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Global Fund Finance Symposium 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 Asia-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 – Hong Kong 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 Investment Banking Sonia Gardner, President, Managing Partner and Co-Founder, Avenue Capital Group 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 Private Equity 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: Short overview of what we mean by Hybrids, NAV and Asset Backed Facilities and where they “fit” in a Fund Structure.
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