European Fund Finance Symposium
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5TH ANNUAL European Fund Finance Symposium JUNE 20, 2019 THE LANDMARK HOTEL, LONDON 5TH ANNUAL European Fund Finance Symposium TABLE OF CONTENTS Agenda at a Glance ............. 2 Session Details .................... 3 Sponsors .............................. 9 Speakers ............................. 24 FFA Leadership .................. 38 Notes ................................... 39 2 AGENDA AT A GLANCE Time Session 9:00 – 9:05 AM Welcome Remarks 9:05 – 9:45 AM Behind the Scenes of Brexit 9:45 – 10:25 AM GP Management Fee Facilities 10:25 – 11:05 AM Networking Break 11:05 – 11:45 AM The End of Life Challenge 11:45 – 12:25 PM A Subscription Finance Debate 12:25 – 1:45 PM Networking Lunch Track A Track B 1:45 – 2:25 PM The Shaping Hand of Regulation Covenantal Relationships 2:30 – 3:10 PM Operations and Credit Aligning Interests 3:10 – 3:45 PM Networking Break 3:45 – 4:25 PM Navigating Troubled Waters 4:25 – 5:05 PM Industry Developments and Market Outlook 5:05 – 5:15 PM Board Address & Conference Close 5:15 – 7:15 PM Networking Cocktail Reception hosted by 3 AGENDA JUNE 20, 2019 Welcome The Grand Ballroom 9:00 - 9:05 AM Robert Duggan, Partner, Mourant Emma Russell, Partner, Haynes and Boone, LLP Behind the Scenes of Brexit The Grand Ballroom 9:05 - 9:45 AM This is a keynote discussion, facilitated by a lobbyist with a particular understanding of the politics and bureaucracy of Brexit in discussion with MPs from opposite sides of the House. This session will de-mystify the politics, and shine a light on lesser known anecdotes from the corridors of power. MODERATOR: Huw Shakeshaft, Founder & Senior Partner, TransAtlantica Partners Limited PANELISTS: Kate Hoey, MP John Mann, MP Nigel Evans, MP GP and Management Fee Facilities The Grand Ballroom 9:45 - 10:25 AM This panel will look at the growing market for GP and management company facilities, not only for emerging managers but also to allow for succession and growth at the upper reaches of the market. MODERATOR: James Fox, Partner, Appleby PANELISTS: Richard Fletcher, Partner, Macfarlanes LLP Ron Franklin, Partner, Proskauer Rose LLP Mary Touchstone, Partner and Head of the Fund Finance Practice, Simpson Thacher & Bartlett LLP Thomas Rapp, Managing Director, Wells Fargo Olivier Vermeulen, Office Chair Paris Office, Head of Finance Department, Paul Hastings (Europe) LLP Andrew Weber, Partner, Head of Structuring, Orchard Global Asset Management LLP 4 Networking Break 10:25 -11:05 AM The End of Life Challenge The Grand Ballroom 11:05 - 11:45 AM End of life financing is a challenge altogether different from a traditional subscription line and differs from hybrids/NAV facilities too. What is this all about, where is the market and how are funds obtaining end of life financing and on what terms? MODERATOR: Bronwen Jones, Partner, Funds Finance, Reed Smith PANELISTS: Amanda Ambrose, Head of Legal, Europe, CVC Credit Partners Investment Management Limited Cassie Fisher, Director, Financial Sponsors, Financial Institutions, Lloyds Bank Sally Little, Director, ING Thomas Smith, Partner, Debevoise & Plimpton LLP Victoria Stewart, Vice President, Partners Group AG A Subscription Finance Debate The Grand Ballroom 11:45 AM - 12:25 PM A no holds barred discussion of pinch points in the relationship between lenders and funds, funds and their investors etc. MODERATOR: Emma Russell, Partner, Haynes and Boone, LLP PANELISTS: Jeremy Cross, Partner, Cadwalader, Wickersham & Taft LLP Paul Cunnningham, CFO, Helios Investment Partners Ben Griffiths, Global Head of Fund Financing, MUFG Craig Rydquist, Senior Managing Director and Global Head of Capital Markets, Värde Partners Paul Tannenbaum, Partner, Mayer Brown LLP Networking Lunch 12:25 - 1:45 PM 5 The Shaping Hand of Regulation The Grand Ballroom 1:45 - 2:25 PM This panel will contemplate the shaping effects of regulation (including Brexit, AIFMD, Basel IV and others) on fund structuring and on fund level financing. Although this conversation will be rooted in regulation, it will also consider non-regulatory drivers of evolving fund terms. MODERATOR: Kathryn Cecil, Partner, Fried Frank PANELISTS: George Cherry, Managing Director, Citi Private Bank Alice Hillson, Senior Legal Counsel, BlueBay Asset Management LLP Daniel Schorer, Legal Counsel, Macquarie Asset Management Vassiliyan Zanev, Partner – Banking & Finance, Loyens & Loeff Covenental Relationships The Empire Room 1:45 - 2:25 PM Is heavier or lighter better? A discussion of the relevance of cov. lite lending in the