Bundesverband Alternative Investments e.V. (BAI)

9:00 - 9:10am

Welcome and Moderation (GER)

Dr. Philipp Bunnenberg, Head of Alternative Markets, BAI e.V.

9:00 - 9:10am

Welcome and Moderation (GER)

Florian Bucher, Consultant and Market Analyst for Alternative Markets, BAI e.V.

9:10 - 09:40am

Why Lower Middle Market Lending in Europe and the US can present better risk adjusted returns compared to other market segments (ENG)
The presentation will assess the Direct Lending Markets in Europe and the US. Focusing on the lower middle market, explain key elements relevant to the regional markets and highlight differences to the (upper) middle and large cap section of the direct lending universe.

Kirsten Bode, Co-Head Private Debt Pan-Europe, Muzinich
Michael R. Smith, Co-Head Private Debt USA, Muzinich

9:10 - 09:40am

Alternative Credit – Fixed Income Replacements, Direct-to-the-Borrower, Capital Solutions (GER)

Jens Witzke, Head of Alternative Credit Sales, DWS

9:40 - 10:20am

US vs. European Mid Market Direct Lending (ENG)

• Direct Lending 2.0: Is the market mature enough to see a consolidation?
• Major drivers in the market
• Shift to Evergreen vehicles (Open-end structures)
• Wealth & retails channels open up
• Growing GP-LP level NAV-facilities and fund financing

Laura Holson, Managing Director & COO, Credit, New Mountain Capital
Richa Tandon, Managing Director, Co-head of origination, Benefit Street Partners/Alcentra
N.N., Barings

Moderation: Hans Stamm, Attorney at Law and Certified Specialist in Tax Law, Dechert LLP

9:40 - 10:20am

The next cycle in a golden age of private credit? Opportunities and Challenges ahead (ENG)

• Re-frame the notion of the “Golden Age” for direct lending
• Has PD yet to experience a full market cycle?
• Impact of higher rates on future performance
• Are historic recovery rates sustainable?
• Secondaries market growth

Jean Joseph, Managing Director, Blue Owl Capital
Tristram Leach, Partner and Co-Head of European Credit, Apollo
Stefan Schütte, Head of Fixed Income & Private Debt, Versorgungsanstalt des Bundes und der Länder (VBL) 
Toni Vainio, Partner and Head of European Credit, Pantheon

10:20 - 10:45am

Exploring Sponsored European Middle Market Opportunities (ENG)

• Contrasting Germany with the Rest of Europe
• Pro`s and Cons of being a Sole Lender vs. Club deals

Carina Spitzkopf, Investment Professional, Partners Group

10:20 - 10:45am

Beyond Direct Lending - Exploring Private Lending in Asset-Based and Real Estate Markets (ENG)

• Private lending extends well beyond traditional direct lending, into asset-based finance and real estate credit
• Asset-based finance offers investors diversification through a broad range of collateral types and borrowers with downside protection given hard asset backing
• Real estate headwinds are easing with transaction activity increasing and private capital stepping in at attractive valuations 

Lalantika Medema, Executive Vice President, PIMCO

11:15 - 11:55am

How can investors build up efficient and diversified exposure? (GER)

• What access routes are available?
• How do approaches differ depending on the type of investor?
• Focus on LMM Direct Lending in the DACH region

Dr. Markus Geiger, Head of Private Debt, ODDO BHF Asset Management
Jens Schneider, Leiter Kapitalanlagen HanseMerkur Trust AG

Moderation: Achim Pütz, Partner, Luther Rechtsanwaltsgesellschaft, Vorsitzender, BAI e.V. 

