Sponsored by :
Comvest Credit Partners
Comvest Credit Partners provides flexible financing solutions to middle-market companies. We provide senior secured, unitranche, second lien, and mezzanine capital. We lend to sponsored and non-sponsored companies, in support of refinancings, growth capital, acquisitions, buyouts, and recapitalizations. Credit facilities typically range from $25 million to $200 million for companies with revenues greater than $20 million.
DLA Piper’s balanced practice, serves both lenders and borrowers, and it focuses on the needs of middle-market clients. We have a core team in New York, with additional capabilities in Chicago, Washington D.C., London and Hong Kong, and finance experience in many other global offices. Our attorneys regularly advise lenders, issuers, investors and borrowers worldwide and are involved in all aspects of the capital structure and the debt financing of public and private company acquisitions, including leveraged buyouts and recapitalization financings.
We provide high-quality legal advice and execution support in structuring, negotiating and executing a multi-solution debt financing based on our deep understanding of legal imperatives, market practice and local and foreign laws. The firm’s extensive reach gives us the capacity to execute complex financings in a variety of jurisdictions globally. We offer business-oriented advice that leverages our restructuring, private equity, capital markets, real estate and tax experience to support the most com-plex transactions.
For additional information, go to www.dlapiper.com
Golub Capital is a market-leading, award-winning direct lender and credit asset manager, with over $35 billion of capital under management. We specialize in delivering reliable, creative and compelling financing solutions to middle market companies backed by private equity sponsors. The firm’s credit expertise also forms the foundation of our Late Stage Lending business and our Broadly Syndicated Loan investment program.
Across our activities, Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from our private equity sponsor clients and investors. Founded over 25 years ago, Golub Capital today has over 500 employees and lending offices in Chicago, New York, San Francisco and London.
For more information, please visit golubcapital.com
Kirkland & Ellis
Kirkland & Ellis’s market-leading Debt Finance Practice Group is fully integrated with the Firm’s global M&A/private equity, capital markets, restructuring and tax platforms. This multidisciplinary approach leverages the Firm’s broad experience to provide borrower and lender clients with strategic and focused representation adapted to their needs. The Firm’s debt finance group serves a wide and varied client base ranging from Fortune 500 corporations to leading global private equity firms and their numerous portfolio companies. It brings to bear the largest dedicated group of debt finance practitioners in the marketplace with an unparalleled commercial understanding of U.S. and international financing markets.
With more than 250 debt finance attorneys practicing out of the U.S., Asia and Europe, Kirkland handles more transactions for borrowers than any other law firm in the world and, for the last five years, has led the market in U.S. borrower transactions. This unmatched volume allows the team to provide creative and nimble counsel on today’s largest, multifaceted financing transactions, debt restructurings and workouts.
Shearman & Sterling
Shearman & Sterling has a longstanding tradition of excellence and a proud history of providing quality legal services to clients. From our beginnings more than 145 years ago, we have built upon this strong foundation and developed into a global law firm that a diverse range of clients turn to for their most critical legal and business needs.
We provide our clients with insightful legal advice across a spectrum of practices and industries in all major regions of the world, resulting in groundbreaking transactions and landmark decisions. We will introduce lawyers experienced in capital markets, tax, corporate governance and executive compensation, as well as lawyers in other practice areas, when and as needed to advance the interests of our client.
CIBC’s Loan Syndications Group leverages the Bank’s loan origination capabilities and has developed a network of lending institutions that help finance middle market businesses in the Commercial Real Estate and Commercial and Industrial segments.
CIBC specializes in multi-bank credit facilities that fund working capital needs, capital expenditures, acquisition finance and recapitalizations. Through its Loan Syndications group CIBC offers a full suite of products and services that includes:
MidCap, in alliance with its investment manager Apollo Capital Management, is a middle-market-focused, specialty finance firm that provides debt instruments of $10 million to $750 million to companies across all industries.
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
About BlackRock Alternative Investors
BlackRock Alternative Investors serve investors seeking outperformance in real estate, infrastructure, private equity, credit, hedge funds and alternative solutions. We strive to bring our investors the highest quality investments by drawing upon our global footprint, superior execution capabilities and position as a preferred partner. BlackRock manages $259 billion in alternative investments and commitments on behalf of clients worldwide as of December 31, 2020.
