November 4, 2025 | NEW YORK

Liquidity Exchange

Tailored for senior professionals who are structuring, allocating, or advising within private credit, secondaries, and real asset markets.
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Agenda

08:00 AM

Registration & Networking

Join us from 8am to pick up your badge and participate in the breakfast networking to kick start your day with new connections! 

08:50 AM

Chairperson’s Welcome

Welcome to liquidity Exchange! Join us for the official opening and welcome remarks to kick-start the day.

The agenda is structured around highly interactive roundtables, where peers lead discussions on what’s actually working in the market. Expect candid exchanges with industry leaders discussing the latest trends and best practices.

09:00 AM

Beyond the Boom: What’s Next for Private Credit Market

After a decade of explosive growth, private credit faces its next big test: navigating a higher-rate, more competitive, and increasingly institutionalized environment. This session brings together senior leaders from top GPs and LPs to explore how strategies are evolving, where capital is flowing, and what the next generation of credit investing will look like.

Session Key Takeaways:

  • Understand how GPs are adjusting origination, pricing, and risk in response to macro and market shifts
  • Learn what LPs expect from managers in this new cycle from structure and fees to transparency and governance
  • Explore emerging opportunities across asset-backed lending, NAV finance, and global private credit strategies
  • Gain insights into the long-term forces shaping consolidation, product innovation, and platform scaling

Michael Bane

Head of Americas Investor Relations & Senior Managing Director

Ardian

Michael Bane joined Ardian in 2011. He established the US Investor Relations team that he currently heads and now comprises of eight professionals between New York, San Francisco, and Santiago. He has been instrumental for developing and maintaining client relationships and fundraising activities in both North America and Latin America. Prior to joining Ardian, Michael previously worked for five years as Vice President within PCG Asset Management and for four years within State Street Corporation. He is based in New York.

Marissa Mahoney

Senior Director of Partnerships and Alliances

National Association of Investment Companies

Marissa Mahoney is the Senior Director of Partnerships and Alliances at the National Association of Investment Companies (NAIC). As Senior Director of Partnerships and Alliances, Marissa leads strategic engagement of the organization’s key industry alliances and corporate partnerships.

Prior to joining NAIC, Marissa was the Director of Education Programs at the Economic Club of Washington, DC. While there, she guided and executed programming for the premier forum for speakers and business leaders in the Washington metropolitan area, including college scholarship programming, nonprofit grant-making, and racial equity efforts. Marissa led the expansion of critical academic and career supports, including mentoring and internships, for students from the District through engagement with regional business executives and companies.

Before the Economic Club, Marissa worked at the Aspen Institute with the Ascend program, where she managed logistics for leadership programming, produced policy briefs and events, and directed operational initiatives for the Ascend network of organizations and individuals working to advance family economic security. While at Aspen, she also co-chaired the employee-led Diversity, Equity, and Inclusion Council.

Prior to attending graduate school, Marissa gained early career experience in investment banking and private equity real estate. She helped place over $1.2 billion in debt and equity securities and managed a portfolio of securitized assets while working at SunTrust. As an analyst and consultant with a private equity fund, she made investment recommendations and provided asset management for a $175 million real estate fund.

Marissa is a Richmond, Virginia native and a graduate of Howard University, with a BBA in Finance. She attained joint graduate degrees in business (MBA) and theology (MDiv) from Emory University.

09:45 AM

Roundtable 1: Best Practice & War Stories

An interactive session designed to surface real experiences, the good, the bad, and the instructive. Participants will share how they’ve navigated complex deals, GP–LP alignment issues, or pricing dilemmas in secondaries and credit.

Who it's for:
GPs, LPs, secondaries buyers and credit fund managers looking to benchmark practices, swap operational insights, and troubleshoot in a candid, peer-only setting.

GP-led Secondaries: What Worked, What Didn’t

  • Lessons from recent continuation fund deals
  • Managing conflicts and fairness opinions
  • How LP rollovers were handled
  • What buyers valued most in the process

Andrew Ward

Partner, Investments

Hollyport Capital

Andrew is a Partner on the investment team in New York, leading deals and sitting on the Investment Committee.

He joined Hollyport in 2021 as an investment team Principal in the London office and relocated to New York in 2024. Andrew originates potential opportunities and leads project teams as they are evaluated and presented at Investment Committee. He also focuses on outreach to market intermediaries, fund managers, and potential sellers.

Andrew has worked in private equity secondaries for more than 14 years and has seen the market develop from around $20bn of transaction volume to over $150bn. He has focused on GP-led transactions for the last seven years and is an expert in this field.

