products and deep resources in order to provide exceptional service while fulfilling all of our clients’ financial needs. Our unique organizational structure combines small-bank responsiveness with large- bank experience and capability – truly the best of both worlds. Signature Bank is one of the 40 largest banks of almost 6,000 financial institutions nationwide.

SILICON For more than 30 years, (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.

28 SIMMONS & SIMMONS LLP Our market leading global funds finance practice advises financial institutions, alternative lenders, funds and sponsors in a wide range of financings involving different fund asset classes. As the Financial Institutions and Asset Management/Investment Funds sectors are key areas of focus for our firm, our international financial markets practice comprises more than 200 lawyers worldwide. We have leading lawyers in the areas of funds finance, formation, regulatory, derivatives and tax, both in London and internationally through our network of offices across Europe, the Middle East, Africa and Asia and with relationship firms in other jurisdictions. Our experience covers a wide range of funds, including debt, infrastructure, renewable energy, real estate, trade, large buyout and mid-market funds, private equity funds, venture funds, and emerging market funds.

SQUARE 1 BANK, A DIVISION OF PACIFIC WESTERN BANK Square 1 is a full service banking partner to entrepreneurs and their investors, providing clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through its 15 offices located in top innovation centers across the country. Learn more at square1bank.com.

SUMITOMO MITSUI TRUST BANK, LTD. The Sumitomo Mitsui Trust Group is Japan’s largest asset manager and custodian in addition to industry leader in trust-bank-related businesses. We continue to build on our global business model to create unique value-added services associated with the brand of “SuMi TRUST”, with a firm presence not only in the Japanese trust banking industry, but also in the global financial industry. As one of the largest institutional investors and trust banks in Japan, SuMi TRUST offers a unique approach to alternative investment asset class and leverages its fiduciary spirit and knowledge to be our clients’ “Best Partner”. SuMi TRUST is one of the largest asset managers in Japan, with AUM of USD 722 billion (as of March 31, 2017). SuMi TRUST manages a broad spectrum of financial products and is well known in Japan for specialized solutions for corporate and public pension funds.

SUNTRUST ROBINSON HUMPHREY, INC. SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc., it provides comprehensive capital raising, strategic advisory, risk management, and investment solutions to public and private corporate clients across the nation - from emerging growth to the Fortune 500. It offers a complete array of solutions for companies across all industries, with in-depth industry expertise and dedicated corporate and investment banking practices across eight core sectors, including consumer and retail, energy and power, financial services, healthcare, industrials, media and communications, real estate, and technology and services. Learn more at Suntrustrh.com.

29 WALKERS Walkers is a leading global finance centre law firm providing legal, corporate and fiduciary services to financial institutions, investment funds, investment fund managers, capital markets participants, FORTUNE 100 and FTSE 100 global corporations and middle market companies from our offices in Bermuda*, the British Virgin Islands, the Cayman Islands, Dubai, Guernsey, Hong Kong, Ireland, Jersey, London and Singapore. Walkers was among the first offshore firms to work on equity fund subscription credit transactions and financing platforms, for both lender and borrower clients, providing a length and depth of expertise which is unmatched by our competitors. Such global strength and presence has enabled us to spearhead our clients’ continuing expansion into the Asian and European markets. An intimate familiarity with fund structures and documentation derived from our leading global investment funds teams provides our finance lawyers with an unparalleled vantage point of the developing market allowing us to efficiently provide creative and developed solutions to finance and fund clients alike. Our global teams have acted on complex and innovative fund financing solutions including equity bridge facilities, subscription and acquisition financings, capital call facilities as well as traditional products such as repo financing, synthetic borrowings and more esoteric products including NAV based margin loans and fund linked solutions. *In association with Taylors

30 MEET OUR SPEAKERS

SAMMY ASOLI Lloyds Bank Sammy Asoli is currently Director, Financial Sponsors, North America at Lloyds Banking Group. His experience includes the provision of structured fund financing facilities for private equity, real estate, infrastructure, and private debt managers. Sammy also has oversight for the cross product coverage and portfolio management of the US Financial Sponsors portfolio. His experience includes loan structuring (capital call, hybrid, and asset leverage), and marketing for core wholesale banking products including derivatives, global transaction banking, and asset level financing. Prior to joining Lloyds, Sammy worked at JP Morgan in Private Placements for the Alternative Capital Markets team. He has held positions at Ares Management, The Blackstone Group, and Goldman Sachs across a variety of private equity, fund management, and strategic planning functions. He holds a graduate degree in Economic Policy and Management from Columbia University and an undergraduate degree in Economics and International Business from Manhattan College where he was awarded the 2007 Richard J Carey Medal in Economics.

CAROLINE BARTON Appleby Caroline is a partner within the Corporate department in Cayman and Group Head of Banking & Asset Finance, as well as Transport & Logistics. Her practice areas include private equity, asset finance, corporate finance, bond offerings and structured finance. She is extensively involved in aircraft and vessel financing, subscription financing and CLOs. Caroline also has deep experience in capital markets, corporate restructuring and mergers and acquisitions, especially working on the buyer side of transactions. Caroline was recognised by Who’s Who Legal in 2016 and 2017 with respect to Aircraft Finance, and acknowledged as a ´Rising Star´ in IFLR1000´s 2015 capital markets law rankings. She is a member of the Cayman Islands Law Society, the Law Society of England and Wales, the Cayman Islands Labour Tribunal and the Caymanian Bar Association, and a notary public registered in the Cayman Islands.

MARK BENEDETTI Ardian USA Mark Benedetti is a member of Ardian’s Executive Committee and Co-Head of Ardian USA. Mark plays a leading role developing Ardian’s Fund of Funds business in the North American region. Ardian Funds of Funds activity, which manages and/or advises US$39 billion of assets, offers its global client base a range of investment options, including primary fund of funds, secondary fund of funds and early secondary fund of funds, with an increasing capability to offer significant co-investment opportunities. Before joining Ardian in 2006, Mark worked at KPMG Corporate Finance where he focused on mergers, acquisitions and capital raising in the firm’s Advisor group. Prior to that, he was part of KPMG’s Assurance group. Mark began his career as a consultant to Bell Canada Enterprises (BCE). Mark has a Bachelor of Commerce with a Finance Major from McGill University in Montreal, Quebec, Canada. He is also a Chartered Accountant.

31 SCOTT BERG Morgan Stanley Real Estate Investing Oversee fund level and asset level financing for US real estate platform along with other funds within the Morgan Stanley Investment Management platform.

JONATHAN BOCK Wells Fargo Jonathan Bock is a Managing Director and Senior Equity Analyst at Wells Fargo Securities specializing in Business Development Companies (BDCs). He has actively followed the BDC space since 2006 and is the chief author of a leading BDC quarterly research publication: the BDC Scorecard. His research is often cited by The Wall Street Journal, Barron’s, and other prominent financial publications. Prior to Wells Fargo, Jonathan followed the specialty finance space at Stifel Nicolaus & Company and A.G. Edwards Inc. Prior to entering sell-side research in 2006, Jonathan was an equity portfolio manager/analyst at Busey Wealth Management in Champaign, Illinois. Jonathan holds a BS in finance from the University of Illinois College of Business and is a CFA charterholder.

ELENA BOEVA Aflac Global Investments Ms. Boeva joined Aflac Global Investments in 2015 as the Head of Operational Due Diligence and is responsible for operational due diligence and onboarding of externally managed mandates across all asset classes. Previously, Ms. Boeva worked at Guggenheim Fund Solutions as a Vice President of Business Risk Management. Her responsibilities included development of operational due diligence and counterparty risk management frameworks, project management of fund launches for Irish QIF, Cayman SPC and UCITS platforms and negotiation of investment management agreements with external managers. Prior to joining Guggenheim, Ms. Boeva worked at Ontario Teachers’ Pension Plan Board in the Operational Due Diligence group. She was responsible for developing best practices and executing the framework for the operational due diligence program across a broad spectrum of hedge funds, private equity firms, fund of funds, managed account platform providers, fund administrators, valuation agents and various service providers. Previously, she worked at Towers Watson, Morgan Stanley and Ernst & Young. Ms. Boeva holds a Master of Science in Accountancy from Wake Forest University and a Bachelor of Arts in Business Administration and Economics from Salem College.

KEVIN BOLZ National Australia Bank

32 TODD BUNDRANT Mayer Brown LLP Todd Bundrant is a partner in Mayer Brown’s Banking & Finance practice. He represents financial institutions, investment funds and corporate borrowers in a variety of secured and unsecured finance transactions. Todd has extensive experience representing both borrowers and lenders in transactions involving corporations, private equity funds, credit funds and other alternative lenders seeking to expand and/or leverage their portfolios. These transactions include subscription-backed credit facilities, NAV facilities, hybrid credit facilities, repurchase facilities, bi-lateral loans and other acquisition financing arrangements. He also has a strong background representing major US and foreign banks as lead agent and arranger in syndicated credit facilities. Todd works on structures involving a variety of non-standard collateral, including private equity fund interests, hedge fund interests, capital contribution obligations, management and incentive fee streams and asset-backed securities. His experience also includes representation of private equity sponsors, real estate investors and developers in a variety of commercial real estate transactions, including joint ventures, acquisitions and dispositions involving a broad range of assets such as retail centers, industrial parks, apartment complexes, condominiums, assisted living facilities and single family residential developments, and financings related to all of the above.

BARBARA BYRNE BARCLAYS Investment Banking Barbara Moakler Byrne is one of the first women on Wall Street to be named a Managing Director and to achieve the position of Vice Chairman in an Investment Bank. She joined Lehman Brothers as a first year corporate finance associate in 1980 and was named Vice Chairman in 2005. Barbara retired from Barclays, which she joined in 2008, at year end 2017.

JENNIFER CHOI Institutional Limited Partners Association (ILPA) As Managing Director of Industry Affairs for the Institutional Limited Partners Association (ILPA), Jennifer Choi directs the association’s engagement with external industry stakeholders to inform and enhance ILPA’s education, research, membership and advocacy platforms. Ms. Choi also leads the implementation of ILPA’s responses to emerging issues impacting the asset class, including efforts to establish and promote industry best practices. Prior to joining the ILPA, Ms. Choi served as Vice President of Industry and External Affairs for the Emerging Markets Private Equity Association (EMPEA), where she led the association’s member and industry engagement activities, including efforts to encourage policy frameworks that support the growth of the asset class. As EMPEA’s Research Director, she built the industry’s first global database of private equity activity in the emerging markets. Previously, Ms. Choi was a consultant with Boston-based Stax Inc., leading due diligence engagements and providing advisory services for the U.S. private equity and venture capital industry. Jennifer’s other consulting experience includes organizational development and strategy consulting for clients in the healthcare, financial services and pharmaceutical sectors. Jennifer holds a Masters in Law and Diplomacy from the Fletcher School at Tufts University and a B.A. summa cum laude in Economics and Political Science from Augustana College.

33 AARON COHEN City National Bank Aaron Cohen is an executive vice president and manager of City National Bank’s Structured Finance unit. Mr. Cohen is responsible for the bank’s corporate banking, sponsor finance, cash-flow lending and syndicated credit activities, and is a member of the bank’s Executive Committee. Since he became manager of the Structured Finance unit in 2011, the business has grown to more than $2.5 billion in loans outstanding. Mr. Cohen began his banking career at City National Bank in 1996. He joined City National’s Structured Finance unit in 2004, became manager in 2011 and assumed his current position in 2016. Mr. Cohen earned a bachelor’s degree in economics from Emory University and a master’s degree in business administration from the UCLA Anderson School of Management. Active in the community, he is a mentor and serves as a board member of Jewish Big Brothers Big Sisters of Los Angeles, and is an advisory board member with the Los Angeles chapter of Facing History and Ourselves.