11:15 - 11:55am

The Importance of sponsor relationships (ENG)

• Lessons learned in exchange with management teams of portfolio companies
• Lower vs. upper mid market and large cap companies
• Winter is coming: Differences between Northern and Southern Europe
• Opportunities and challenges in Private Credit in 2025 

Christian Oevesen, Partner & Investment Professional, Cordet
Peter Lockhead, Co-Head of Senior Debt Partners, ICG
Lukas Stepanek, Head of Private Credit DACH & Managing Director, ARDIAN
Eugenio Sangermano, Geschäftsführer, BF.capital GmbH

Moderation: Nicole Waibel, Managing Director, Crescent Credit Europe LLP 

11:55 - 12:20am

Structuring private debt funds: What is changing in the regulatory and tax framework? (GER)

• What are the benefits of AIFMD II? What do initiators need to consider today?
• ZuFinG II draft: Improved tax conditions for private debt funds in Germany?
• Hot topics from practice

Dr. Jan Grabbe, Partner, Clifford Chance
Dr. Gregor Evenkamp, Partner, Clifford Chance

11:55 - 12:20am

Real estate debt approach for institutional investors (ENG)

• The real estate cycle or the purpose of Real Estate Debt
• Risk adjusted returns and the problem of measuring risk
• “Can you do this at a higher return?”

Vincent Nobel, Head of Asset-Based Lending, Federated Hermes Limited

12:20 - 12:45am

ELTIF fund of funds for private debt - structural opportunities and challenges, a report from the field (GER)

Dr. Kati Beckmann, Partnerin, Greenberg Traurig

12:20 - 12:45am

Real estate loans in the crisis - strategies and effective solutions (GER)
Using a current case study, we discuss the legal and regulatory challenges faced by the parties involved, including possible solutions, and present a solution matrix. 

Cornelia Thaler, Partnerin, Willkie Farr & Gallagher LLP
Dr. Ruprecht Hellauer, Geschäftsführer, Albulus Advisors Germany GmbH

2:00 - 2:25pm

TBA

2:00 - 2:25pm

Financing the Economy – Presentation of the Alternative Credit Council’s annual private credit research (ENG)

• The structure of the private credit market and capital deployments trends
• Due diligence and underwriting practices
• The use of leverage by private credit funds
• The impact of higher rates
• Transparency to investors

Nicholas Smith, Managing Director, Private Credit, AIMA

2:25 - 2:50pm

How to mitigate liquidity risk in Evergreens with PD Co-Investments? (GER)

• Benefits and risks of Evergreens
• Private Debt Co-Investments in Evergreens
• Industry Outlook

Fabian Körzendörfer, Partner, StepStone Group

2:25 - 2:50pm

Infrastructure Debt - A Solution to the Energy Transition Challenge (ENG)

• How debt financing can accelerate the shift to sustainable energy infrastructure?
• Why infrastructure debt is attractive for investors and how to find the sweet spot in that asset class?
• Deep dive case study of a infrastructure debt investment, demonstrating benefits for investors.

Simon Jardine, Head of Investment Grade and Transition Investments, HSBC

2:50 - 3:30pm

Sponsored vs. non-sponsored direct lending (GER)

• How to approach origination challenges?
• risk-reward set for investors
• role in LPs portfolios
• how do lenders approach challenges to sponsorless transactions?

Christian Fritsch, Gründer und geschäftsführender Gesellschafter, ELF Capital Group
Dr. Nicolaus Loos, Managing Partner, Gründer und CIO, Deutsche Credit Capital Partners (DCCP)
Christophe Rust, Co-Head European Credit Opportunities, NinetyOne

2:50 - 2:30pm

Infrastructure Debt: The next phase in energy transition (ENG)

• US vs. northern and southern European market
• What are next generation assets for the energy transition?
• The use of FinTech solutions
• Regulatory requirements and challenges

Nick Cleary, Senior Partner, Vantage Infrastructure / Capital Four
Hannah Cocos, Energy Transition Specialist & Investment Manager Renewable Energy, Sienna Investment Managers
Priscilla Schnepper, Investment Manager, EIF
Benjamin Walter, Director & Senior Portfolio Manager, Allianz Global Investors

3:30 - 3:50pm

Fireside-Chat: NAV facilities and fund financing as a major driver of a direct lending 2.0 market (ENG)
Pavol Popp, Managing Director, Pemberton Asset Management

3:30 - 3:50pm

Fireside-Chat: Financing the energy transition: Mezzanine or equity? (GER)
Dr. Bernhard Gräber, Mitglied der Geschäftsführung, EB-SIM