November 30, 2022 | NEW YORK

Agenda- Eastern Standard Time

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8:00 am - REGISTRATION & NETWORKING BREAKFAST

9:00 am - CHAIRPERSON WELCOME & OPENING REMARKS

9:15 am - MACRO PERSPECTIVES: ADAPTING TO HIGHER INTEREST RATES AND ECONOMIC UNCERTAINTY

  • How will inflation, higher interest rates, an inverted yield curve, sunsetting of stimulus money from the pandemic, declining stock prices and the possibility of a recession impact private debt markets and specialty finance?
  • Macroeconomic data on specialty finance – volumes, loan losses, leading indicators, delinquencies
  • Where are we in the credit cycle, and what are the implications?
  • How are specialty finance companies changing business models to adapt to the current environment?
  • How are marketplace lenders dealing with tighter funding for both equity and debt as well as heightened volatility?
  • Are banks moving away from specialty finance? Will there be more distressed credits on bank balance sheets that will be acquired by private equity firms and other private debt investors?
  • Impact of the macro environment on the consumer, business and esoteric sectors within specialty finance
  • Will there be fewer mergers and acquisitions in this period of uncertainty?
  • Where are the most compelling international opportunities at present?

Casey Alexander

Senior Vice President, Research Analyst

Compass Point Research & Trading

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Brett Hickey

Founder & CEO

Star Mountain Capital, LLC

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Jeffrey Marron

CEO & Managing Partner

Sheridan Asset Management, LLC

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Alexander Schoenbaum

CEO

CrowdOut Capital LLC

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Alex Knowland

Vice President

Comvest Credit Partners

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10:00 am - INVESTOR AND LENDER PERSPECTIVES: ASSESSING SPECIALTY FINANCE COMPANIES

  • Trends in private debt, including venture debt
  • Who are the primary lenders and investors in specialty finance at present?
  • Trends in capital raising for specialty finance companies
  • Prerequisites for capital raising for specialty finance companies
  • How are investors managing the increased risk?
  • How have specialty finance structures changed relative to other asset classes within private credit?
  • In many cases, upper middle market private debt providers have displaced the broadly syndicated loan market for raising capital for private equity and venture capital companies. How does this trend affect specialty finance?
  • How does the private credit market look going into a period of economic uncertainty with the possibility of a recession?
  • What’s driving investor interest in asset based lending, equipment finance and collateralized specialty finance products and securitization? What other asset classes are generating significant interest at present, and why?
  • Strategies for selecting assets and investment structures for premium returns
  • Are we likely to see more distressed deals, including buyouts, rescue financing, debt refinancing, restructuring and buying paper at distressed prices?
  • Will there be a shift from public 144A securitization deals to more private placements?
  • Current underwriting standards and expectations on credit quality

Rob Bolandian

Global Head of Investment Banking

Cambridge Wilkinson

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Brian Gerson

Co-President, FS KKR Capital Corp. & Head of Private Credit

FS Investments

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Scott Rosen

Partner

Ares Management

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Sajal Srivastava

Co-CEO & Co-Founder

TriplePoint Capital

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CJ Wei

Vice President, Private Credit

Northleaf Capital Partners

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10:45 am - MORNING NETWORKING BREAK

11:15 am - FINANCING AND RISK MANAGEMENT STRATEGIES FOR SPECIALTY FINANCE COMPANIES: WHAT COMES NEXT?

  • Key considerations for specialty finance companies in selecting among funding options, including banks, asset management companies, private equity firms and syndicated asset backed securities markets.
  • How are pricing and covenants changing in this new environment?
  • Using private debt instruments as an equity bridge before the next equity round
  • Hedging strategies to mitigate interest rate risk
  • The LIBOR replacement and its implications
  • The impact of derivative regulations on specialty finance companies
  • Risk management strategies for smaller and middle market specialty finance companies that don’t engage in interest rate hedging: lowering duration, tenor and term on the books and engaging in more nimble repricing with the market

Moderator

Joyce Frost

Co-founder & Partner

Riverside Risk Advisors

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Christopher Arnold

Managing Director

Pathlight Capital

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Rohit Arora

CEO

Biz2Credit

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Jonathan Bock

CEO

Barings BDC, Inc.