STEVEN COHEN CIBC Bank USA Steven Cohen is the Head of CIBC’s Non-Bank Finance business unit and is a member of the Bank’s Leadership Team. The business unit focuses exclusively on helping to build the Bank’s debt capital provider relationships with senior and junior, non-Bank leveraged lenders. The unit’s offering includes bridging Fund LP capital, providing Fund leverage, engaging transactionally on either a First-Out/Last- Out or split lien basis and cross-selling the Bank’s non-credit products and services. Mr. Cohen has over 30 years of experience in the financial services sector/Fund community and joined CIBC in 2007 (via its acquisition of the PrivateBank in 2017). Prior to joining CIBC (PrivateBank), he was a Senior Vice President & Division Head in LaSalle Bank’s Commercial Banking Group where he managed a team of middle market lenders, a portfolio of commercial accounts and responsible for new business development, including a focus on the equity and debt capital providing communities. Prior to joining LaSalle in 1987, Mr. Cohen was a Senior Credit Analyst for CNA Financial Corporation. Mr. Cohen earned his B.S. degree in Finance at the University of Illinois, Urbana-Champaign, and his MBA from DePaul University.

JEREMY CROSS Cadwalader, Wickersham & Taft LLP Jeremy Cross is a vastly experienced loan finance lawyer with particular experience in funds finance and real estate finance as well as more general experience in acquisition, leverage and general corporate finance. Jeremy acts for lenders, borrowers and sponsors on a wide range of domestic and international financing transactions. His clients include the Royal Bank of Scotland, Lloyds Banking Group, Barclays Bank, Wells Fargo and National Australia Bank along with a number of other banks, non bank financial institutions and funds. Chambers UK lists Jeremy as a leader in the field of Banking & Finance, described as “a highly intelligent and commercial figure.” Legal 500 has recommended the “very commercial [Jeremy Cross].” He is also recommended in Bank Lending, noted as “very commercial and has the ability to explain in simple language often difficult concepts.” Jeremy was included among the “Hot 100”’ Lawyers by The Lawyer in 2013. He was awarded an Exhibition to and received his M.A. in Law from Cambridge University. Jeremy is admitted to practice in England and Wales.

34 TODD CUBBAGE Haynes & Boone, LLP Todd Cubbage has more than 20 years of experience in the financial services industry and more than 15 years of experience representing lenders and commercial paper conduits in structuring, negotiating and documenting sophisticated lending arrangements. Since 2002, Todd’s legal practice has primarily focused on assisting lenders arrange multi-jurisdictional, subscription secured credit facilities with top- tier private equity and real estate funds, and, as a result, he has served as lead counsel on many of the largest domestic and cross-border subscription credit facilities. Todd is a member of Haynes and Boone’s global Finance Practice Group and, prior to his focus on subscription lending, he represented commercial banks and commercial paper conduits in connection with corporate and middle market loans, lease and securitization transactions.

GUY DOMINY Maples Fiduciary Services Guy Dominy is Director, Business Development of the Maples group’s Fiduciary division for the Americas and brings extensive buy and sell side experience in the asset management industry, including senior roles at private equity fund managers and fund administrators. Prior to joining Maples Fiduciary in 2017, Guy was the Managing Director and head of the US business development team at Capita Asset Services, responsible for US growth strategy, product development and sales of all divisional and group business lines. He also brings considerable advisory experience as a funds lawyer with major international law firms such as Freshfields and Latham & Watkins in London and Asia. Guy graduated from the University of Nottingham with a Joint Honours Bachelor of Arts degree in Law and German and completed the Legal Practice Course at Nottingham Law School. He’s a member of the Private Equity Lawyers Forum and the Luxembourg American Chamber of Commerce Business Roundtable Committee.

ROBIN DOUMAR Park Square Capital Robin Doumar is the Managing Partner and founder of Park Square Capital, LLP. Established in 2004, Park Square Capital, LLP, is one of Europe’s leading independent credit providers, currently managing approximately $9 billion. The firm operates across three strategies: large-sized senior debt, middle- market direct lending, and junior capital. Robin has 29 years of experience in the credit markets, and prior to founding Park Square spent 15 years at Goldman Sachs in New York and London. Robin received his AB from Brown University, and a JD and MBA from the University of Virginia.

ZIV EHRENFELD PSP Investments USA Mr. Ehrenfeld joined PSP Investments USA in August 2015 to develop Private Debt as the organization’s newest asset class. His primary focus in early days included business development, tax planning and building the team while committing to more than US$1.5 billion of investments. In his current role, Mr. Ehrenfeld heads the Energy investment team, leads the funds investment effort and oversees operations for the asset class. In addition, Mr. Ehrenfeld is a member of the firm’s global investment committee. Since the inception of the Private Debt asset class, the team has invested over CAD$6 billion in more than 45 transactions for both middle market and large cap companies. Prior to joining PSP Investments USA, Mr. Ehrenfeld was a Director in Leveraged Finance at Barclays, where he arranged leveraged loan and high-yield bond financings for sponsor and corporate clients. He had previously been a member of the Equity Capital Markets team at Lehman Brothers and then Barclays, focusing on the Power and Utilities sector. Mr. Ehrenfeld started his career practicing law at the law firm of Fischer Behar Chen Well Orion & Co. He holds an LL.B. Bachelor of Laws and a BA in Economics from Tel Aviv University and an MBA from Wharton. 35 CHRIS ELVIN Preqin Christopher Elvin is currently Head of Preqin’s Private Equity Products and responsible for Preqin’s market leading online products and solutions. He joined Preqin in 2006 as an analyst within the private equity research team, before spending six years as part of Preqin’s sales team in a number of senior roles, including Head of Business Development and Head of Global Accounts. He is now in charge of defining Preqin’s strategic direction in the private equity industry, both through innovations to Preqin’s online products as well we as through Preqin’s research and communications strategy in this space.

DAN FALTA ANZ Dan heads up the Specialty Funds foreign exchange business for ANZ in New York. He is currently in his 12th year with ANZ and 9th year leading the markets team coverage of financial sponsors. Most markets business is fund level foreign exchange, however, periodically Dan has facilitated fund and asset level rates hedging. In his role, Dan works very closely with ANZ’s Financial Institutions Group and Credit Professionals with the objective of maximizing ANZ’s relationship across all bank products. Dan earned a BS in Management Information Systems from Rensselaer Polytechnic Institute (RPI), a Finance Certificate from New York University’s Stern School of Business (NYU Stern) and an MBA in Finance and Statistics from The Anderson School at the University of California, LosAngeles (UCLA Anderson). After undergrad Dan worked 5 years for Andersen Consulting (now Accenture) in their financial and strategic services consulting groups. After his studies at NYU & UCLA Dan started his markets career at Paribas (now BNP), followed by stints at AIG Financial Products and Standard Chartered Bank. During his years with these banks, Dan’s primary focus was covering hedge funds, CTA’s andtraditional real money fund managers. Dan currently lives in Wilton, CT with his wife Camille and has 3 children – Chase, Remington and Tate.

RON FRANKLIN Proskauer Rose LLP Ron D. Franklin is a partner in the Corporate Department and co-head of the firm’s Finance Group. He is widely regarded as a leading transactional lawyer who has successfully leveraged his in-depth business acumen to build an active practice focused on finance and corporate matters. Ron advises clients across a broad spectrum of finance issues, including secured and unsecured lending transactions, domestic and cross-border acquisition financings, fund financings, project financings, workouts, restructurings and general banking concerns. He also counsels corporate clients regarding stock and asset acquisitions, contract negotiations, and general corporate matters.

36 MONO GANGULI Commonwealth Bank of Australia Mono Ganguli leads Commonwealth Bank of Australia’s Global Markets coverage of Financial Sponsor clients. Based in New York, London, Hong Kong and Sydney the team has a leading capability of providing FX and risk management solutions to Funds as they seek to manage returns from global investment portfolios. Mono has been with CBA for 7 years covering various risk solutions/structuring roles, including being responsible for the Corporate Sales business in Asia. Prior to an FX Sales role at Goldman Sachs, Mono has had over 15 years of corporate treasury ‘buy side’ experience most recently with the Westfield Group where he was Assistant Treasurer.

SONIA GARDNER Avenue Capital Group Sonia Gardner is President, Managing Partner and Co-Founder of Avenue Capital Group, a global alternative investment manager with over $9.7 billion in assets under management focused on distressed and undervalued debt and equity in the U.S., Europe, and Asia with headquarters in New York and 10 offices across the globe. Ms. Gardner is the Partner in charge of managing the firm, and distressed investing has been the focus of her professional career over the last 31 years. Ms. Gardner also co-founded Amroc Investments, L.P., a boutique distressed brokerage firm, where she was a Senior Portfolio Manager responsible for investing the partners’ capital. She was the recipient of the 100 Women in Finance 2008 Industry Leadership Award, and previously served as the Global Chair of the Board of Directors. She is currently a member of the Board of Trustees of The Mount Sinai Medical Center, the Client Advisory Board of Citi Private Bank, and the board of BIGVISION, an organization focused on helping young adults recover from substance abuse. Ms. Gardner has served and will continue to serve on various other boards of advisors/directors of both for-profit and not-for-profit private companies. Ms. Gardner received a B.A. with Honors in Philosophy from Clark University (1983) and a J.D. from the Cardozo School of Law (1986).

MARK GILLES Comerica Mark Gilles manages the Equity Fund Services Group (EFS) at Comerica Bank. Based in Menlo Park, Boston and New York, Equity Fund Services provides depository and credit products to select Venture Capital and Private Equity firms throughout the United States and Canada. Mark’s background combines extensive banking experience with over 10 years of direct investing experience with Tangent Growth Fund L.P., a San Francisco based private equity firm. That combination of experience gives Mark a unique perspective of how to bring value to private equity and venture capital relationships to help them be more successful. Under Mark’s direction EFS has adopted a holistic approach designed to build deep relationships with the client firm, its partners and its portfolio companies through greater access to Comerica’s key internal business partners. Mark has been active as a volunteer with youth sports, and Boy Scouts, and he has served in leadership positions of notable charitable and public benefit organizations including Hope Rehabilitation Services, Santa Clara, CA (Board President), Vista Center, Palo Alto, CA (Finance), and the Menlo Park City School District, (Bond Oversight Committee Chair). Mark lives in Menlo Park, California with his wife Mary who is a real estate agent. They have two children attending college.

37 PETER GILMAN Simpson Thacher & Bartlett LLP Recognized as one of the “Top 30 under 40” in private equity by Private Funds Management and a “Rising Star” by Law360 (one of only four in asset management), Peter’s practice focuses on the sponsoring and operation of private investment funds, investment management M&A and other aspects of private investing in alternative asset classes. Peter regularly represents the world’s leading private fund sponsors and alternative investment firms, including Blackstone, Silver Lake, BC Partners, Lexington Partners, Morgan Stanley, Oaktree, Alinda, Stonepeak and Centerbridge. Peter’s practice involves a wide range of alternative investment matters, including high-profile fund formation projects, “funds-of-one” and separate accounts for large investors, strategic acquisitions and sales of “minority stakes” involving alternative investment firms, joint ventures, internal GP arrangements, founder succession planning, employee investment programs and house/team arrangements, as well as other corporate transactions and strategic initiatives involving financial sponsors. Peter received his J.D. from the University of Virginia School of Law, and his B.A. Econ. and M.G.A. from the University of Pennsylvania.

JONATHAN GILMOUR Travers Smith LLP Jonathan is a partner in the Finance Group of Travers Smith LLP. Specialising in derivatives and structured products from both a transactional and advisory standpoint, he is widely regarded by peers and clients as one of the leading specialists in his field, and as a champion of ‘buy-side’ interests in the UK derivatives market. He counts among his clients some of the UK’s largest and most sophisticated occupational pension schemes, investment managers, private equity houses and challenger banks. Jonathan also has considerable experience in leveraged finance and general banking matters.

BEN GRIFFITHS MUFG Investor Services In October 2017 Ben joined MUFG Investor Services as Global Head of Fund Financing, based in London. He leads the fund financing team globally focusing on the financing needs of clients. This includes originating and structuring solutions for funds of hedge funds via credit facilities and private equity, real estate, debt and infrastructure funds via subscription lines of credit, and FX lines for feeder funds of hedge funds. Before joining MUFG Investor Services Ben was Managing Director and CEO of Citco Financial Products, managing all aspects of the CFP FCA regulated business covering Front Office, Operations, IT, Risk and Legal whilst driving the development of the business both internally within Citco and externally with clients and funding providers. Prior to becoming CEO, Ben was Head of Front Office globally for Citco Financial Products encompassing structuring, sales & marketing and relationship management for credit facilities, FX execution and hedging calculation to hedge fund investor clients (Fund of Funds, Family Offices & Institutional), building out of new business lines within Citco including lending and Passive FX Hedging Calculation services. Ben has over fifteen years experience in the Banking & Finance industry developing sales, marketing and structuring across a wide range of products. Prior to Citco, Ben worked on the Fund Linked Products desks of Bank of America and Societe Generale.