Andrew graduated from the University of Georgia with a degree in Banking and Finance and holds an MBA from INSEAD.  He has worked and studied in five different countries: the US, UK, Hong Kong, Singapore, and France. As well as travelling, Andrew loves to ski, hike, play tennis, and listen to live music.

LP-led Secondaries: Timing, Pricing, and Process

  • When and why LPs chose to sell
  • Experience with pricing discounts vs. NAV
  • Legal/process friction points
  • Working with intermediaries or going direct

Emma Davies

Chief Investment Officer    

Guys & St Thomas' Foundation

Emma leads our investment strategy together alongside our Investment Committee, helping to grow and evolve our charitable endowment, one of the largest in the UK.

Emma brings a wealth of experience and an acute understanding of growing and managing teams while achieving strong investment returns. Most recently, Emma was co-CEO of Octopus Ventures and founding Chief Investment Officer at Big Society Capital.

Prior to this she held roles in world-class investment houses including JP Morgan, Perry Capital, The Wellcome Trust and Marylebone Partners. Throughout her career, Emma has been particularly interested in ESG and impact considerations – she believes passionately that the business of business is to work to solve the challenges faced by people, societies and the planet.

Emma holds an MA from the University of Oxford and an MSc from London School of Economics.

Private Credit Real Estate: Managing Risk & Return

  • Structuring for downside protection
  • Managing liquidity in real estate debt portfolios
  • Loan workouts: what’s changed in today’s market
  • GP and borrower communication under pressure

 

Larry Rosenthal

Real Estate Investment Professional

Prospect Capital Management

10:45 AM

Networking Break

Take a moment to recharge and connect with fellow attendees over fresh coffee and light refreshments.
11:15 AM

Roundtable 2: Problem-Solving Sessions

These discussion-based clinics are designed to help you dissect pressing challenges, from NAV-based finance structures to LP roll-over terms in continuation funds. Bring your current hurdles and hear how others are solving them.

Who it’s for:
Senior GPs, secondaries specialists, and institutional LPs who want to move beyond theory and talk through the structuring, governance, and risk management details that matter now.    

Fund Liquidity Planning & NAV-Based Lending

  • When to consider NAV finance and when not to
  • Risks and terms: lender vs. borrower views
  • Transparency and LP communications
  • Real estate NAV vs. PE NAV nuances

Steve Moseley

Managing Director

Wafra

Structuring LP Liquidity Options

  • Partial tenders vs. full sales
  • Designing roll/cash-out options
  • Setting pricing mechanisms and timelines
  • How GPs can create alignment while offering choice

Stéphane Chevrier

Partner

Bex Capital

Stephane Chevrier is a Partner at BEX Capital and a member of the Investment Committee. He is based in New York. Stéphane joined BEX Capital in 2021 from Invesco Private Capital, formerly OppenheimerFunds, where he was responsible for private equity in New York. Prior to joining Invesco, Stéphane ran his own business, Equifin Alternative Investments with a focus on intermediation in secondary private equity markets. In the early 2000s Stéphane took part in establishing Ardian’s US secondary business and investor relations, first from Paris and then from its New York office between 2004 and 2010 where has was a Managing Director. Stephane graduated from the University of Quebec in Montreal and from Dauphine University in Paris. A French and American national, Stephane is fluent in English and French.

Valuation Challenges in Down Markets

  • Real-time NAV tracking in volatile sectors
  • External validation: who to trust and when
  • How valuation disputes derail deals
  • Transparency expectations from LPs and lenders

 

Lynnette Ferguson

Global Co-Head Investment Specialists (Americas)

J.P. Morgan

Lynnette Ferguson, CFA – Global Co-Head Investment Specialists (Americas)
Ms. Ferguson is Global Co-Head of Investment Specialists focusing on Americas for J.P. Morgan Alternative Asset Management Hedge Fund & Alternative Credit Solutions. She sits on the JPMAAM Investment Committee as well as the group’s Management Committee. Prior to joining JPMAAM in August 2018, Ms. Ferguson was a Partner and CEO at Blantyre Capital from 2016 to 2017, where she was an Investment Committee member and ran the non-investment side of the business. Prior to Blantyre, Ms. Ferguson spent 5 years as the Head of Marketing & Investor Relations for the JPS Credit Opportunities Fund, a relative value credit hedge fund owned by JPMorgan Asset Management. Early on in her career, Ms. Ferguson spent 9 years in Manager Research at Financial Risk Management, where she was a director, responsible for underwriting macro and credit hedge fund managers. Ms. Ferguson holds a Master’s Degree from the University of Cambridge in the United Kingdom and holds the Chartered Financial Analyst® (CFA) designation.