APRIL 27, 2021
State of the market/Virtual conference kickoff
9:00 AM – 9:15 AM
Ioana Barza, Head of Analysis – Refinitiv LPC
A Club for Every Shot: How the Leveraged Loan Market Maximizes on Market Conditions
9:15 AM – 10:00 AM
Sponsored by: Golub Capital
MODERATOR: Frances Beyers, Managing Director, Head of Capital Markets - Cliffwater
Lauren Basmadjian, Managing Director, Co-Head of Liquid Credit and Head of US Loans & Structured Credit - Carlyle
Alan M. Schrager, Portfolio Manager & Senior Partner - Oak Hill Advisors
Kevin Sofield, Managing Director & Head of Capital Markets - Vista Equity Partners
Jason Van Dussen, Senior Managing Director, Co-Head of the Capital Markets - Golub Capital
Every golfer knows that club selection is a significant contributor to success, particularly in the face of hazards, wind, and changing altitudes. How are sponsors, arrangers and loan investors taking advantage of current market conditions, while preparing for any hazards ahead?
Taking the Keys? Navigating Restructurings
11:00 AM – 11:45 AM
Sponsored by: DLA Piper
MODERATOR: Andrew Hedlund, Leveraged Loan Correspondent - Refinitiv
Rachel Ehrlich Albanese, Partner - DLA Piper LLP
Jeffrey Fitts, Managing Director - HPS Investment Partners
Mark Kronfeld, Managing Director - BlackRock
Tanya Meerovich, CFA, Senior Managing Director, Corporate Finance - FTI Consulting
Middle market lending: New frontiers
12:45 PM – 1:30 PM
Sponsored by: Comvest Credit Partners
MODERATOR: David Brooke, Senior Correspondent, Middle Market Loans, Data & Analytics - Refinitiv LPC
Daniel Lee, Partner - Comvest Credit Partners
Paul Lisiak, Managing Partner - Metropolitan Partners Group
Sajal Srivastava, co-Chief Executive Officer and co-Founder - TriplePoint Capital
Douglas Winget, EVP - Huntington National Bank; President - Huntington Business Credit
APRIL 28, 2021
The Private Equity Perspective
11:00 AM – 11:45 AM
Sponsored by: Kirkland & Ellis
MODERATOR: Brian Ford, Partner - Kirkland & Ellis
Tony Marsh, Managing Director and Chief Capital Markets Officer - TA Associates
Erwin Mock, Managing Director, Head of Capital Markets - Thoma Bravo
James Pade, Partner - Clearlake Capital
COVID-19 and the Direct Lending Market
12:45 PM – 1:30 PM
Sponsored by: Shearman & Sterling
As a Director of Analysis at Refinitiv LPC, Ioana Barza writes and presents frequently on corporate credit markets with a special focus on loan capital markets to the banking, regulatory, corporate borrower, institutional investor, and private equity communities. In addition, Ms. Barza conducts interviews with market leaders for Reuters Insider.
Ms. Barza has been with Refinitiv LPC since 1999. She provides insight and analysis related to the global credit markets and co-moderates roundtable discussions among leading buyside and sellside representatives focused in the U.S. on investment grade lending, leveraged finance, CLOs, middle market lending, and the broader European loan market.
Prior to joining Refinitiv LPC, Ms. Barza focused on environmental finance initiatives with the Environmental Protection Agency’s (EPA) Office of International Activities. She has also worked at the Overseas Private Investment Corporation (OPIC) in Washington, DC, evaluating the economic and environmental impacts of proposed overseas investments. Ms. Barza has a BA in environmental sciences and international relations from Northwestern University and a graduate degree in economics from the George Washington University.
Frances Beyers is a Managing Director and Head of Capital Markets of Cliffwater’s Private Debt Group. In her role, Fran is responsible for market research to support Cliffwater’s rapidly growing multi-manager private debt asset management business. Cliffwater is an alternatives advisory and asset management firm with over $77 billion in assets under advisement.
Fran joins Cliffwater from Refinitiv, where she was Head of Middle Market Loan Analysis. Most notably Fran has been a fixture in the middle market for over a decade providing research and market analysis to both managers and investors alike. While at Refinitiv and its predecessor, Fran frequently authored middle market commentaries and surveys that have been cited industry-wide and made her a sought-after speaker at private debt conferences. Fran also built out many of LPC’s middle market product offerings including BDC Collateral and MM Sponsored Private Deal Analysis.
Fran is based in Cliffwater’s New York City office. Her previous roles include underwriting and portfolio management at Churchill Asset Management, and she began her career in Corporate Finance Advisory at JPMorgan. Fran earned her bachelor’s degree from the Olin School of Business at Washington University in St. Louis.