38 TERENCE HATTON MUFG Terry Hatton is a Senior Vice President in and Manager of the Fund Finance Group for Union Bank in New York. Union Bank’s fund client base includes real estate, mezzanine, infrastructure, energy, private equity and venture capital. The bank has built an established track record, providing fund sponsors with competitive lending products, inclusive of subscription and bridge capital call facilities; senior and asset based debt financing for general industries, as well as health care, environmental, and aerospace and defense. Union Bank also provides junior capital, mezzanine debt and non-control equity through our affiliate, UnionBanCal Equities, Inc. Terry has a bachelor’s degree from University of Western Ontario.

TIM HICKS Cadwalader, Wickersham & Taft LLP Tim’s practice focuses on fund finance, and he has significant experience negotiating and documenting subscription credit facilities made to multijurisdictional fund vehicles, including private equity, real estate, REIT, infrastructure and debt funds. He routinely serves as counsel to lenders and lead agents on bilateral and syndicated credit facilities with complex fund collateral structures, including subscription-secured credit facilities, net asset value secured credit facilities and management fee secured credit facilities. Tim’s experience also encompasses working with fund-related borrowers on the negotiation of third-party investor documents with institutional, high net worth and sovereign wealth investors. He received his B.S. from Birmingham-Southern College, his M.S. in tax accounting from the University of Alabama and his J.D. from Samford University, where he was a member of the editorial board of the Cumberland Law Review.

JOCELYN A. HIRSCH Kirkland & Ellis LLP Jocelyn A. Hirsch, a partner at Kirkland & Ellis LLP whose practice focuses primarily on the representation of private equity sponsors and corporate borrowers in complex financing transactions, including leveraged buyouts, cross border facilities, asset based facilities and sponsor capital call/subscription facilities. Her experience in private equity spans sectors including real estate, energy, infrastructure, secondary and financial services funds with aggregate funds raised totaling tens of billions of dollars. Ms. Hirsch has worked with some of the largest, most diversified and prominent private fund sponsors, as well as middle- market firms. Ms. Hirsch received a J.D., from the University of Wisconsin Law School.

PAUL HOGAN Barclays Paul Hogan is a Director in Barclays’ Risk Solutions Group, focusing on Sponsor and Fund clients as well as cross-border M&A. The Risk Solutions Group is part of Barclays’ banking business providing risk management solutions to clients in both rates and foreign exchange markets. Paul works closely with clients to structure hedges at the fund level using a variety of currency derivatives. Paul’s team is also responsible for advising on any event-driven transactions where there is a FX component. Paul joined Barclays in 2009 after graduating from NYU’s Stern School of Business with a Bachelor of Science.

39 SAMANTHA HUTCHINSON Dentons Sam leads the Dentons global fund finance practice covering the UK, France, Luxembourg, Germany, Spain, Italy, North America and Canada. Sam advises on the full range of financing products across all asset classes and strategies. Sam has been advising lenders and funds on these types of products since the early 2000’s and year to date has advised on over 30 deals with a combined deal value of £10bn.

WALT JACKSON Onex Credit Partners Walt Jackson, Head of Direct Lending Platform and member of the Investment Committees, joined Onex in April 2016, after 18 years at Goldman Sachs. Mr. Jackson has 33 years of experience in the leveraged loan, high-yield and mezzanine markets. Prior to joining Onex, Mr. Jackson was Senior Credit Officer and Chief Operations Officer of the Private Credit Group in the Merchant Banking Division of Goldman Sachs and was on the investment sub-committees of Private Credit Group and GS Bank. From 1987 to 1997, he was involved in leveraged finance at the Bank of Nova Scotia and Credit Suisse where he originated, structured and syndicated bank loans for leveraged buyouts, corporate M&A transactions and middle- market companies. He started his professional career at Ernst & Whinney in 1985 where he was involved in financial consulting for large and middle-market companies. Mr. Jackson earned an M.B.A. from Georgia State University and a B.S. from Bryan College.

STEVE JACOBY Clifford Chance LLP Steve Jacoby co-heads the Luxembourg Banking, Finance and Capital Markets practice and handles acquisition finance, bank lending, securitisation, capital markets, regulatory, derivatives, general banking law (including litigation), corporate law and insolvency matters. He has a long-standing experience in the financing of Luxembourg investment funds including by way of capital call, NAV and hybrid facilities. He also advises on fintech matters (including in relation to the funds industry) and is a member of the Clifford Chance Global Tech Group. Steve is an associate lecturer (Chargé de Cours Associé) at the University of Luxembourg and a lecturer at the Luxembourg Bar School in banking, finance and capital markets law. He is a regular contributor to legal journals and a member of various advisory committees on financial law questions within Luxembourg public institutions and professional organisations.

KEN KENCEL Churchill Asset Management

40 SANDRA KIM-SUK L Catterton Ms. Kim-Suk is the CFO Americas of L Catterton. Prior to joining L Catterton in mid 2013, she spent over 17 years at Citigroup in various roles including investment banking, capital management and most recently as Chief Operating Officer of their multi-billion infrastructure fund where she was a senior member of the team and concentrated on finance/operations, administration, risk management, and investor relations and fund raising. Ms. Kim-Suk began her career as an investment banker at Salomon Smith Barney where she focused on mergers & acquisitions and capital raising in their Media and Telecom group. Prior to joining Salomon she was at Time Warner Inc. in their Corporate Finance/Strategic Planning group. With over $14 billion of AUM, L Catterton is the largest and most experienced consumer-focused private equity group in the world. Ms. Kim-Suk earned her B.A. in Economics from Smith College and her M.B.A. from Columbia Business School.

TOM KIRBY Commonwealth Bank of Australia Tom Kirby is the Head of Fund Finance for the Commonwealth Bank of Australia (CBA). With 20 years’ banking and client coverage experience, Tom is responsible for CBA’s key relationships in the Funds segment with a particular focus on Financial Sponsors. Tom has extensive knowledge of asset based financing, transactional banking, cash management and risk management; and with his global team, delivers flexible, tailored and innovative Fund Financing solutions.

DANA LAIDHOLD The Carlyle Group Dana Laidhold is Treasurer of The Carlyle Group, a public global alternative asset management firm. Her responsibilities include liquidity planning, cash management, foreign exchange, and capital markets. In 2015 Dana received the Highly Commendable distinction as Woman of the Year at the Adam Smith Awards. She currently serves on the Board of Directors of the Association of Financial Professionals. Dana is very involved in community service as a leader for both Carlyle’s Women’s Employee Resource Group (ERG) and Working Parents ERG. She is also on the Board of Directors of Doorways for Women and Families, a Northern Virginia based organization that creates pathways out of domestic violence and homelessness leading to safe and stable lives. Prior to joining The Carlyle Group in 2003, Dana was a Division Controller for US Airways, Inc. and previously she was an auditor with Coopers & Lybrand. Dana received an MBA from the University of Pittsburgh and undergraduate degree from Pennsylvania State University.

STEPHANIE LANDSBERG Bank of America Merrill Lynch Stephanie Landsberg is a Vice President in Bank of America Merrill Lynch’s market-leading Syndicated Finance group. In this capacity she is responsible for leading the structuring, distribution, and execution of broadly syndicated debt facilities. Clients include opportunity funds, hedge funds, debt funds, public pension plans, and institutionally-sponsored entities as well as REITs, REOCs, lodging companies and national homebuilders. Ms. Landsberg has 8 years of experience in structuring, syndicating, and executing debt transactions across all levels of the . Prior to assuming her current role, she worked in both bond origination and investor relations consulting. Stephanie holds Series 7, 79, and 63 licenses and is a graduate of Dartmouth College where she was a goaltender on the women’s ice hockey team. 41 NICOLE LAPIN Nicole Lapin is the New York Times bestselling author of Rich Bitch: A Simple 12-Step Plan for Getting Your Financial Life Together…Finally and Boss Bitch: A Simple 12-Step Plan to Take Charge of Your Career. Nicole is no stranger to breaking down complex business principles for all to understand, utilizing her signature sassy style. From anchoring business shows on network television, including on CNBC, Bloomberg and CNN, to contributing money reports to “Today” and MSNBC, Nicole has a long history with speaking the language of money fluently, and using that language to empower an entire generation of women to take control of their lives and their finances. Star of the CW’s business competition reality show Hatched, Nicole helps a fresh wave of entrepreneurs to get their businesses off the ground with smart advice and actionable feedback on their products. She was the first woman to be voted “Money Expert of The Year” and Redbook magazine’s first-ever monthly money columnist. Nicole graduated as valedictorian from Northwestern University.

ALEX LAST Mourant Ozannes Alex is a partner in our Cayman Islands office. He specialises in private equity, investment funds and corporate and commercial work and has many years of experience advising leading private fund sponsors on the structuring and establishment of investment funds, secondary transactions and related deals. Before relocating to the Cayman Islands, Alex led the investment funds practice in our Hong Kong office where he advised on some of the largest fund raisings in the Asia region. Alex has particular expertise advising on the establishment of funds for Japanese fund sponsors for both retail and institutional distribution in Japan. Alex frequently advises on general corporate and finance matters and has particular expertise in the context of fund financing. Prior to joining Mourant Ozannes, Alex worked for another Cayman Islands law firm and, before moving offshore, Freshfields Bruckhaus Deringer in London. Alex was called to the Bar of England and Wales in 1998 as a Diplock Scholar (currently non-practising). He is admitted as an attorney in the Cayman Islands and a Barrister of the Eastern Caribbean Supreme Court (British Virgin Islands). Alex is described as ‘very commercial and very smart’ and as ‘a private equity specialist with a depth of expertise’ with one client saying that he is ‘the next star in Cayman’, Chambers Global, 2017.

ILENE LEVINSON Hamilton Lane Ilene is a Principal in the Product Management Group, where she serves as the primary point of contact for all aspects of client relations for Hamilton Lane’s co-investment funds. Prior to joining Hamilton Lane in 2012, Ilene was a Principal at Beringea, focusing on private equity investing in the healthcare and media sectors. Previously, she worked as a Portfolio Manager at Harvard Planning and Real Estate and a Corporate Financial Analyst at Lehman Brothers. Ilene received an M.B.A from the University of Virginia’s Darden School of Business and a B.A. from Wesleyan University.

42 MARK LEVITT Global Infrastructure Partners Mark Levitt joined Global Infrastructure Partners in 2009 and is the Chief Operating Officer, member of the Executive, Operating, and Valuation Committees as well as the Secretary of its Investment Committees. Mr. Levitt leads GIP’s administrative functions, manages the junior investment team, and has overseen the growth of GIP from one fund with $5.6 billion of AUM to its current five funds and over $30 billion of AUM. Founded in 2006 as a joint venture with Credit Suisse and General Electric, Global Infrastructure Partners (GIP) is a leading global, independent infrastructure investor which combines its specialist industry experience and industrial best practice operational management to achieve superior risk-adjusted returns. Prior to joining GIP, Mr. Levitt spent 14 years at Credit Suisse, where he most recently served as a Managing Director and the Chief Operating Officer of the Global Investment Banking Division. In this position, he was responsible for all aspects of managing the Investment Banking business, including capital allocation and return analysis, human capital management, and client coverage management. In addition he had senior client coverage for several clients in the Technology and Services sectors. From 2000 to 2007, Mr. Levitt served as Chief Financial Officer of the Investment Banking Division, having previously worked in the Fixed Income, Equity Derivatives and Emerging Markets businesses of Credit Suisse, Donaldson, Lufkin & Jenrette (which was acquired by Credit Suisse in 2000), Morgan Stanley and Bankers Trust. He started his career at Ernst and Young. Mr. Levitt holds an M.B.A from Columbia University and a B.B.A. in Accounting and Finance from Emory University.

PATRICIA LYNCH Ropes & Gray LLP Patricia represents private investment funds on subscription and credit fund leverage facilities and fund investment managers on acquisition and working capital facilities. She also leads Ropes & Gray’s U.S. securitization practice and advises on a wide range of structured finance transactions, including collateralized loan obligations (CLOs), whole-business , and receivables-backed variable funding note facilities.

