How to fill funding gaps and navigate valuation mismatches: Finding creative ways to steer a course through current market volatility

How to fill funding gaps and navigate valuation mismatches: Finding creative ways to steer a course through current market volatility

06 Jun 2024|SuperReturn
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Taj SidhuTaj SidhuManaging Director, Head of European and Asian Private Credit at Carlyle

Mr. Sidhu is a Managing Director, Head of European and Asian Private Credit and is based in London.

Prior to joining Carlyle, Mr. Sidhu was a Managing Director and Head of European Private Credit for Oz Management (Och-Ziff) where he worked for almost 14 years. Mr. Sidhu led Private Credit in Europe, was a member of Oz Management’s Global Commitments Committee, European Institutional Credit Strategies Investment Committee and European Executive Committee. Mr. Sidhu joined Oz Management in 2004 and during his tenure was involved in a broad spectrum of the firm’s investment strategies.

Prior to joining Oz Management, Mr. Sidhu was an Investment Banking Associate at Merrill Lynch in the Financial Sponsors and Leveraged Finance Groups.

Mr. Sidhu has a B.Sc. in Mathematics from the University of Warwick Mathematics Institute.

Jean HynesJean HynesChief Executive Officer, Managing Partner & Portfolio Manager at Wellington Management

As the chief executive officer of Wellington Management Company LLP, Jean leads the firm in our mission to drive excellence for clients to positively impact millions of beneficiaries’ lives. In pursuit of that mission, she spends significant time meeting with clients globally as well as working to strengthen and support the firm’s people and capabilities. She also serves on a variety of internal management committees, including the executive, operating, and compensation committees. In addition, she is one of the firm’s three managing partners, who are responsible for governance of the Wellington Management partnership, and she is the portfolio manager of the Vanguard Healthcare Fund.

Throughout her 30 years at the firm, Jean has been a member of Wellington’s Global Industry Research Group and previously has had a number of responsibilities including researching the pharmaceutical and biotechnology industries, serving as a health care portfolio manager for a number of long and long/short strategies and leading the Health Care Sector Research Team.

Aymen MahmoudAymen MahmoudLondon Office Managing Partner, co-head of the London Transactions and Finance, Restructuring and Special Situations Group at McDermott Will & Emery

Aymen Mahmoud is the co-head of the London Transactions Group, and the London Finance, Restructuring and Special Situations Group and managing partner of the Firm’s London office. He focuses his practice on complex debt financing transactions for private equity funds and their portfolio companies, hedge funds, corporate borrowers and issuers and other financial institutions including banks, direct lenders, family offices and other alternative sophisticated capital. His experience includes acting in respect of direct lending, leveraged buyouts, domestic and cross-border syndicated senior, second lien and mezzanine lending, distressed debt trading, portfolio acquisitions and restructurings, emerging markets and other debt securities, including high-yield debt offerings. Aymen also has significant experience in connection with pre-EBITDA and recurring revenue financings.

Aymen has been described as a “uniquely commercial and creative transaction leader” as well as “savvy, knowledgeable, always available and always on the ball” by Legal 500 and Chambers note him to be “extremely commercial and pragmatic.” He played a key role in first establishing the Loan Market Association forms of leveraged and high yield documentation and has been recognized in Global Restructuring Review’s global “40 under 40” rankings in 2022 as well as Mergerlinks‘ Top 30 Financing Lawyers in EMEA in 2023.

Dan RobinsonDan RobinsonHead of Alternative Credit EMEA at DWS Group

Dan joined DWS in 2023 to lead DWS’s European Alternative Credit business and has over 23 years of experience in credit at influential investment firms.

Most recently, Dan was Managing Partner of Capital Asset Solutions at Man Group responsible for multi-asset credit in the insurance, institutional and retail channels as well as private equity-led offshore reinsurance growth strategy. Dan also served as Global Head of CLOs and Loans responsible for developing Man’s structured credit and leverage loan business. Prior to joining Man Group, he was Chief Investment Officer (Europe) for CIFC Asset Management, responsible for the firm's investment activity in the region. He was also the senior portfolio manager and chaired the asset allocation committee for their Global Multi-Asset Credit Fund. Prior to this, Dan was Head of Liquid Credit (Europe) for Apollo Global Management, responsible for all investment activities in the region across leveraged loans, high yield bonds and CLO strategies. Between 2003 and 2015, he was a Managing Director at Oaktree Capital, responsible for high yield and leverage loan investing as well as establishing Oaktree's CLO business in 2014.

He began his career at KPMG Corporate Restructuring, where he gained his ACA qualification. Dan holds an MA (Hons) from the University of Edinburgh.

Eric AdlerEric AdlerPresident & Chief Executive Officer at PGIM Private Alternatives

Eric Adler is the president and chief executive officer of PGIM Private Alternatives. As part of the PFI and PGIM families, PGIM Private Alternatives comprises PGIM Real Estate, PGIM Private Capital and Montana Capital Partners (mcp).

PGIM Private Alternatives provides clients with seamless access to a comprehensive set of investment and financing solutions across private credit, real estate, agriculture, sustainable investing, infrastructure and private equity.

Based in London, Eric is a member of PGIM’s Operating Committee, as well as PGIM Real Estate’s Global Management Council and Global Investment Committee. He is also a member of mcp’s board of directors.

Prior to his current role, Eric was president and chief executive officer of PGIM Real Estate and the chairman of Private Equity at PGIM. Earlier, Eric was global chief investment officer of PGIM Real Estate and earlier served as head of the European business.

Before joining PGIM in 2010, Eric was co-head of Tishman Speyer Europe and was a member of its Global Management and Investment Committees. Earlier, Eric worked for Morgan Stanley Real Estate, where he led investment activities in Germany, France, Italy and Spain. He also had overall operational responsibility for its Special Situations Fund II. Earlier, he worked for Credit Lyonnais and Unibail in Paris.

Eric has a bachelor's degree in business administration, summa cum laude, from University of Arizona. He also holds a graduate business degree from HEC Business School in France.

Eric is a founding member of the European Advisory Board of the Zell/Lurie Real Estate Center at the Wharton School. He also serves on the Editorial Board of The Academy of Real Assets, a UK organization that aims to have a significant positive impact on diversity within the real assets industry through philanthropic and educational activities with underserved youth.

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What are the pros and cons of private debt, junior capital, pref. equity?

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