Untapped potential: What are the growth prospects for credit secondaries?

Untapped potential: What are the growth prospects for credit secondaries?

04 Jun 2024|SuperReturn
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Jeff HammerJeff HammerGlobal Co-Head of Secondaries at Manulife Investment Management

Mr. Hammer is a Senior Managing Director and Global Co-Head of Secondaries at Manulife Investment Management. He has more than three decades of experience in principal investing, investment banking, and building businesses in the private markets. He spent the past ten years as Co-Head of Houlihan Lokey’s Illiquid Financial Assets practice, a unit he co-founded and built into the leading investment banking group focused on customized transactions for holders of illiquid securities. Mr. Hammer was previously a Senior Managing Director at Bear Stearns & Co., where he. founded, built and co-led Private Equity Advisors, the private equity fund-of-funds and secondary investing unit of Bear Stearns Asset Management. In this position, Mr. Hammer developed and managed several secondary-focused private equity investment management programs that had an aggregate AUM over $2b. Mr. Hammer also served as the Global Head of Origination for the Private Funds Group upon its acquisition into Bear Stearns Asset Management. Mr. Hammer co-founded BDC Financial Inc., a firm that provided customized private equity investment management and advisory services to institutional and high-net-worth investors, which was sold to Bear Stearns. Earlier in his career, Mr. Hammer held investment banking positions at Morgan Stanley and Goldman Sachs. Mr. Hammer received an A.B. from Princeton University and an MBA from Harvard University.

Marco WulffMarco WulffCEO & Managing Partner at Montana Capital Partners

Marco is CEO and Managing Partner and co-founder of Montana Capital Partners AG.

Marco was previously co-head of the private equity secondary activities at Capital Dynamics, a global asset management firm. In this position he was responsible for sourcing, analyzing and executing secondary transactions on a global basis. In addition, he led primary investment activities in selected geographies. Prior to that, he worked for Munich Re Group as a private equity investment manager and helped in building up the firm’s private equity investment program. Previously, Marco was with Montagu Private Equity, a pan-European mid-market buyout firm focusing on direct transactions. He started his career in M&A Advisory for L.E.K. mainly advising private equity General Partners on buyout transactions.

Marco holds a MSc and a Dr. rer. pol. and studied at the London School of Economics, the University of Cologne and the WHU – Otto Beisheim School of Management.

John Hartwell CockeJohn Hartwell CockePartner, Deputy Chief Investment Officer - Credit at Corbin Capital Partners

John serves as the Co-Portfolio Manager of Credit Strategies and is a Partner at Corbin Capital Partners, a New York-based woman-led independent alternative asset management firm that specializes in multi-strategy and opportunistic credit investing. Corbin has experience creating and managing differentiated commingled and bespoke portfolios for investors globally. As of February 1,2024, Corbin has $8.8 billion in assets under management.

John plays a lead role in the development of the firm’s credit platform. As a co-portfolio manager, John oversees public and private credit assets across a wide variety of implementation types, including funds, SMAs, coinvestments, and direct investments. John has been instrumental in the creation of the firm’s opportunistic credit and private credit funds, as well as in assisting with the firm’s multi-strategy and custom portfolios. In addition to his work on credit strategies, John also covers long/short equity and equity special situations strategies at Corbin. John is a member of Corbin’s MultiStrategy Investment Committee, the Credit Investment Committee, and the Valuation Committee. As part of his investment responsibilities, he may from time to time serve as a member or observer on private company boards.

Prior to joining Corbin in March 2006, John was with UBS Investment Bank as an Analyst in the Global Telecommunications Group. Previously, he was an Investment Analyst at Bluestem Asset Management LLC, a hedge fund investment firm, where he performed research and participated in a variety of additional functions. While at Bluestem, John was a Graduate Instructor at the University of Virginia, McIntire School of Commerce where he taught Introductory Financial Accounting and Managerial Accounting classes. John earned his M.S. in Accounting and B.S. in Commerce from the McIntire School of Commerce at the University of Virginia and was awarded the CFA charter in 2007.

Jacqui EavesJacqui EavesPartner at Goodwin Procter

Jacqui Eaves is a partner in Goodwin’s Private Equity and Private Investment Funds groups. She is a leading partner in the Secondaries team and focuses her practice on complex transactions including continuation funds, tender offers, portfolio sales and preferred equity.

Jacqui has been advising on secondaries transactions since 2015 and dedicated full-time to secondaries transactions since 2019. She also has extensive experience on a broad range of corporate transactions, including mergers and acquisitions, joint ventures, and corporate advisory matters.

Jacqui was named a “2021 Secondaries Next Gen Leader” by Secondaries Investor, a list which recognizes the top 20 professionals working in the secondaries space aged 36 or younger.

Jacqui is a thought leader in the secondaries space and has authored numerous articles, including:

Fund Finance: 2023 Reflections and Looking Ahead to 2024, Goodwin Alert, (February 2024) SEC Adopts Expansive (Albeit Slightly Softened) Private Funds Rules, Goodwin Alert, (August 2023) ILPA Publishes Guidance on Continuation Funds, Goodwin Alert, (May 2023) Emerging Trends in the Evolving Continuation Fund Market, Private Equity Law Report (July 2022) The rise of GP-led secondaries, Financier Worldwide, (September 2021) Current Trends in the PE Secondary Market and Key Differences Between Europe and the U.S., Private Equity Law Report, (October 2019)

Andrea FernandezAndrea FernandezPartner, Head of Product Management and Investor Relations, European Credit & Corporate Secondaries at Ares Management

Ms. Fernandez is a Partner, Head of Product Management and Investor Relations for European Credit and Corporate Secondaries. Prior to joining Ares in 2015, Ms. Fernandez was an Investment Director at Graphite Capital, where she focused on making investments in private equity funds, co-investments and secondaries across the European market. Ms. Fernandez started her career at Lehman Brothers and Barclays Capital in New York where she focused on investment banking. Ms. Fernandez holds a B.S. from Babson College in Finance and Entrepreneurship and an M.B.A. from INSEAD.

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Description

Will the credit secondaries market mirror the exponential growth of the broader private debt market? Is competition growing for the best assets? To what extent will the credit secondaries market follow the template set by the private equity secondaries market?

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