WILLIAM MAIER Avenue Capital Group Mr. Maier is the Senior Portfolio Manager responsible for assisting with the direction of the investment activities of the Avenue Performing Loans Strategy. Prior to joining Avenue in 2016, Mr. Maier spent 26 years at Natixis and its predecessor banks, Natexis and Banque Francaise du Commerce Exterieur (BFCE), where he was one of the founders of the bank’s leveraged finance business in the United States. Most recently, Mr. Maier founded and served as Senior Managing Director and Head of Coverage – Americas at Natixis with responsibility for all investment banking client relationships with corporations, financial Institutions and private equity sponsors. As such, he chaired the bank’s Client Committee and was a member of the Senior Executive Committee of the Americas for the Corporate & Investment Bank. He was a co-founder and served as Chief Investment Officer of NCOF as well as a co-founder and general partner of Natixis Strategic Partners I, II, & III private equity fund-of-funds. Mr. Maier started his career at NatWest Bank and completed the bank’s officer training program in New York and London. Mr. Maier received a B.A. with Honors in Philosophy and Law and Economics from Cornell University (1987).

43 DAVID MAKI Heitman David is a Senior Managing Director and Co-Head of Heitman’s Private Real Estate Debt group. He is an equity owner of the firm, a member of the Debt Investment Committee and co-portfolio manager for Heitman Real Estate Debt Partners L.P. (“HDP”), Heitman Core Real Estate Debt Income Trust, L.P. (“CREDIT”) and other separate account clients. In these roles he manages a team which structures, originates, and services senior and mezzanine debt opportunities across all property sectors. Additionally, David oversees Heitman’s North American capital markets responsibilities which include developing strategy, advising, and executing the placement of more than $2 billion per year of property and fund-level financing across all property types. Prior to joining Heitman, David was Head of North American Capital Markets at RREEF, National Head of Real Estate Mezzanine Finance for LaSalle Bank Corporation, and Managing Director in the Real Estate Merchant Banking group at Wells Fargo Bank where he lead a team originating and managing high-yield commercial real estate loans. David received a Bachelor of Technology, Architecture from Ryerson University in Toronto, Canada and a Masters of Business Administration from the University of Michigan.

MONICA MANDELLI KKR Monica Mandelli (New York) joined KKR in 2015 as a member of the KKR Capital Markets team, where she works across Capital Markets and the Client and Partner Group to focus on expanding KKR’s efforts with families and family offices. She seeks to provide flexible capital solutions and strategic advice to leading families around the world. Prior to joining KKR, Ms. Mandelli worked at Goldman Sachs for 17 years where she was most recently a managing director and served as global head of the bank’s family office coverage and strategic relationship management group within the investment banking division. Previously, Ms. Mandelli was head of Goldman Sachs’ publishing and information services sector and the theatrical exhibition sector, within the technology, media and telecom group, having broad coverage responsibility for many media clients. She was also co-head of Goldman Sachs’ firm-wide women’s network. Prior to joining Goldman Sachs, Ms. Mandelli worked at Merrill Lynch in London in their mergers & acquisitions group and at McKinsey & Company in New York. She has advised clients on over 75 M&A and financing transactions. Ms. Mandelli holds a B.S. and an M.S., summa cum laude, in Economics and Social Sciences from Universita’ Bocconi and an M.B.A, with Distinction, from Harvard Business School. She serves on the Harvard Business School Alumni Board, the Women’s Leadership Board at the Harvard Kennedy School, the Bocconi Alumni Association Board, the Board of Trustees of Horace Mann School and the Board of Directors of Endeavor Italy. Ms. Mandelli is also a member of the Brookings Council.

BRAD MARSHALL GSO Capital Partners

HOWARD MATLIN Kelso Private Equity

44 ELLEN MCGINNIS Haynes & Boone, LLP Ellen McGinnis is recognized for her critical thinking in structuring, and practical advice in execution of, financing transactions for lenders, focused in particular on subscription-secured credit facilities, having worked on the product since its initial development in the late 1980’s. Ellen is co-chair of the firm’s Fund Finance Practice Group, for which Haynes and Boone is trusted counsel for U.S. and foreign commercial and investment banks as lenders to private equity funds. She has recently represented a number of clients in hybrid collateral facilities, and works on many of the practice’s international and multi-currency transactions. Ellen is currently the chair of the firm’s Admission to Partnership Committee and is a member of the board of directors, as well as participating on the Opinion Committee, and leads the firm’s knowledge management efforts. She has been a Finance Practice Group leader and has served on the firm’s Computer and Technology Committee. Prior to her focus on subscription lending, Ellen’s practice encompassed a wide range of lending structures, including asset-based and real estate-related transactions.

MURTAZA MERCHANT MV Credit Murtaza is a Managing Director and Head of Fund Optimisation and Leverage at MV Credit. He is responsible for proactively managing Funds’ strategy with a view to enhancing the Funds’ risk adjusted returns. Murtaza leads structuring of leverage and subscription facilities for the Funds. Murtaza is also heavily involved in investor relations and fundraising, covering several LP relationships. Prior to MV Credit, Murtaza was an Investment Manager at Industrial and Financial Investment Company (IFIC) in Kuwait where he worked in the International Investment Department (Private Equity and Direct Investments).

RAY MEYER Natixis Ray Meyer is a Managing Director and Head of Financial Institutions Coverage of Natixis Corporate & Investment Banking Americas, which spans Alternative Asset Managers, Private Equity, Insurance, Banks and Traditional Asset Managers. He primarily focuses on origination for large core relationship clients across multiple asset classes in coordination with the various product groups of Natixis. Mr. Meyer has been with Natixis for over 16 years and has originated, structured, arranged and executed various facilities including Secured Subscription, Hybrid and Secondary Asset facilities for Alternative Asset Managers, Private Equity Fund and Merchant Bank clients. His role includes sourcing and originating financing, derivative and liquidity solutions across the client base including Real Estate, Buy-Out, Credit, Energy, Infrastructure, Aircraft, Secondary Private Equity Funds and Alternative Asset Managers. Mr. Meyer has more than 25 years of financial services experience. Prior to joining Natixis, he was a member of the Financial Institutions Investment Banking Group at Lehman Brothers, and before that was a Senior Foreign Exchange trader at BNP Paribas and Credit Suisse. Mr. Meyer holds an MBA from The Wharton School, University of Pennsylvania and a bachelor’s degree in Finance and Economics from New York University’s Stern School of Business.

45 JOSE MINAYA Nuveen As President of Global Investments, Jose Minaya is accountable for over $900 billion of assets under management at Nuveen Global Investments. In this newly created position Mr. Minaya drives strategy and coordination among a dozen global investment affiliates and ensures we are delivering the whole of the firm to help clients meet their unique goals. Previously, Mr. Minaya was President of TIAA Global Real Assets, where he was responsible for setting strategy and driving business across all of the firm’s real asset offerings, including real estate, agriculture, timber, infrastructure, energy and alternative credit. He has also served as Head of Private Markets Asset Management and Head of Natural Resources and Infrastructure Investments. Mr. Minaya joined TIAA in 2004 to manage private debt and equity transactions. Mr. Minaya has over 23 years of investment experience at firms including AIG, Merrill Lynch an JP Morgan. He has led transactions across public and private asset classes and worked in mergers and acquisitions. He holds a B.S. in finance from Manhattan College and an MBA from Dartmouth’s Amos Tuck School of Business, where he was a Robert Toigo Fellow, an organization that fosters career advancement and increased leadership of underrepresented talent. Mr. Minaya is also a recipient of the 2016 Toigo Blazing Trails award for his demonstrated commitment educating the next generation of financial services talent.

NICK MITRA Natixis Nick Mitra manages the US Capital Call business for Natixis and is also the global coordinator for the Capital Call product ensuring compliance with exposure limits and adherence to consistent standards for Capital Call credit facilities. Prior to joining the Global Structured Credit & Solutions Group at Natixis, Nick worked in the Credit Group at Natixis covering Financial Institutions and Insurance Companies. He has also worked at Goldman Sachs and Accenture in different roles and was the CFO of an entrepreneurial start-up – UConnections.com – aimed at the education space. Nick started his career at Lehman Brothers as a trader’s assistant in the security lending/repo area. Nick has approximately 17 years of experience in the financial sector. Nick is also a co-founding member of the Fund Finance Association, an industry group dedicated to Fund Finance and related products, where he sits on the Board of the Association. Nick holds an MBA in Finance from NYU and a BS in Finance from Lehigh University and is a CFA charter holder. He is also the First Vice Chairman of the Fund Finance Association.

SUNIL MODY Morgan Stanley Sunil Mody is a Managing Director of Morgan Stanley responsible for all hedging activities globally for the private investment funds across Investment Management. Product oversight primarily includes risk based solutions in the foreign currency and interest rate derivative markets. Prior to joining Morgan Stanley in 2009, Sunil was with JPMorgan for eight years, and was last Vice President in the FX Institutional Sales Group covering clients in the real estate, infrastructure, and asset management sectors. Sunil graduated with distinction from University of Michigan’s Ross School of Business, with a degree in Bachelor of Business Administration.

46 TARUN NAGPAL Deutsche Bank Tarun is a Member of the Global Equities Executive Committee and Global Head of Investment Solutions (GIS), a fully integrated, multi-asset solutions business with 140 professionals across the globe and over EUR55bn in value of investment products. He’s responsibilities include direct oversight of GIS’ four core business lines: - Quantitative Investment Solutions: Focused on the development, tailoring and delivery of quantitative investment strategies, and the construction of bespoke multi-strategy portfolios. - Multi Asset (3rd party ) Products: Award winning franchise providing risk-controlled and DB-governed access to hedge funds, risk premia, private equity, private credit and long-only strategies in UCITS, AIFMD and unfunded managed account formats - Multi Asset Solutions: A team of multi-disciplinary backgrounds focused on designing bespoke investment solutions meeting investment and portfolio risk management needs for institutional clients, wealth managers and retail distributors across asset classes and strategies - Retail Structured Products: Providing access to a broad range of retail products from certificates to structured notes and warrants traded on exchange and off exchange. Previously Tarun was a member of the Deutsche Asset Management Executive Committee and Head of Asset Management Solutions and prior to that a member of the Deutsche AWM Global Executive Committee and Global Head of Alternatives and Fund Solutions. He joined Deutsche Bank in 2003 and has been responsible for structuring and marketing alternative investment and portfolio risk management products and solutions in Europe, Asia and Middle East as well as for building Deutsche Bank’s alternative investment product suite, including the dbalternatives Hedge Fund Managed Account Platform in the investment bank. Before joining Deutsche Bank, Tarun served as a Lawyer at Linklaters. He holds an MA from Cambridge University.

AUSTIN NOWLIN Starwood Capital Group Austin Nowlin is a Managing Director and Head of Capital Markets for the Americas at Starwood Capital Group. In this role, he is responsible for all debt capital market activities for the Firm’s investments in the Americas, including, the origination, structuring, and execution of asset-level and fund/corporate- level financing activity. Since joining the Firm in 2011, Mr. Nowlin has completed financings across all asset and product types, including revolving credit facilities, domestic and foreign balance sheet loans, construction financing, fixed and floating rate commercial mortgage-backed securities, preferred and mezzanine financing. He is a member of the Investment Committees at Starwood Capital and Starwood Property Trust. Prior to joining Starwood Capital, Mr. Nowlin worked at Wells Fargo and its predecessor, Wachovia Securities, in leveraged finance. He began his career at Raymond James, where he focused on making equity investments in multifamily assets. Mr. Nowlin received a B.A. degree in economics from Florida State University.

47 MARGARET O'NEILL Debevoise & Plimpton LLP Margaret O’Neill is a finance counsel in the New York office of Debevoise & Plimpton LLP. She regularly represents private equity, real estate, debt and other investment fund sponsors in connection with fund financings at all levels of the fund capital structure. Ms. O’Neill advises fund clients on a wide variety of financing facilities, including subscription credit facilities, secondary asset finance facilities, management company facilities, sponsor co-investment facilities and other fund financings. She also has extensive experience across a broad range of other secured and unsecured financing transactions, particularly in high yield and secured leveraged acquisition financing. Ms. O’Neill received her B.A. magna cum laude from Harvard, and her J.D. from Columbia Law School, where she was a Stone Scholar and a managing editor of the Columbia Law Review.