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Chris Donohoe

Managing Director, Investment Banking, Financial Services Group

Piper Sandler

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Mitch Soiefer

Partner

SLR Capital Partners

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12:00 pm - REGULATORY DEVELOPMENTS IN SPECIALTY FINANCE

  • Federal and state regulations pertaining to commercial finance disclosure rules. Does the government want commercial lenders to be more like consumer lenders? How will the new rules impact marketplace lenders?
  • How are policies enacted by the SEC, CFPB and the FTC impacting specialty finance?
  • Regulations that impact fintech companies
  • Key considerations in perfecting a lien accurately
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NETWORKING LUNCHEON

12:30pm - 1:45pm

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LUNCHEON WORKSHOP

12:45pm - 1:45pm INTEGRATING ESG CONSIDERATIONS INTO SPECIALTY FINANCE

  • Where are the opportunities to apply ESG concepts at specialty finance companies? What are the key challenges to overcome?
  • How are investors and lenders considering ESG in their assessment of specialty finance companies? What are LPs demanding of private equity firms in terms of ESG? How is the landscape changing and how is that shaping different investment mandates?
  • Trends in sustainability-linked loans
  • Key considerations in establishing ESG criteria, conducting due diligence and implementing an ESG strategy
  • Examples of ESG-focused companies in specialty finance, including women and minority-led companies and companies that finance projects in energy efficiency, renewable energy, carbon reduction and remediation and agriculture.

Tara Crotty

Vice President, Asset Management

Nuveen Green Capital

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Edward Lee

Vice President

Flexpoint Ford

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ROUNDTABLE DISCUSSION – ROUND 1

1:45pm - 2:45pm

These sessions provide a discussion-oriented setting to cover the most pertinent trends in the specialty finance industry with your peers. They are designed for all participants to share their expertise, and interact directly with experts leading the sector in an intimate setting. Choose among the following topics:

 
  • Roundtable 1: Interest Rate Hedging for Specialty Finance Firms
  • Roundtable 2: Securitization as a Financing Tool & Finding Value in Securitized Markets
  • Roundtable 3: Opportunities in Distressed Investing
  • Roundtable 4: Opportunities in International Markets  

Roundtable 1 Speaker: Joyce Frost

Co-founder & Partner

Riverside Risk Advisors

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ROUNDTABLE DISCUSSION - ROUND 2

ROUNDTABLE DISCUSSION - ROUND 2

2:45pm - 3:45pm Roundtable 1: The Evolving Role of Technology in Specialty Finance

  • How artificial intelligence, blockchain and other innovative technologies are disrupting and transforming specialty finance
  • Are there any good investment opportunities in crypto? What are the prospects for companies that securitize and tokenize hard assets and securities?

Miguel Armaza

Founding Partner

Gilgamesh Ventures

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ROUNDTABLE DISCUSSION - ROUND 2

2:45pm - 3:45pm Roundtable 2: Alternative Asset Classes & Risk Management Strategies for Investors

This roundtable features innovations in specialty finance that have impacted the evolution of the space. The session is an open forum to discuss asset classes that are relatively new or are generating significant interest and strategies for investors to manage risk in this challenging environment.

  • Asset classes within specialty finance that will be discussed: litigation finance, mortgage servicing rights, income share agreements, royalties, life settlements, insurance premium and insurance commission advances, cannabis finance, financing lending against museum quality fine art and debt settlement
  • Diversification strategies and new asset classes to hedge risk
  • Specialty finance company valuations have declined in the unsecured consumer lending space. How do companies in this sector, lenders and investors plan to weather the storm?
  • Many investors have lent to early stage specialty finance companies that are not profitable. How are investors planning to keep these positions healthy? How will they work out of these positions?
  • Active portfolio management strategies to manage risk: key considerations in having conversations with portfolio companies about their recession plan, how to reduce tenor and increase rates if the cost of funds increases; appropriate use of enhanced collateral monitoring and reporting requirements
  • Interest rate hedging as a risk management strategy for investors

Barry Morganstern

Managing Partner

Tarkus Capital Advisors

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Alan Snyder

Founder & Managing Partner, Shinnecock Partners & Founder & CEO

aShareX

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CHAIRPERSON’S CONCLUDING REMARKS & NETWORKING RECEPTION

3:45pm - 4:45pm