David Brooke is a senior correspondent at Refinitiv LPC. Since 2017, he has covered both European and US middle market lending for Refinitiv. He covers all aspects of the market, including but not limited to deal news, fundraising, asset management and BDCs.
Previously, he was a reporter at Private Debt Investor based in London. He has also worked as a legal news and sports reporter.
David obtained a M.A in English Literature from the University of Manchester and has a B.A from Salford University.
Brian’s practice focuses on complex financing transactions for private equity firms, commercial lending institutions, portfolio companies, hedge funds, asset managers, alternative capital sources and other private and public companies. Such transactions have included the negotiation, structuring and documentation of secured and unsecured financings, including senior, mezzanine and subordinated debt transactions, acquisition financings, dividend recapitalizations, debtor-in-possession, exit financings and restructurings.
Brian has also advised on some of the most cutting-edge out-of-court liability management transactions and handled more than $20 billion in debt financing transactions in 2020.
Brian was recognized in the 2020 edition of The Legal 500 U.S. in the area of Commercial Lending, where clients noted he is “top-notch” and a “smart, responsive, and commercial lawyer who gives great advice.”
Erwin Mock is a Managing Director and Head of Capital Markets at Thoma Bravo. Based in San Francisco, he joined the firm in 2015 and oversees Thoma Bravo’s capital markets activities related to new investments and existing portfolio companies. Additionally, Erwin is responsible for managing and helping grow the firm’s relationships with investment banks, direct lenders and debt / equity investors.
Prior to Thoma Bravo, he served as a Managing Director at UBS Investment Bank in the leveraged finance group. Prior to that role, he had several leveraged finance and restructuring advisory roles at RBC, UBS and Credit Suisse / DLJ.
Erwin graduated from Stanford University with a BA degree in Economics.
Mr. Van Dussen joined Golub Capital in 2010 and is a Managing Director and Head of the Capital Markets business for Middle Market Lending. He is responsible for structuring, pricing, and syndicating transactions for the Firm.
Prior to joining Golub Capital, Mr. Van Dussen was a Managing Director and Head of Loan Sales for CIT Group. Before that, he was a Managing Director and Head of Capital Markets for FirstLight Financial Corporation. Prior to this position, Mr. Van Dussen worked at GE Capital, where he focused on middle market structuring, syndication and loan sales.
Mr. Van Dussen earned his BA degree cum laude in Finance from Michigan State University. He received an MBA from Columbia Business School.
Rachel Albanese is a Restructuring partner and Co-Hiring Partner in the New York Office of the global law firm of DLA Piper. Rachel has nearly 20 years’ experience representing secured and unsecured creditors, debtors, equity holders, purchasers of distressed assets, and other parties in a wide range of restructuring matters, including cases under chapter 11 of the US Bankruptcy Code, out-of-court workouts and cross-border insolvency proceedings, as well as cases under title III of PROMESA, Puerto Rico’s restructuring law.
Rachel is Co-Chair of the National Association of Women Lawyers (NAWL) Bankruptcy & Restructuring Affinity Group and an active member of the American Bankruptcy Institute (ABI) and the International Women’s Insolvency & Restructuring Confederation (IWIRC).
Dan is a Partner and serves as a member of the firm’s Executive Committee and the Investment Committee for Comvest’s direct lending strategy. He is responsible for originating, structuring, and managing investments.
Prior to joining Comvest, Dan was a Senior Director with Dymas Capital Management, where he served on the Investment Committee and was instrumental in the formation and growth of the firm from its start-up phase to an established middle-market finance company. Prior to getting his MBA, Dan began his career with Arthur Andersen and Heller Financial’s Corporate Finance Group.
Dan received an M.B.A. from the University of Michigan and a B.A. from the University of Notre Dame.
Tony leads all capital markets activities for TA Associates. He oversees all financings and capital markets activities for new investments, add-on acquisitions, recapitalizations, refinancings and amendments for TA portfolio companies globally. Tony also manages the firm’s relationships with investment banks, advisors and direct lenders.
Prior to joining TA in 2013, he was a Director at Credit Suisse in the Financial Sponsors Group, focusing on leveraged finance transactions. Previously, Tony was a Controller at Mack Trucks, Inc.
He received a BS degree in Business Management from Brigham Young University and an MBA degree, with Distinction, from the University of Michigan, Stephen M. Ross School of Business.