MARCIA PAGE Värde Partners Marcia Page is Executive Chair of Värde Partners, a global alternative investment management firm with $13 billion in assets under management. She cofounded the firm in 1993. She chairs the Partner Committee and is a member of the firm’s Investment Committee. Since Värde’s founding, Marcia has overseen every aspect of Värde’s growth, ranging from the development of the original investment thesis, to the raising of each fund, to the crafting of the firm’s investor communications, to the development of the firm’s infrastructure. Marcia built the liquid investing side of the business, first focusing on all aspects of the day-to-day portfolio management and then building the business on a worldwide basis, including moving to London as she built the liquid side of the business there. Marcia has played key roles in various portfolio companies owned by the Värde funds as well as serving on creditors’ committees. Marcia transitioned from Co-Chief Executive Officer and Co-Chief Investment Officer to Executive Chair in 2016. Prior to founding Värde, Marcia served as vice president of EBF & Associates, an alternative investment management firm. There, she helped establish Merced Partners, an investment partnership. Prior to EBF & Associates, Marcia traded distressed and high yield bonds and managed fixed income portfolios at Cargill. Marcia graduated from Gustavus Adolphus College, Minnesota with a B.A. in Economics, and received an M.B.A. from the University of Minnesota’s Carlson School of Management. Marcia serves on the Board of Trustees of Gustavus Adolphus College and on the Board of Overseers of the Carlson School of Management. She serves on several private company boards and investment committees. She is a member of The Committee of 200. Marcia is married and has three daughters, all launched into various levels of graduate and undergraduate studies.

GEOFFREY PECK Morrison & Foerster LLP Geoffrey Peck is a banking and finance partner based in the New York office. Mr. Peck has extensive experience representing investment banks, commercial banks, private equity funds, hedge funds, business development companies, asset managers, specialty finance companies, borrowers and issuers in large- cap, middle market and mezzanine financings and restructurings. His experience is domestic and cross- border, with particular experience with Caribbean and Latin American transactions, and covers a broad range of transactions, including acquisition financings, first/second lien financings, unitranche financings, subordinated financings, hybrid debt/equity financings, bridge financings, preferred equity financings, asset-based financings, private placements, project and infrastructure financings, trade financings and subscription-backed financings. Mr. Peck has led three separate transactions named ‘Deal of the Year’ by leading industry publications. Mr. Peck also regularly represents clients in connection with insolvency matters, including complex workouts and restructurings, DIP financings, exit financings, secondary trading of debt and equity, and analysis of special situations trading opportunities. Mr. Peck received his J.D. in 1998 from the University of Pennsylvania and both a B.A. and B.S. from Boston University in 1995.

48 JONATHAN PEIPER Sumitomo Mitsui Banking Corporation Jonathan Peiper is an Executive Director & Group Head in Sumitomo Mitsui Banking Corporation’s Subscription Secured Finance Department. Mr. Peiper currently originates, structures, arranges and executes subscription secured credit facilities in excess of $8 billion globally, primarily as Lead Arranger and Bookrunner. Clients include private equity firms and fund managers in North America, Europe and Asia. Mr. Peiper was previously a member of Sumitomo Mitsui’s Public Finance Department where he focused on providing letters of credit, loans and bond purchases for municipalities, hospitals, not-for- profits, and public and private partnerships. Mr. Peiper has a B.A. in International Relations from Tulane University and an M.B.A. in Corporate Finance from NYU Stern School of Business.

ANTHONY PIRRAGLIA Loeb & Loeb LLP Anthony Pirraglia focuses his practice in the area of commercial finance, representing both borrowers and lenders in connection with unsecured and asset-based lending transactions. Mr. Pirraglia also represents mezzanine lenders, private equity funds and other investors in their loans to and investments in companies in connection with acquisitions and corporate restructures. Mr. Pirraglia also practices as special counsel representing institutional lenders in the area of the direct placement of corporate securities. His finance experience includes the structuring, documentation and negotiation of warehouse and other loan facilities and a wide variety of privately placed financial transactions; workouts and restructurings; leveraged buyouts; project and facility financing; real estate financings; credit tenant loan transactions; and loan and other asset securitizations. His practice also includes a special emphasis on workouts, restructuring and bankruptcies of multiple property credit tenant loan securitizations. His representative workout achievements include the successful liquidation and recovery on approximately 30 Borders’ credit tenant leases.

MICHAEL J. PUGATCH HarbourVest Partners, LLC Mike Pugatch joined HarbourVest’s secondary investment team in 2003. He focuses on global secondary transactions ranging from traditional to more complex transactions. Mike was a key participant or played a lead role in multiple direct portfolio/team spin out secondaries including transactions involving Saints Capital, Ventizz Capital, American Capital Equity Management, and Arcapita, Inc. Mike joined the Firm from UBS Warburg, where he spent two years in the Global Media Investment Banking Group focusing on mergers and acquisitions, corporate financings, and restructurings. He also has prior experience in the Technology Investment Banking Group at PaineWebber. Mike received a BS (summa cum laude) in Business Administration from Babson College in 2001.

RAM RAO Macquarie Group Ram is a Managing Director with Macquarie’s Fund Linked Products Group. Ram has specialist expertise in structuring financing solutions for private equity firms for acquisitions of LP portfolios and individual companies in the secondary market, as well as expertise in financing for dividend recapitalizations of individual funds and fund of funds. Prior to joining Macquarie, Ram held senior positions with Barclays, Merrill Lynch, and UBS. Ram has a bachelor’s degree from Ohio Wesleyan University and masters degrees from University of Pennsylvania and Massachusetts Institute of Technology. 49 KEITH READ Cerberus Business Finance, LLC Cerberus Capital Management, L.P. Keith Read, Senior Managing Director of Cerberus Capital Management and President of Cerberus Business Finance. Mr. Read joined Cerberus in 2006. Prior to joining Cerberus, Mr. Read was a Managing Director at CIBC World Markets from 1995 to 2005, where he was responsible for the distribution of corporate and structured products including senior and mezzanine credit, growth equity, CLOs and fund LP capital. From 1993 to 1995, Mr. Read was an Executive Vice President at The Argosy Securities Group, a boutique high- yield advisory firm. From 1991 to 1993, he was a Managing Director at Barclays Bank. From 1989 to 1991, he served as a Vice President at Bankers Trust. Mr. Read is Chairman Emeritus of the National Advisory Council of Brigham Young University Marriott School of Business, past Chair of the University of Utah David Eccles School of Business National Advisory Board, and a Board member of Rising Star Outreach. Mr. Read is a graduate of the University of Utah and received a Masters’ Degree from the University of Utah. Mr. Read is a member of the Cerberus Capital Management Credit Committee.

ANN RICHARDSON KNOX Mayer Brown LLP Ann Richardson Knox is a partner in the Banking & Finance practice at Mayer Brown and oversees the Fund Finance team in the New York office. Ann has spent her entire career structuring complex leveraged financings to US and global private funds, sponsors and portfolio companies and has represented both financial institutions and funds. Ann’s vast experience encompasses financings at every level of the capital stack and every phase of a fund’s existence. Ann represents major domestic and foreign investment and commercial banks as lead agent and arranger in connection with subscription credit facilities. She has been lead counsel on many of the largest and complex subscription credit facilities to funds sponsored by the world’s preeminent fund sponsors. Ann’s practice also includes structuring novel solutions to provide leverage on fund portfolio assets, including real estate, debt and portfolio companies. Notably, Ann led the first such portfolio leveraging financings to secondary funds almost a decade ago. She is a frequent author and speaker on subscription credit facilities and other fund finance products providing insight as to the cutting edge issues and trends in the market place. Ann has a JD from Columbia Law School and a BA from Cornell University.

PAUL M. RODER Moses & Singer LLP Paul M. Roder is a partner in Moses & Singer’s Banking and Finance practice group. He represents money center banks and other financial institutions, both foreign and domestic, in a variety of financing transactions, including secured and unsecured lending and letter of credit transactions. His clients often serve as lead agents and arrangers in syndicated credit facilities and he advises them in all aspects of such transactions, including the structuring, negotiating, and documenting thereof. He regularly represents clients on extensions of credit to a range of borrowers, including public and private companies as well as investment funds, and in cross-border financings. Paul has extensive experience in fund financing, including subscription finance and other financings supported by capital commitments. He has represented money center banks as lead agents and arrangers in well over 125 syndicated subscription credit facilities. These facilities include multi-fund, parallel fund, and master/feeder fund structures with sponsors primarily located in North America and Europe. In addition, he represents clients in bilateral subscription credit facilities, hybrid subscription credit facilities (which include subscription collateral together with collateral from other asset classes), “after-care” credit facilities, and credit facilities secured by investment management fees and other rights to payment. The borrowers are typically private equity funds, including real estate opportunity funds, funds, distressed debt funds and mezzanine funds, and include funds from some of the premier sponsors 50 in the industry. KENNETH I. ROSH Fried, Frank, Harris, Shriver & Jacobson LLP Kenneth I. Rosh is head of Fried Frank’s Private Equity Funds Group and a member of the Firm’s Governance Committee. Mr. Rosh represents clients in a broad range of corporate and securities transactions, with a focus on private equity fund formation counseling, investments, acquisitions and secondary transactions; securities and capital markets; and general corporate matters. Mr. Rosh has represented major PE fund sponsors for over 25 years. Mr. Rosh is recognized by Chambers Global, Chambers USA and Legal 500 as a leading individual in Private Equity Funds and recently received Law360’s Asset Management MVP award. Mr. Rosh serves as the Co- Chair of the Private Investment Funds Forum and is a member of the Private Investment Funds Committee of the New York City Bar Association and the American Bar Association Committee on Private Investment Funds. Mr. Rosh also serves on the Board of Advisors of the Northwestern Journal of International Law and Business and on the Board of Advisors of the Tufts University School of Arts & Sciences. Mr. Rosh serves on the executive board of DREAM (formerly Harlem RBI), and served for eight years as Board Chairman, and is a past recipient of the Legal Aid Society’s Pro Bono Publico Award. Mr. Rosh received his JD in 1988 from the Boston University School of Law, where he was a G. Joseph Tauro Distinguished Scholar and editor-in-chief of the Annual Review of Banking Law, and his BA in 1985 from Tufts University. He is admitted to the bar in New York.

JOHN G. RUDGE Lexington Partners Mr. Rudge is a partner of Lexington Partners primarily engaged in the origination and evaluation of secondary purchases of private equity and alternative investments. Prior to joining Lexington in 2001, Mr. Rudge was an associate in investment banking at Morgan Stanley. Mr. Rudge graduated from Middlebury College with a BA in American Civilizations and from the Tuck School of Business at Dartmouth with an MBA. Lexington Partners is a leading global alternative investment manager primarily involved in providing liquidity solutions to owners of private equity and other alternative investments and in making co- investments alongside leading private equity sponsors. Lexington has acquired over 2,800 secondary and co-investment interests through 736 transactions with a total value in excess of $44 billion, including $12 billion of syndications. Lexington’s leadership position has attracted commitments from more than 700 investors in over 30 countries, including many of the largest global investors with alternative asset commitments. Lexington Partners has six offices located in major centers for private equity and alternative investing – New York, Boston, Menlo Park, London, Hong Kong and Santiago. In addition, Lexington has senior advisors located in Asia, Australia, and Latin America.

51 ALISTAIR RUSSELL Carey Olsen Alistair is a partner in the corporate and finance group of Carey Olsen in the Cayman Islands and advises on all aspects of finance, corporate, investment funds and commercial law, with a particular focus on lender side funds finance transaction. He has advised clients on a broad range of transactions including financing, private equity, joint ventures, mergers and acquisitions and capital markets, and is described by clients in IFLR1000 as “the best Cayman lawyer we’ve ever worked with”. Alistair was formerly with Skadden, Arps, Slate Meagher & Flom and Cleary, Gottlieb, Steen & Hamilton, each in London. Alistair obtained a Bachelor of Civil Law with distinction from Christ Church, Oxford University, and an LLB with first class honours from Kings College London. Alistair was admitted as a solicitor of the Supreme Court of England and Wales in 2008 and as an attorney- at-law in the Cayman Islands in 2013.