European fund finance space, and where it is a feature, how lite are the covenants and in what circumstances is this a sensible lending protocol? To include commentary on relevance within different styles of fund level financing, including vanilla subscription credit arrangements and NAV/hybrid facilities. MODERATOR: Charles Bischoff, Partner, Travers Smith PANELISTS: Russell Evans, Head of Client Coverage- Financial Institutions Group, Europe, National Australia Bank Limited Matthew Maguire, Head of Reporting and Business Strategy, Park Square Capital LLP Kim Nguyen, Associate Director, NBFI Europe, Commonwealth Bank of Australia Keith Pickard, Portfolio Management, InfraRed Capital Partners Operations and Credit The Grand Ballroom 2:30 - 3:10 PM This will be a pot luck discussion of operational due diligence and other credit committee nettles. Side letter review and risk, KYC, taking-on the sovereigns, exchange rate volatility/hedging, excuse and overcall... MODERATOR: Nick Wong, Partner, Ashurst LLP PANELISTS: Ahlem Ben-Gueblia, Director, Private Equity Funds Solutions, Credit Agricole CIB Thomas Hallett, Vice President, Private Equity, Financial Institutions Group, Barclays Stephen Thomas, Co-Head Finance, Coller Capital Shani Unantenne, Executive Director, ANZ 6 Aligning Interests The Empire Room 2:30 - 3:10 PM This panel will consider identifying and managing the differing interests of Funds and their lenders on fund finance transactions and how this can give rise to quite different considerations depending on the type of fund finance the fund has elected to utilise MODERATOR: Kate Andrews, Partner, Carey Olsen PANELISTS: Rory Buck, Senior Director of European Investments, Gramercy Europe Kevin Early, Partner, European CFO, Ares James Scott-Williams, Senior Director , Crescent Credit Europe LP Nicola Wherity, Partner, Clifford Chance LLP Networking Break 3:10 - 3:45 PM Navigating Troubled Waters The Grand Ballroom 3:45 - 4:25 PM This panel is not about Abraaj! It is, though, a consideration of potential areas of stress in the context of fund finance arrangements, and what options and strategies are available to lenders (and funds and their investors) in light of such stress. The panel will consider the documentation framework, remedies, strategies etc. as well as possible restructuring and insolvency outcomes. MODERATOR: Robert Duggan, Partner, Mourant PANELISTS: Amira Hajili, Head of EMEA Fund Finance Solutions, Natixis Philippe Max, Partner, Dentons Dave Wasserman, Managing Director, Morgan Stanley Alexandra Woodcock, Partner, Mourant Industry Developments and Market Outlook The Grand Ballroom 4:25 - 5:05 PM This is a session which will look at dynamics and drivers in fundraising and key fund terms from across the closed-ended spectrum. PANELISTS: Christopher Elvin, Head of Private Equity Products, Preqin Tim Hames, Director General, BVCA 7 Board Address and Conference Close The Grand Ballroom 5:05 - 5:15 PM Terry Hatton, Managing Director- Funds Finance Group, MUFG Tina Meigh, Partner, Maples Group Networking Cocktail Reception Hosted by Appleby The Ballroom 5:15 PM - 7:15 PM 8 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 working in the most significant international offshore financial centres, and is focused on the development of new products and the provision of effective service to its clients. Appleby has been ranked as one of the world’s largest providers of offshore legal services in The Lawyer’s Offshore Survey in recent years. They deliver sophisticated, specialised services, primarily in the areas of Banking & Finance, Corporate, Dispute Resolution, Private Client and Trusts, Regulatory and Property. ASHURST LLP Ashurst is a leading global law firm with a rich history spanning almost 200 years. Our in-depth understanding of our clients and commitment to providing exceptional standards of service have seen us become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law. With over 1600 lawyers working across 10 different time zones, we are able to respond to our clients wherever and whenever they need us. Our global finance team are both experts of law, and in tune with the economic, market and political forces of your business environment. They deliver integrated, bespoke and cost effective advice covering all aspects of funds finance. Working in tandem with our market leading funds formation practice, we advise lenders and funds on a wide variety of financing structures including capital call facilities, leverage facilities, hybrid facilities and general partner facilities. CACEIS AND CRÉDIT AGRICOLE CIB