Will private debt’s golden age continue: how big can the debt market become?
Will private debt’s golden age continue: how big can the debt market become?


Kirsten is Co-Head of Pan European Private Debt at Muzinich & Co. Before joining Muzinich, Kirsten worked as a Managing Director in the principal debt investing team at Macquarie, responsible for sourcing and executing transactions ranging from leveraged senior, unitranche and mezzanine debt to equity in the UK, Germany and Benelux. Previously, she worked for Silver Point Capital, a US based credit/distressed fund, in the private debt team in Europe. Kirsten started her career at Morgan Stanley in 1999, working in the generalist M&A and Leveraged Finance teams in Germany and London. Kirsten graduated from ESB Reutlingen and Middlesex University London with a B.A. Honors in European Business Administration.

Prior to co-founding MGG, Mr. Racz was President of Hutchin Hill, a multi-billion multi-strategy hedge fund. Previously, Mr. Racz co-founded Octavian Advisors, LP, a $1.4 billion multi-strategy fund and was a corporate attorney at Wachtell, Lipton, Rosen & Katz. Mr. Racz was also a journalist at The Wall Street Journal. Mr. Racz clerked on the U.S.D.C. Circuit. He is a member of the Board of Trustees of the NYU Law School, and was a term member of the Council on Foreign Relations. He was named a “2011 Rising Star of Hedge Funds” by Institutional Investor and was named in 2019 a “Tomorrow’s Titan” by the Hedge Fund Journal.
Mr. Racz received his JD, Order of the Coif, magna cum laude, from NYU Law School and his BA, magna cum laude and Phi Beta Kappa, from Dartmouth College. Mr. Racz also studied at Oxford University and Leningrad State University.

Johan Hultner is a Founder and Managing Partner of ARCOS Capital, a Traditional Senior Private Debt provider focusing on traditional senior secured lending to the mid-cap corporate market in Northern Europe (DACH, Benelux and the Nordic Region). Johan has over 30 years of experience in leveraged finance and corporate finance. Prior to joining ARCOS, Johan worked first with UBS for 12 years in London in corporate finance where he led teams advising corporates and private equity firms on M&A, equity and debt related transactions. He then joined RBS for 13 years as Managing Director and was responsible for originating, structuring and managing corporate loans in the European Leveraged Finance market. Johan also served as Board member of RBS’ Leveraged Finance Division and as Chairman of the bank’s Leveraged Finance Credit Committee.

Michael Massarano is a Partner at Arcmont Asset Management focused on investment in the UK and Nordic regions, with functional responsibility as Co-Head of Human Capital. Michael previously held the position of Principal at BlueBay’s Private Debt Group where he worked from 2017. Prior to BlueBay, Michael was an Investment Associate at Avenue Capital Group focusing on a wide range of credit investments. Before that, Michael worked in the leveraged finance team of Deutsche Bank with a focus on leveraged loans, high yield bond and restructuring transactions. Michael graduated with First-Class Honours from Manchester University (MBS) and holds a Bachelor’s degree in International Business, Finance and Economics.
How has the private debt market fared in 2024 and what growth can we expect in 2025 and beyond? How are managers successfully navigating interest rates cycles and volatility? What have we learned from the recent crises that the market has faced in recent years?