DIANE SCHUMAKER-KRIEG Wells Fargo Diane Schumaker-Krieg is global head of Research, Economics & Strategy and leads all fundamental research across sectors and asset classes for Wells Fargo. She serves on the Wells Fargo Corporation and the Wells Fargo Securities management committees. Diane’s division provides research to investors worldwide and to all Wells Fargo team members, including the ,-person Wholesale Banking group and , financial consultants within Wells Fargo Advisors. Prior to joining Wells Fargo predecessor, Wachovia Securities in 52, Diane was managing director and co- head of U.S. Equity Research for Credit Suisse First Boston, where she worked for 52 years and led a team of top-ranked analysts. Earlier in her career, Diane held international and domestic corporate treasury positions at PepsiCo, Primerica, and ExxonMobil. Diane is a Phi Kappa, Sigma Xi, and summa cum laude graduate of Wellesley College, and holds an M.B.A. in fi nance from Columbia University. For the past eight consecutive years, Diane has been recognized by American Banker on its prestigious “Most Powerful Women in Finance” survey. In 52, Harvard’s Smart Woman Securities named Diane “Woman of the Year.” In , Legal Momentum, the nation’s oldest legal advocacy group for women, presented Diane with the Aiming High Award, citing her as a business leader who has broken new ground.

MATTHEW SKURBE Blackstone Matthew Skurbe is the Treasurer and Managing Director in Finance for Blackstone. Mr. Skurbe leads all Blackstone Treasury related initiatives, including cash and liquidity management, working capital management, bank and rating agency relationship management, balance sheet risk management, procurement, and vendor risk management. Before joining Blackstone in 2009, Mr. Skurbe was the CFO for Merrill Lynch Bank & Trust, a $35 billion bank housing several of Merrill Lynch’s consumer lending and banking businesses. Prior to that role, Mr. Skurbe spent seven years supporting Merrill Lynch’s Treasury function and had previous roles with Amerada Hess and Arthur Andersen LLP. Mr. Skurbe is also a board member of the Association for Financial Professionals and the Blackstone Charitable Foundation. Mr. Skurbe received a BS in Accounting from Rutgers University, achieved the Certified Public Accountant certification, and is a Certified Treasury Professional.

52 MICHAEL SMITH ARES Mr. Smith serves as Co-President of ARCC. Mr. Smith previously served as an Executive Vice President of Ares Capital from May 2013 to July 2014. Mr. Smith joined Ares in May 2004 and currently serves as a Partner and Co-Head of the Ares Credit Group and a member of the Management Committee of Ares Management. From time to time, he may serve as an officer, director or principal of entities affiliated with Ares Management or of investment funds managed by Ares Management and its affiliates. Mr. Smith is a member of the Ares Credit Group’s U.S. Direct Lending and Commercial Finance Investment Committees and the Ivy Hill Asset Management Investment Committee. Prior to joining Ares, Mr. Smith was a Partner at RBC Capital Partners, a division of Royal Bank of Canada, which led the firm’s middle-market financing and principal investment business. Mr. Smith joined RBC in October 2001 from Indosuez Capital, where he was a Vice President in the Merchant Banking Group. Previously, Mr. Smith worked at Kenter, Glastris & Company, and at Salomon Brothers Inc., in their Debt Capital Markets Group and Financial Institutions Group. Mr. Smith received a B.S. in Business Administration, cum laude, from the University of Notre Dame and a Masters in Management from Northwestern University’s Kellogg Graduate School of Management.

KEVIN SOFIELD Vista Equity Partners Kevin Sofield joined Vista Equity Partners in 2013. As the firm’s Director of Capital Markets, Mr. Sofield manages all portfolio company financing activities, from original buyout to recapitalization, and including acquisition and refinancing activities. Prior to joining Vista, Mr. Sofield spent over a decade in the Leveraged Finance group at Goldman, Sachs & Co., culminating in his role as Managing Director and Head of West Region Leveraged Finance. In this role, he advised corporate and sponsor clients on all manners of financing, including asset-based loans, traditional bank loans, institutional loans, high yield bonds, and hybrid structures. Mr. Sofield began his career as an Officer in the United States Navy.

LEON STEPHENSON Reed Smith LLP Leon is a member of the Financial Industry Group and Head of Funds Financing in London. Leon and his team work with banks, other financial institutional lenders, managers, general partners and limited partners of funds on specialist funds financing transactions with private equity, secondaries, real estate, direct lending and infrastructure funds. Leon has particular specialist knowledge of NAV/asset-backed and hybrid facilities, secondary funds facilities, capital call facilities, co-investment and GP/manager support facilities and other types of liquidity facilities provided to funds. Leon represents a large proportion of lenders that provide funds financing and was awarded “Partner of the Year for Banking” at the Client Choice Awards 2017. He also represents a number of private equity and other funds on complex funds finance transactions. JAN SYSEL Fried, Frank, Harris, Shriver & Jacobson LLP Jan Sysel is a corporate finance partner resident in Fried Frank’s New York office and co-heads the Firm’s fund finance practice. Mr. Sysel represents sponsors, borrowers, arrangers and lenders on a wide variety of financing transactions primarily in connection with fund formation, as well as leveraged acquisitions, spinoffs, recapitalizations and restructurings, across a broad range of industries. He has extensive experience in structuring, negotiating, documenting and executing complex financings, including syndicated senior facilities, mezzanine facilities and private debt placements. His work includes unsecured and secured first and second lien facilities, both cashflow-based and asset-based, with particular focus on fund subscription facilities and other types of investment fund leverage. Mr. Sysel previously worked on secondment at Goldman Sachs, where he advised on loan transactions for private wealth management clientele. Prior to joining Fried Frank, he practiced corporate law in the Czech Republic for several years and served in the Czech Army as a staff attorney at the Litigation Department of the Czech Ministry of Defense. Mr. Sysel received his JD from Charles University Law School (Prague) in 1999, his JSD from Charles University Law School (Prague) in 2002 and his LLM from Columbia Law School in 2005, where he was a Harlan Fiske Stone Scholar. He is admitted to the bar in New York.

MATT TABER Harneys Matt Taber is a partner in Harneys’ Cayman office. Matt is a Cayman Islands investment funds specialist; he has advised many of the world’s leading asset managers in relation to the formation, governance, and restructuring of all types of private equity and hedge funds. Matt regularly advises on corporate governance, regulatory compliance and tax information sharing obligations for all types of Cayman Islands investment funds and vehicles. In addition to his experience as a funds lawyer, Matt also has extensive corporate experience, advising on mergers and acquisitions and fund finance. Prior to joining Harneys, Matt worked at two leading offshore law firms as an investment funds lawyer and in the corporate/M&A department of Hogan Lovells.

JULIE THICK J.P. Morgan Julie is the head of J.P. Morgan Chase’s commercial real estate banking subscription lending platform. Julie works closely with institutional investors and fund sponsors on strategically investing in real estate. Julie began her career structuring and underwriting commercial real estate loans for LaSalle Bank in 1995, before moving to Jones Lang LaSalle to assist clients with land development strategies. In 1998, she rejoined LaSalle Bank to develop and manage an institutional real estate division before joining RBS Citizens in 2008, where she was hired to build out a team focused on the generation of new business and asset management for a portfolio of real estate loans. She is a former President and current board member of the Chicago Chapter and National Board of the Real Estate Lenders Association (RELA) and is a member of the International Council of Shopping Centers (ICSC). Julie received her bachelor’s degree in business administration from the University of Illinois. A native of the Chicagoland area, Mrs. Thick resides in Hinsdale, IL with her husband, Scott, and three children, Kaitlyn, Tyler and Dylan.

54 MARY TOUCHSTONE Simpson Thacher & Bartlett LLP Mary Touchstone is a Partner and Head of the Fund Finance Practice at Simpson Thacher & Bartlett LLP. Mary has helped to establish Simpson Thacher as a global leader in the representation of financial sponsors in fund financings. She is widely acknowledged as a leading lawyer in the subscription credit facility market and represents many of the world’s preeminent sponsors of private equity, real estate, energy, infrastructure, debt and other investment funds on the largest and most complex fund facilities. Mary and her team regularly work on a wide variety of fund level financings, including secured and unsecured subscription (or capital call) facilities, with borrowing capacity for the fund as well as its parallel funds, alternative investment vehicles and portfolio companies; fund guarantees and other credit support of portfolio level financings; NAV-based facilities and hybrid variations provided as aftercare facilities for funds that are later in their life cycles with less uncalled capital and more portfolio asset value; credit facilities for managed account vehicles; employee co-investment loan programs; management lines to investment advisers for working capital purposes; and liquidity financings for registered funds.

PETER VERMETTE Goldman Sachs Peter is responsible for Debt Capital Markets in the Infrastructure Investment Group within the Merchant Banking Division (MBD). He is a member of the Infrastructure Investment Committee and serves as a senior MD champion for MBD for the Disability Interest Forum. Previously, he worked in the Real Estate Principal Investment Area (REPIA) in London. Earlier, Peter worked in REPIA in New York. He joined Goldman Sachs in 1998 as an analyst and was named managing director in 2010. Prior to joining the firm, Peter worked at Bankers Trust in New York. Peter serves on the boards of Red de Carreteras de Occidente, an owner and operator of toll roads in Mexico, and of Autopistas Metropolitanas de Puerto Rico, an owner and operator of toll roads in Puerto Rico. He is also a member of the Board of Directors of the New York Chapter of the National Multiple Sclerosis Society. Peter earned a BS in Finance from Bryant College in 1997.

TOM WALKER

55 EMMA WALLACE State Street Bank and Trust Company Emma joined State Street in 2011 as a member of its Fund Finance team which provides loans to the funds industry. Clients include regulated funds, private equity funds, funds of hedge funds, and business development companies. Emma is global head of the Capital Call financing product. Emma has 20 years of international banking experience in relationship management and credit. Prior to joining State Street she managed the European and Asian lending teams at BNP Paribas Securities Services. Her focus being to structure loans for broker/dealers, conventional & alternative funds. Prior to this Emma fulfilled relationship management roles at both Commerzbank and NAB in London managing strategic bank relationships, cross selling investment bank products and providing credit support to key clients of these institutions.

ANNIE C. WALLIS Sidley Austin LLP Annie C. Wallis is a partner in the Chicago office. She practices in the Global Finance group. Her practice includes structured finance, merger and acquisition financing, and secured and unsecured single currency, multicurrency and cross-border lending transactions. She has represented lenders, participants, agents, sponsors, originators and borrowers in single-bank and syndicated credits. Her clients include investment banks, commercial banks, hedge funds, private equity funds and public and private companies. Ms. Wallis has assisted in the financing of a wide variety of assets, including trade receivables, film revenues, motor vehicle leases and other financial assets. Ms. Wallis completed a two-month assignment in Sidley’s Sydney, Australia office, representing foreign private issuers and investment banks in a number of different institutional debt private placements, including traditional 4(a)(2) private placements and Rule 144A offerings. Prior to becoming a lawyer, Ms. Wallis was a business consultant and then worked in the treasury group of a Fortune 500 company. Ms. Wallis graduated from Washington University in St. Louis magna cum laude in 2000 and Northwestern University School of Law cum laude in 2006. She was the editor-in-chief of the Northwestern University Journal of International Human Rights and served as a judicial extern for the Honorable Joan Humphrey Lefkow of the Northern District of Illinois.

DAVE WASSERMAN Morgan Stanley David Wasserman is Managing Director and Heads the Subscription Secured Finance business for Morgan Stanley. Mr. Wasserman’s department is responsible for the origination, structuring, syndication and servicing of Subscription Facilities to Private Equity Funds across all alternative asset classes. Previously, Dave worked at SMBC for 14 years and was the Global Head of Subscription Finance. At SMBC he had lent to real estate, infrastructure & energy, buyout, and credit funds with operations in Asia, Australia, Europe, and the Americas. Mr. Wasserman has been previously with Bank of America and PwC. David has a B.S. in Applied Mathematical Economics from SUNY Oswego and a MBA and Masters of Quantitative Finance from Rutgers University.