Tanya Meerovich specializes in providing financial and strategic solutions to companies, their creditors and investors and has worked with both public and private companies across many sectors. Ms. Meerovich has industry expertise in financial services, real estate, non-for-profit, insurance, healthcare, education, energy, manufacturing, infrastructure, print, entertainment and retail.
Ms. Meerovich’s advisory services include assisting senior management teams and various stakeholders in developing and implementing strategic alternatives, revenue enhancement initiatives and cost reduction initiatives. She has extensive experience in review and assessment of business plans and financial models, preparation of financial projections and cash flow models, financial analysis, cash management, asset management and liquidation, claims analysis, fraud investigations and forensic accounting.
Ms. Meerovich’s recent engagements include advising the senior secured lenders of Credit-Based Asset Servicing and Securitization (“C-BASS”), Emerald Oil, General Growth Properties, MCCI Medical Group, Natrol, PLH Group, Paragon Offshore, Rohrig Investments, Saint Vincent's Catholic Medical Centers in New York, Puerto Rico hospital group, a for-profit technical school, a non-for-profit university, a U.S.-based monoline insurer, a $15 billion international investment fund, several life settlement portfolios, a California-based bank and the management teams and boards of Ocwen Financial, Puerto Rico Highways and Transportation Authority, Residential Capital (“ResCap”), Three Lions Entertainment and Workflow Management.
Prior to joining FTI Consulting, Ms. Meerovich was in the Financial Services Advisory group of RSM Cayman Islands, where she was involved in a number of high-profile and complex cross-border insolvency engagements in the financial services sector. Prior to that, Ms. Meerovich worked for a securities broker-dealer in the Chicago area.
Ms. Meerovich also previously held NASD Series 24, 7 and 63 licenses. Ms. Meerovich serves on several boards, including the New York Chapter of the International Women’s Insolvency & Restructuring Confederation and Rock & Rawhide, a non-for-profit organization. She is also a member of the American Bankruptcy Institute, the Association for Financial Professionals, the Association of Certified Fraud Examiners, the Association of Insolvency & Restructuring Advisors, the Chartered Financial Analyst Institute, the New York Society of Security Analysts and the Turnaround Management Association.
Alan M. Schrager shares portfolio management responsibilities for a number of OHA’s portfolios. Mr. Schrager serves on various OHA committees including the partnership, investment strategy, valuation, compliance and several fund investment committees. Previously, Mr. Schrager had senior research responsibility for investments in private credit companies, software, industrials and gaming.
Prior to joining OHA in early 2003, he was a Managing Director of USBancorp Libra, where he was responsible for originating, evaluating and structuring private equity, mezzanine and debt transactions and also held several positions at Primary Network, a data CLEC, including Chief Financial Officer and Interim Chief Executive Officer. Mr. Schrager previously worked in the Leveraged Finance and High Yield Capital Markets group at UBS Securities, LLC. He currently serves on the Board of Directors of Associated Materials Incorporated, Expro Group Holdings International Limited and New Heights Youth, Inc.
Mr. Schrager earned a M.B.A. from the Wharton School of the University of Pennsylvania, and a B.A. from the University of Michigan.
Kevin Sofield joined Vista Equity Partners in 2013. Mr. Sofield is responsible for managing all portfolio company financing activities, from original buyout to recapitalization, and including acquisition and refinancing activities. Additionally, Mr. Sofield serves as a member of Vista’s Private Equity Management Committee, the firm’s governing and decision-making body for the overall management of Vista’s private equity platform.
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.
In addition to his work at Vista, Mr. Sofield serves as a Board Member of the Special Operations Warrior Foundation of Tampa, Florida.
Education: B.S. in Aerospace Engineering, United States Naval Academy, with Distinction; M.B.A., Robert H. Smith School of Business, University of Maryland
Mr. Fitts is a Managing Director at HPS Investment Partners. Prior to joining HPS in 2014, Mr. Fitts spent six years as a Managing Director at Alvarez and Marsal (“A&M”), where he was responsible for the workout, management and ultimate liquidation of Lehman Brothers’ real estate portfolio following Lehman’s Chapter 11 filing.
Prior to that, Mr. Fitts worked at GE Capital from 2000 to 2008, where he led workout, portfolio and distressed debt investing groups. From 1988 to 2000, Mr. Fitts worked at Citicorp focusing on real estate and corporate workouts and real estate asset management.
Mr. Fitts holds a BS in Finance from the University of Delaware.
