Mid Market lending trends: durability, flexibility and steady growth in volatile markets
Mid Market lending trends: durability, flexibility and steady growth in volatile markets


Stuart is the Head of Europe and APAC Private Credit and Capital Solutions. He currently chairs the Capital Solutions investment committee and is a member of several firm investment committees including Europe Private Credit, North America Private Credit, APAC Private Credit, European High Yield and MassMutual Ventures Europe & Asia fund. Stuart joined Barings in 2002 and has extensive investment experience encompassing the sub-investment grade public and private credit markets, restructuring and special situations investments. Prior to joining Barings, he worked in the Business Recovery Services team in London at PricewaterhouseCoopers. He is currently a board member of Trafalgar Entertainment and has extensive experience of working closely with a number of businesses whilst at Barings. Stuart holds a B.Sc. in Chemistry from Keble College, Oxford and is a member of the Institute of Chartered Accountants in England & Wales.

Ken serves as President and CEO of Churchill Asset Management, an affiliate of Nuveen, the asset management arm of TIAA, a Fortune 100 financial services company. He also serves as Chairman of the Board, President and CEO of Nuveen Churchill Direct Lending Corp., Churchill’s publicly registered business development company.
Churchill currently manages over $46 billion in committed capital and focuses on providing senior, unitranche and junior debt financing and making equity co-investments and fund commitments to leading private equity investment firms and their portfolio companies. Churchill is among the most active private capital managers in the U.S., annually investing approximately $11 billion in over 375 distinct transactions.
Throughout his over 35-year career in the investment industry, he has accrued a broad range of experience in leading private credit investment businesses. Previously, Ken served as a Managing Director of The Carlyle Group, where he also served as President and a Director of Carlyle Secured Lending, Inc. (Carlyle’s publicly traded business development company). Prior to that he founded and was President and CEO of Churchill Financial Group, served as Head of Leveraged Finance for Royal Bank of Canada and was Head of Indosuez Capital, a leading middle market merchant banking and asset management business in partnership with Credit Agricole Group. Ken was also a founder of the high yield finance business at Chase Securities (now JP Morgan Chase). He began his career in the Mergers & Acquisitions Group at Drexel Burnham Lambert. He regularly appears as a guest commentator on private credit markets on Bloomberg, CNBC, The Wall Street Journal and The Financial Times.
Ken graduated with a B.S. in Business Administration, magna cum laude, from Georgetown University and a J.D. from Northwestern University Pritzker School of Law. He serves on the Pension Investment Advisory Committee for the Archdiocese of New York, the Board of Trustees and Chairman of the Investment Committee of Canisius High School (a private Jesuit Preparatory school in Buffalo, NY) and the Advisory Board of Teach for America (Connecticut). Ken is a former member of the Board of Advisors and Adjunct Professor at the McDonough School of Business at Georgetown University.

Cécile Lévi joined Tikehau Capital in 2013 as Head of Private Debt activity. Cécile previously worked at Ardian (formerly AXA Private Equity) where she notably broadened the investment scope to include unitranche debt, with a strong focus on forming partnerships. She began her career in 1988 at Merrill Lynch (Corporate Finance and M&A) in Paris and then in New York. In 1991, she joined Elig, one of the pioneering private equity funds in France. In 2001, Cécile's focus pivoted to mezzanine debt investments and she was appointed Investment Director at Omnes (formerly CAPE - Mezzanis).

Patrick Suchy, Head of Credit, Private Markets, HSBC Asset Management. Patrick has more than twenty years of experience in private markets and investment banking. Since 2020, he is responsible for private credit fund investments globally, before that he was heading the German private debt business. He is a member of the Private Markets Investment Committee and the RCF (Revolving Credit Fund) Partnership Fund Investment Committee. Prior to joining HSBC in 2006, he worked for another bank in several roles ranging from structured finance, TMT sector coverage, venture capital investing as well as alternative investments, and within corporate development of a real estate company. He also founded a start-up business being responsible for general management and corporate development. Patrick holds a Bachelor of Economics and a Master of Business Administration with Honours (1997), both from Augsburg University, Germany.

Matt leads underwriting efforts for Principal Alternative Credit with responsibility for the team's underwriting philosophy and processes, as well as overseeing the underwriting of new direct loan investment opportunities. Matt is a member of the Direct Lending Investment Committee and has over 15 years of experience in direct lending, having previously started the strategy for Capital Southwest, a publicly traded, lower middle market business development company. Matt was also a Portfolio Manager of the leveraged loan strategy for Petrus Asset Management, the primary investment vehicle for Ross Perot and his family. Matt received a Bachelor's Degree in finance from Southern Methodist University.

Pankaj Gupta is the President of WhiteHorse, U.S. and Global Head of Originations. In this capacity, he oversees the U.S. Direct Lending business, as well as origination and deployment efforts for H.I.G. WhiteHorse globally.
Pankaj serves on the management and investment committees of both H.I.G. WhiteHorse, U.S. and Europe. He has over 23 years of experience in private debt and equity investing across a broad range of industries, including business services, manufacturing, distribution, telecom, healthcare, consumer products, and consumer services.
Before joining H.I.G. WhiteHorse, Pankaj was a Managing Director with American Capital (NASDAQ: ACAS), a middle-market investment firm. While at ACAS, he was a co-head of the debt investment business. Prior to ACAS, Pankaj spent six years at Audax Group, a Boston and New York-based private equity and mezzanine firm.
Pankaj received a B.A. in Economics from Dartmouth College.

Audie Apple serves Fidelity as an Institutional Portfolio Manager for the High Income & Alternatives team supporting the Fidelity Direct Lending business. Previously, he was with DWS (formerly Deutsche Asset Management) supporting a variety of Private Credit & Private Equity strategies. Over his career, Audie has served in leadership roles spanning product development, sales & marketing and thought leadership. As a writer and speaker, Audie has addressed topics ranging from public/private capital market dynamics & trends to product development & innovation for audiences in the US, Europe, Asia and Latin America.
To what extent are macroeconomic changes playing to the strengths of the mid market? What are the key trends driving the sector and how are fund managers driving returns despite the tough environment?