56 ANNA-LISE WISDOM Appleby Anna-Lise Wisdom joined Appleby in 2007 and is a partner within the Corporate department in Cayman. She specialises in subscription financing and debt financing for private equity funds and regularly advises leading financial institutions in related credit facilities. She also has substantial experience in asset finance, particularly ship finance, corporate and acquisition finance and in capital markets transactions. Prior to joining Appleby, Anna-Lise practised as a corporate attorney in the British Virgin Islands, advising a broad client base of financial institutions, trust companies and investment advisors. Her practice extends to private equity and hedge fund formation, structuring and operation and she has also advised investment managers on related regulatory and licensing issues in relation to such funds. Anna-Lise has been ranked in Legal 500 Caribbean and IFLR’s Banking and Financial Services sector since 2015. She is a member of the Cayman Islands Law Society and has a thorough working knowledge of French and Spanish.

PATRICK K. WOLFE Tennenbaum Capital Partners Patrick Wolfe is Director of Tennenbaum Capital Partners (“TCP”), LLC. Mr. Wolfe has over 11 years of experience in structuring, issuance, and managing CLOs and other levered credit strategies. Prior to joining TCP, he was at Deutsche Bank where he specialized in structured credit. Wolfe began his career as an auditor at KSJG LLP. He earned a B.S degree in Accounting from San Diego State University.

57 Market leaders in the fund finance sector, specialising in subscription, hybrid and asset-backed fund finance facilities.

For more information, please contact:

Malcolm Moller James Gaudin Jeremy Berchem Anna Lise Wisdom Mauritius Jersey Guernsey Cayman Islands [email protected] [email protected] [email protected] [email protected]

applebyglobal.com

Putting over 225 years of legal innovation to work for clients.

A global leader in fund finance, Cadwalader is uniquely positioned with a cross-border platform to assist clients across the full spectrum of fund finance transactions. Our lawyers provide the insight, agility and experience vital to our clients’ success in today’s sophisticated global markets.

For more information, please visit www.cadwalader.com.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Cadwalader, Wickersham & Taft LLP | www.cadwalader.com 58 Commonwealth Bank of Australia. Proud supporters of the Fund Finance Symposium.

At the Commonwealth Bank of Australia, we strive to build lasting relationships with our clients. Clients can expect a comprehensive range of funding solutions which are underpinned by rich analytics, innovation solutions and deep industry expertise.

For further information on how we can help move your business forward contact: Tom Kirby on +61 2 9188 4261.

Visit commbank.com.au/institutional

Fried Frank Tackle today’s challenges. Capture tomorrow’s opportunities.

Through evaluation of evolving market conditions and effective navigation of key issues in fund financing —

Our team delivers the legal insight to propel your transactions forward.

New York | Washington DC | London | Frankfurt | friedfrank.com Attorney Advertising. Prior results do not guarantee a similar outcome.

59 TIMOTHY E. POWERS | MANAGING PARTNER FUND FINANCE [email protected] | +1 214.651.5610

ELLEN GIBSON MCGINNIS Haynes and Boone, LLP’s Fund Finance Group is a global PARTNER | CO-HEAD, FUND FINANCE leader in the representation of commercial and investment [email protected] | +1 202.654.4512 banks acting as agents and lead arrangers in subscription ALBERT TAN | PARTNER | CO-HEAD, FUND FINANCE financings for private equity funds around the world. [email protected] Our firm was instrumental in developing the structure and DALLAS +1 214.651.5022 | NEW YORK +1 212.835.4899 documentation for this type of financing in the early 1990’s. ZOË CONNOR | PARTNER Today, our clients benefit from our team’s 30 years of [email protected] | +44 (020) 8734 2806 industry experience in the global subscription finance market, taking a multi-disciplinary approach to working with clients TODD CUBBAGE | PARTNER [email protected] | +1 214.651.5409 and their customers on each transaction, which includes preserving the lender-borrower relationship by conducting all negotiations with an understanding of the fund’s business ERIN ENGLAND | PARTNER [email protected] | +1 214.651.5749 issues, while preserving each fund’s relationship with its investors. JAVIER MARTINEZ | PARTNER | We are proud of the breadth of our team and the low [email protected] +1 214.651.5238 turnover in our group. Most of our team members have been with us since graduation from law school, and so have EMMA RUSSELL | PARTNER [email protected] | +44 (020) 8734 2807 developed a deep understanding of subscription financings at every level. We work seamlessly across our offices, and MONIKA SANFORD | PARTNER our Finance team is supported by lawyers in our ERISA, Tax [email protected] | +1 214.651.5141 and, as needed, Bankruptcy sections, who are familiar with the facility structure and the interests of our clients. GUANGSHENG (CHARLES) ZANG | COUNSEL [email protected] | +1 214.651.5077

Austin Chicago Dallas Denver Fort Worth Houston London Mexico City New York Orange County Palo Alto Richardson San Antonio Shanghai Washington, D.C.

© 2018 Haynes and Boone, LLP Market Wise

Mayer Brown has the reach, connections and experience necessary to navigate any fund financing anywhere in the world. Whether for lenders or borrowers, we have the market insight and global platform that gets deals done—more than 400 subscription credit facilities, alone, since 2008.

Americas | Asia | Europe | Middle East | www.mayerbrown.com

Mayer Brown comprises legal practices that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe-Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown Mexico, S.C., a sociedad civil formed under the laws of the State of Durango, Mexico; Mayer Brown JSM, a Hong Kong partnership and its associated legal practices in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown Consulting (Singapore) Pte. Ltd and its subsidiary, which are affiliated with Mayer Brown, provide customs and trade advisory and consultancy services, not legal services. “Mayer Brown” and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

60 Your trust, your future, our commitment

MUFG, a major multinational inancial group, o ers comprehensive and tailored inancial solutions to our clients around the globe. With more than 350 years of history, $2.71 trillion in assets, and operations in nearly 50 countries, MUFG is steadfast in its commitment to serving business and society by building long-term client relationships. Focused on your future, we work every day to earn your trust.

Learn more at mufgamericas.com/future

The Bank of Tokyo-Mitsubishi UFJ, Ltd. MUFG Investor Services Holdings Ltd. A member of MUFG, a global inancial group

Funds Finance Investor Services Terence Hatton, Managing Director Ben GriŽ iths, Managing Director 1‰646‰767‰1561 44‰207‰220‰4015

1 Exchange rate of 1 USD = ¥ 112.7 (JPY) as of September 29, 2017. ©2018 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc., and is used by The Bank of Tokyo-Mitsubishi UFJ, Ltd., with permission.

CORPORATE & INVESTMENT BANKING Expertise at the service of our clients

GLOBAL SOLUTIONS * Investment Banking * M&A * Financing * Capital Markets * Global Transaction Banking

4 STRATEGIC SECTORS * Energy & Natural Resources * Infrastructure * Aviation * Real Estate & Hospitality

Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.

www.cib.natixis.com

61 We Proudly Support Fund Finance Association’s 8th Annual Global Fund Finance Symposium

NEW YORK BEIJING HONG KONG HOUSTON LONDON LOS ANGELES PALO ALTO SÃO PAULO SEOUL TOKYO WASHINGTON, D.C.

Asset-Backed Finance & Securitization Innovative solutions, collaborative approach Our Subscription Finance team is proud to support the Fund Finance Association’s 8th Annual Global Fund Finance Symposium. Talk to our team today and let us find a solution tailored to meet your needs.

wellsfargosecurities.com Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Bank, N.A., who through its London branch is Authorized and regulated by the Office of the Comptroller of the Currency, and authorized by the Prudential Regulation Authority in the UK, subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the UK, and Wells Fargo Securities International Limited, who is authorized and regulated by the UK Financial Conduct Authority. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts. © 2018 Wells Fargo Securities, LLC. All rights reserved. PDS-1031590

62 Bank of America Merrill Lynch is proud to support FFA’s 8th Annual Global Fund Finance Symposium.

bofaml.com

General disclaimer for Bank of America Merrill Lynch, visit baml.com/disclaimer. ©2018 Bank of America Corporation. GBAM-103-AD ARHPBW6S

Dedicated to the Funds Finance market

Barclays’ dedicated Corporate Banking Funds team operates globally and provides an extensive range of Fund banking solutions including cash management, trade finance, debt and FX. Relationship Directors based in the UK, US and Asia provide creative solutions and excellent service to our Fund clients and work closely with Investment Banking, Markets, Offshore Banking and Wealth to ensure a comprehensive offering. With access to dedicated specialists, focused on the Funds market, we deliver the expertise you need. To find out how Barclays can support your business and help it succeed, call John Allan-Smith on +1 212 526 7942* or Andrew Ponsford on +44 207 116 6986 or visit barclays.com/corporatebanking

Barclays Bank PLC is registered in England (Company No. 1026167) with its registered office at 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority (Financial Services Register No. 122702) and the Prudential Regulation Authority. Barclays is a trading name and trade mark of Barclays PLC and its subsidiaries. * Please note this is an international number and calls will be charged in accordance with your call provider’s tariff.

63 In 2017, our dedicated Global Fund Finance team at Dentons have advised on over fifty subscription credit, GP support, hybrid and leverage facilities with a combined deal value of over £15bn for banks, alternative lenders and funds across all strategies.

Dentons. Now the world’s largest global elite law firm.*

Contact: Samantha Hutchinson Philippe Max Stéphane Hadet Partner, London Partner, Paris Partner, Luxembourg D +44 20 7320 6351 D +33 1 42 68 44 78 D +352 46 83 83 747

Hermann Meller Jabier Badiola Bergara Michael Henriques Partner, Berlin Partner, Madrid Partner, Toronto D +49 30 26 47 31 31 D +34 91 43 23 225 D +1 416 361 2355

Alessandro Fagotto Partner, Milan D +39 027 262 821

dentons.com

© 2017 Dentons. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. Please see dentons.com for Legal Notices. *Acritas Global Elite Law Firm Brand Index 2013-2016.

64 Backing your ambition Global market conditions are constantly changing, which makes our role in supporting Financial Institutions all the more important. At Lloyds Bank, we are dedicated to helping big businesses achieve their growth ambitions. Headquartered in London, with offices in New York and Houston, Lloyds Bank is ideally positioned to be your banking partner and gateway between the UK and US. We have a comprehensive regional network, specialist relationship banking and product teams offering extensive expertise. To find out more visit lbusa.com

Lloyds Bank is a brand name of Lloyds Bank plc and Bank of Scotland plc. Lloyds Bank plc and Bank of Scotland plc are member companies of Lloyds Banking Group. Securities services offered in the United States are offered by Lloyds Securities Inc., a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority.

E02233109_Lloyds_US_Presentation_Advert_0117.indd 1 23/01/2017 17:0365

Lloyds Bank US Presentation – Landscape Advert 1 Lloyds Bank Commercial

Lloyds Bank US Presentation 01 17 23-JAN-2017

– 200 128 1pp 1pp 17:03:37

CMYK N N N WE’RE ALL CONNECTED

Loeb & Loeb is a leading adviser to banks, investment funds and other global financial institutions, as well as to borrowers, in every aspect of fund finance. With experience in the structuring, negotiation and documentation of commercial lending transactions of all types and sizes, we offer our clients practical and business-focused solutions to get the deals done. We know what is “market.” We move fast and close fast.

Connect with us and experience the difference.

Los Angeles New York Chicago Nashville Washington, DC Beijing Hong Kong www.loeb.com

66 Scotiabank is a proud sponsor of the 8th Annual Global Fund Finance Symposium. As Canada’s most international bank, we have an extensive global footprint to enable connectivity at home and around the world. From where you are, to wherever business takes you. gbm.scotiabank.com

GLOBAL BANKING AND MARKETS ™ Trademark of The Bank of Nova Scotia, used under license (where applicable). Scotiabank is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate, including Scotia Capital (USA) Inc., a broker-dealer registered with the SEC and a member of FINRA, NYSE, NFA and SIPC. Services described are available only in jurisdictions where permitted by law. Full disclaimers, and terms and conditions may apply to individual products and banking services.