As a Partner and Managing Director of Clearlake Capital Group, L.P., James currently serves on the Board of Directors of several Clearlake portfolio companies, including American Construction Source, Appriss, Diligent, EagleView, FloWorks, Ivanti Software, and Lytx.
Prior to joining Clearlake, James was an investment professional at TowerBrook Capital Partners, where he focused on leveraged buyouts and distressed debt investments. Before that, he was an investment banker at Credit Suisse. He started his career at Google and played professional tennis on the ATP Tour.
Mark Kronfeld is a Managing Director at BlackRock and a member of its Global Credit Platform within BlackRock Alternative Investors (BAI). Mark serves on BlackRock’s Global Credit Oversight Committee and is the Global Head of Workouts and Restructuring. He is responsible for oversight and management of workouts and restructurings across the broader credit platform as well as related credit monitoring. In addition, Mark focuses on special situations and distressed investments as well as opportunities in private credit, leveraged finance, complex credit, and secondary markets. As a member of the Office of the CIO, Mark helps manages the special situations strategy (and associated funds) within BlackRock’s U.S. Private Credit Group. He is also actively involved in and a frequent contributor to BlackRock's training and educational programs.
Mark has over 25 years’ experience with a strong record of success in special situations and distressed investing across the capital structure, in both public and private markets. Prior to joining BlackRock as part of its acquisition of Tennenbaum Capital Partners (TCP), he was a managing director at TCP, and a partner/portfolio manager at Plymouth Lane Capital where he launched and led the firm’s credit/distressed strategies. Before Plymouth Lane, Mark was a managing director at BlueMountain Capital, a partner at Owl Creek Asset Management, and a senior analyst at Aurelius Capital.
As a distressed investor, Mark has served on numerous ad hoc and official creditor committees, typically in a leadership capacity, in corporate, municipal, and sovereign restructurings in North America, Europe, Asia and Latin America. He has played a key role in some of the most complex and successful distressed investments and restructuring matters in recent years. Mark has also been involved in numerous activist situations in both shareholder and creditor capacities and has led many litigation and liquidating trusts.
Before his career in finance, Mark practiced law as a bankruptcy lawyer and litigator. As a bankruptcy attorney, he represented debtors, creditors, trustees, and boards in a wide variety of complex financial restructurings and chapter 11 cases. Mark also served as a prosecutor in New York City, where he investigated and prosecuted serious felony cases involving, among other things, complex white-collar crime, fraud, arson, kidnapping, organized crime, and murder, achieving a 100% jury trial conviction rate.
Mark is a highly regarded restructuring and workout expert and a frequent lecturer, panelist, author, and guest speaker on distressed investing, bankruptcy, restructuring, corporate governance, and the credit markets. He is an adjunct assistant professor of finance at NYU's Stern School of Business where he co-teaches Bankruptcy and Corporate Reorganization (with Prof. Ed Altman). Mark also serves as a lecturer at Columbia Business School where he teaches Distressed Value Investing. Mark was an adjunct professor at Boston University School of Law where he taught Introduction to Financial Restructuring Practice and has also guest lectured at Wharton, Duke, Yale, UVA and Oxford. Mark is an active member of the Turnaround Management Association, Risk Management Association, and the American Bankruptcy Institute. He served on the advisory committee for ABI’s Commission to Study the Reform of Chapter 11, which submitted its 2014 Final Report and Recommendations to the United States Congress.
Mark earned his MBA in Finance from New York University’s Stern School of Business and his JD from Boston University School of Law where he was an Edward F. Hennessey Scholar. He received his B.A. (Dean’s List) from the State University of New York at Albany.
Lauren Basmadjian is a Managing Director, Co-Head of Liquid Credit and Head of US Loans & Structured Credit within Carlyle’s Global Credit platform. She is based in New York and sits on the Investment Committees for all of Carlyle's US Loan and CLO investing activities.
Ms. Basmadjian joined the Carlyle Group in 2020 after 19 years at Octagon Credit Investors, where she was a Senior Portfolio Manager and member of the Investment Committee. Prior to becoming a Portfolio Manager, Ms. Basmadjian managed Octagon's workout efforts and also oversaw the leisure & entertainment, retail, consumer products, business services, food & beverage and technology industries. Before joining Octagon, Ms. Basmadjian worked in the Acquisition Finance Group at Chase Securities, Inc.
She graduated Cum Laude from the Stern School of Business at New York University with a B.S. in Finance and Economics.
Refinitiv LPC's Middle Market, Direct Lending & Large Corporate Loans Virtual Conference - Spring 2021