67 Business-ready legal minds

Our fund finance specialists have extensive experience of advising To find out more, contact: on all types of lending to investment funds in the British Virgin Islands, the Cayman Islands, Guernsey and Jersey. Robin Smith Partner Our lawyers regularly deal with subscription facilities, GP leverage, D +44 (0)1534 822264 co-invest facilities as well as hybrid and NAV based arrangements. E [email protected]

They are well versed in dealing with both small and large facilities Alistair Russell as well as the most complex of fund structures. Partner D +1 345 749 2013 OFFSHORE LAW SPECIALISTS E [email protected]

BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS GUERNSEY JERSEY CAPE TOWN HONG KONG LONDON SINGAPORE careyolsen.com

68 Our offi ce is wherever yours is. A bank should show commitment to you. On site, up close, in person, we’re by your side. With banking solutions customized for dedicated capital providers. Because CIBC isn’t just who you bank with, it’s who you know. To learn more, contact either Steve Cohen at 312-564-1261 or Andy Kahlenberg at 312-564-1340. cibc.com/US

Products and services provided by CIBC Bank USA. The CIBC logo is a registered trademark of CIBC, used under license. © 2018 CIBC Bank USA.

City National Bank

PROUDLY SUPPORTS THE Fund Finance Symposium

City National. Built on client referrals. CNB.COM CNB MEMBER FDIC City National Bank is a subsidiary of Royal Bank of Canada. 6969.19

69 FAR REACHING, YET CLOSE AT HAND. Clifford Chance is one of the world’s pre-eminent law firms, with the depth and range of resources to help our clients across all the Clifford Chance LLP major global financial centres. As a single, fully integrated partnership, we pride ourselves on our ability to work seamlessly across national borders to deliver broad industry expertise and local knowledge. Clifford Chance brings a market-leading fund finance proposition, advising lenders and funds on a wide range of financing options, including capital call bridge financing, leveraged NAV facilities and borrowing base deals (including hybrid facilities), along with facilities for general partners. Our global funds/funds formation practice of over 130 lawyers works in tandem with our lending team to provide a complete fund financing platform for our clients. To discuss your fund finance requirements in more detail, please contact: London: New York: The Netherlands: Hong Kong: Robert Lee Jay Gavigan Jelle Hofland Mark Shipman [email protected] [email protected] [email protected] [email protected] Andrew Husdan Luxembourg: France: Singapore: [email protected] Steve Jacoby Jonathan Lewis Andrew Brereton Jim MacHale [email protected] [email protected] [email protected] [email protected] Martin Wurth Germany: Australia: Nicola Wherity [email protected] Sonya Pauls Richard Gordon [email protected] [email protected] [email protected] For more information, visit www.cliffordchance.com/finance. www.cliffordchance.com

Advert Fund Finance.indd 3 15/02/18 11:51 PM

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. Our lawyers have extensive experience in all facets of fund-level financing transactions and regularly represent managers and lenders. We take a business- oriented approach to develop and implement the best solutions for our clients and were recently honored with the 2017 Chambers USA “Finance Client Service Award.”

New York Paris Hong Kong Washington, D.C. Frankfurt Shanghai London Moscow To k yo

www.debevoise.com

70 Deutsche Bank

Introducing Global Investment Solutions

Partnering with clients across their portfolio allocation needs:

— Quantitative Investment Solutions — Multi Asset Products — Multi Asset Solutions — Retail Structured Products

This advertisement has been approved and/or communicated by Deutsche Bank AG or by its subsidiaries and/ or affiliates (“DB”) and appears as a matter of record only. Without limitation, this advertisement does not constitute an offer or a recommendation to enter into any transaction. The offer of any services and/or securities in any jurisdiction by Deutsche Bank AG or by its subsidiaries and/or affiliates will be made in accordance with appropriate local legislation and regulation. Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority and in the United States by the Federal Reserve Bank. It is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Deutsche Bank AG is a joint stock corporation with limited liability incorporated in the Federal Republic of Germany, Local Court of Frankfurt am Main, HRB No. 30 000; Branch Registration in England and Wales BR000005 and Registered Address: Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG, London Branch is a member of the London Stock Exchange. (Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available on request or from https://www.db.com/legal-resources under the heading “Corporate and Regulatory Disclosures”.) Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., member NYSE, FINRA and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG, and its banking affiliates. Investments are subject to investment risk, including market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and principal invested. Copyright© 2018 Deutsche Bank

Experience Innovation Commitment

Comprehensive fund financing and treasury management

solutions crafted to fit your company’s unique needs. WORLD HEADQUARTERS 270 Park Avenue New York, NY 10017

71 Innovative and customised fund finance solutions

A global leader and fund finance specialist

Macquarie’s fund finance offerings combine innovation with a practical • Portfolio facilities: for LBO, infrastructure and real estate fund portfolios. and commercial view of risk. • Hybrid facilities: post-investment period and transition to asset backed. With a strong commitment to quality, our focus and responsiveness • Single asset facilities: an alternative to portfolio company debt. provides clients with a seamless experience. Macquarie is a proud sponsor of the 8th Annual Global Fund Contact us today by calling +1 212 231 1369 or +1 212 231 1568. Finance Symposium.

macquarie.com

Except for Macquarie Bank Limited (Australian Credit License (ACL) 237502) ABN 46 008 583 542 (MBL), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That en- tity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. Before making a decision about whether to acquire a credit or lending product, a person should obtain and review the terms and conditions relating to that product and also seek independent financial, legal and taxation advice. This information is a general description of the Macquarie Group only. Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice. No information set out above constitutes advice, an advertisement, an invitation, an offer or a solicitation, to buy or sell any security or other financial, credit or lending product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned above may not be suitable for you and may not be available in all jurisdictions. All securities and financial products or instrument transactions involve risks. Past performance of any product described above is not a reliable indication of future performance.

72 MORRISON & FOERSTER IS PROUD TO SPONSOR THE 8TH ANNUAL GLOBAL FUND FINANCE SYMPOSIUM

Morrison & Foerster is an international law firm with attorneys in key markets in America, Asia, and Europe. We regularly represent some of the largest lenders and private equity funds in a wide variety of financings, including subscription line of credit transactions and fund formation.

© 2018 Morrison & Foerster LLP

73 Private equity offshore. Globally. We have a market leading, multi-disciplinary PE practice with a deep bench of lawyers experienced in advising both lenders and private equity borrowers on subscription Alex Last Robert Duggan finance arrangements and other financings for private equity Partner, Cayman Islands Managing Partner, London structures and transactions. T +1 345 814 9243 T +44 20 7796 7622 E [email protected] E [email protected] Clients choose our teams because they combine legal skills, market-knowledge and industry connections to deliver commercial and pragmatic advice, getting deals done on time and within budget. We cover all practice areas from offices in the BVI, Cayman Islands, Guernsey and Jersey, as well as in London and Hong Helen Wyatt Danielle Roman Kong. Partner, Guernsey Partner, Hong Kong T +44 1481 731 408 T +852 3995 5705 Find out more: mourantozannes.com E [email protected] E [email protected]

BVI | CAYMAN ISLANDS | GUERNSEY | HONG KONG | JERSEY | LONDON Follow us on

A Superior Platform for Fund Finance

Advising clients on the full range of investment management transactions

Proskauer.com Proskauer Rose LLP | Attorney Advertising

74 is proud to sponsor the 8th Annual Global Fund Finance Symposium

Riemer & Braunstein LLP BOSTON NEW YORK CHICAGO www.riemerlaw.com

ROPES & GRAY

is proud to sponsor the 8th Annual Global Fund Finance Symposium

Regularly ranked as a banking and finance leader byChambers, The Legal 500 and IFLR1000, we serve clients worldwide across the capital structure.

ropesgray.com

NEW YORK WASHINGTON, D.C. BOSTON LONDON CHICAGO SAN FRANCISCO SILICON VALLEY HONG KONG SEOUL SHANGHAI TOKYO

Attorney Advertising © 2018 Ropes & Gray LLP.

75 EXPERIENCED ADVOCATES FOR THE FUND FINANCE MARKET

Consistently recognized Sidley is proud to sponsor the as a leading fi nance practice by publications such 2018 Global Fund Finance Symposium. as Chambers Global and Chambers USA. Our lawyers have decades of experience representing clients in the structuring, negotiation and administration of fund fi nance transactions. Harnessing the full strength of our award-winning Global Finance practice, we provide critical, real-time advice to help our clients around the world navigate all aspects of the dynamic fund fi nance landscape.

AMERICA • ASIA PACIFIC • EUROPE sidley.com

Attorney Advertising - Sidley Austin LLP, One South Dearborn, Chicago, IL 60603. +1 312 853 7000. Prior results do not guarantee a similar outcome. MN-7272

We’re proud to support the 8th Annual Global Fund Finance Symposium

Success. It requires vision and the right balance of risk and reward. We see the big picture, connecting clients to opportunity and paving the way ahead.

statestreet.com

76 Enterprising Thinking Over the years, we have developed a collaborative approach to delivering excellence in an ever-changing legal landscape. As a result, we have established a reputation for enterprising thinking and uncompromising quality.

For more information, please contact:

Charlie Bischoff Danny Peel Co-Head of the Fund Finance Group Co-Head of the Fund Finance Group

E: [email protected] E: [email protected]

Travers Smith LLP 10 Snow Hill, London EC1A 2AL T: +44 (0) 20 7295 3000 | www.traverssmith.com

77 FFA LEADERSHIP

Board Members

Jeff Johnston Mike Mascia Nick Mitra Jeff Maier Chairman Secretary First Vice Chairman Vice Chairman Managing Director Partner Managing Director Managing Director Wells Fargo Securities, LLC Cadwalader, Wickersham & Taft Natixis First Republic Bank [email protected] [email protected] [email protected] [email protected] +1 704 410 2452 +1 704 348 5160 +1 212 891 6218 +1 212 259 5042

Tina Meigh Mary Touchstone Terry Hatton Vice Chairman Vice Chairman Treasurer Partner and Head of Fund Finance Practice Head of Fund Finance Practice Managing Director and Group Maples and Calder Simpson Thacher & Bartlett LLP Head, Fund Finance Group [email protected] [email protected] MUFG Union Bank, N.A. +1 345 814 5242 +1 212 455 2549 [email protected] +1 646 452 2113

Content Committee

Nick Mitra ANZ Deutsche Bank Securities Inc Morrison & Foerster LLP Co-Chair Appleby Fried, Frank, Harris, Shriver & Moses & Singer LLP Managing Director Bank of America Merrill Lynch Jacobson LLP Mourant Ozannes Natixis Barclays Bank plc Harneys MUFG Cadwalader, Wickersham & Haynes and Boone, LLP National Australia Bank Dee Dee Sklar Taft LLP HSBC Securities (USA) Inc. Proskauer Rose LLP Co-Chair Carey Olsen J.P. Morgan Reed Smith LLP Vice Chairman Subscription CIBC Kirkland & Ellis LLP Ropes & Gray LLP Finance City National Bank Lloyds Bank Sidley Austin LLP Wells Fargo Securities, LLC Clifford Chance LLP Loeb & Loeb LLP Simpson Thacher & Bartlett LLP Comerica Macquarie State Street Bank and Trust Commonwealth Bank of Australia Maples and Calder Company Debevoise & Plimpton LLP Mayer Brown LLP SMBC Dentons Morgan Stanley Travers Smith LLP

Marketing Committee

Michelle Bolingbroke Kate Downey Deborah Hugill Danielle Roman Head of Business Development - Partner Head of Marketing - Partner Cayman Fried, Frank, Harris, Alternative Investments Mourant Ozannes Harneys Shriver & Jacobson (London) LLP Vistra Group Dee Dee Sklar Chelsea Bruno Robert Duggan Nick Mitra Vice Chairman Subscription Associate - Asset-Backed Managing Partner, London Managing Director Finance Finance Mourant Ozannes Natixis Wells Fargo Securities, LLC Wells Fargo Bank, N.A. Ann Richardson Knox Mary Touchstone Partner Head of Fund Finance Practice Mayer Brown LLP Simpson Thacher & Bartlett LLP

78 NOTES

Jeff Maier Vice Chairman Managing Director First Republic Bank [email protected] +1 212 259 5042

79 NOTES

80 81 NOTES

82 83 The Fund Finance Association (FFA) is a non-profit industry association in the fund finance market, co-located in New York, New York and Charlotte, North Carolina.

Our core mission is to; • Educate members, legislators, regulators, and other constituencies about the fund finance market and related capital markets through conferences and other events. • Build the broadest consensus among members on policy, legal, regulatory and other matters affecting or potentially affecting the fund finance market and related capital markets. • Advocate on behalf of the fund finance industry with respect to policy, legal, regulatory and other matters affecting or potentially affecting the fund finance market and related capital markets. www.fundfinanceassociation.com [email protected]