12:15 PM

Networking Lunch

Enjoy lunch while connecting with peers, speakers, and industry leaders. It's the perfect opportunity to continue meaningful conversations, build new relationships, and refuel for the afternoon sessions. 
01:15 PM

Roundtable 3: Collaboration & Syndication Strategies

Focused on building new partnerships and sharing models for collaboration. These sessions will explore how LPs are co-investing, how syndication in credit and secondaries is evolving, and how to assess alignment in potential partners.

Who it’s for:
LPs seeking peer comparisons, GPs looking to form syndicates, and advisors facilitating complex transactions, anyone who wants to leave the day with clearer next steps and new connections.

LP–GP Relationship Evolution

  • Co-investments in secondaries and credit
  • Transparency and trust in long-dated vehicles
  • How LPs evaluate repeat sponsors
  • Incentives for alignment across cycles

Angela Rodell

Former Chief Executive Officer

Alaska Permanent Fund Corporation

Rudy Hobson

Senior Managing Director

The Colorado Health Foundation

Rudy Hobson has a diverse work experience spanning over several roles and industries. Rudy is currently an IADEI Fellow at Institutional Allocators for Diversity, Equity, & Inclusion, as well as a Senior Managing Director at The Colorado Health Foundation. Prior to these positions, they served as a Venture Partner & Investment Committee member at Maroon Invest Global, focusing on women and minority-led ventures and health and environmental impact investing. Before that, they worked as a Managing Director Investment at New York-Presbyterian Hospital and as a Portfolio Manager at the University of California. Rudy also has experience as a Managing Partner at Fiduciary Research & Consulting, a Research & Portfolio Manager at Pacific Alternative Asset Management Company, and an Engineering Program Manager at Sun Microsystems. Rudy started their career as an Engineer at Applied Materials and also worked as a Product Design Engineer Intern at Cisco.

 

Rudy Hobson's education history includes a Master of Science degree from Stanford University School of Engineering. The specific field of study during their time at Stanford is not provided. Rudy also holds a Master of Business Administration (MBA) from UCLA Anderson School of Management, with a focus on Finance & Entrepreneurial Studies. Prior to their MBA, they earned a Bachelor of Science (B.S.) degree from the United States Naval Academy, majoring in Engineering & Economics. Furthermore, Rudy completed the International Baccalaureate Diploma Program, although their specific field of study is not mentioned. In addition to their formal education, Rudy Hobson obtained a Certificate in Quantitative Finance (CQF) from Wilmott / Fitch Learning, but the month and year of completion are not provided.

The Future of Secondaries Deal Teams

  • How are teams being resourced post-2021 boom?
  • Blending secondaries + credit skill sets
  • What firms are looking for in partners or hires
  • Internal alignment: origination vs. IR vs. structuring

Amyn Hassanally

Global Head of Private Equity Secondaries

Pantheon

Amyn is a Partner and Global Head of Private Equity Secondaries. Prior to joining Pantheon Amyn was an Investment Partner at Coller Capital, where he worked for 17 years in both London and New York and was formerly the global Co-Head of Investment Execution. Prior to joining Coller, he practiced corporate law, focusing on private equity transactions and fund structuring. Amyn holds a bachelor’s degree in Politics from Brandeis University and a JD in Law from the Duke University School of Law.

Syndicating Credit Risk in Real Estate

  • Club deals and who leads
  • Managing capital stacks across parties
  • How distressed deals are being shared
  • The role of intermediaries in deal flow

 

Akhil Mago

Founder & Managing Partner

Indago Capital

Akhil Mago is the Founder and Portfolio Manager at Indago Capital LLC.  Prior to launching Indago, Akhil was Executive Managing Director, and Global Head of Structured Products at Och-Ziff.  Akhil was also a Member of the Och-Ziff Portfolio Committee and Commitments Committee.  While at Och Ziff, Akhil led a team of 14 investment professionals in New York and London that were instrumental in building Och-Ziff’s structured products and asset-centric investing business from inception.  His team managed a multi-billion-dollar portfolio of asset-focused investments.  Prior to Och-Ziff, Akhil was the Lead Mortgage Credit Analyst at Lehman Brothers.  Indago Capital is a private credit firm focused on the asset-based finance space.  In today’s environment of banking retrenchment, Indago Capital is designed to seize the opportunity to deliver bespoke, creative solutions to specialty finance counterparts who face increasing hurdles to traditional financing. Indago is uniquely positioned to step in where banks have stepped back, unlocking excess returns across both private and public markets

02:15 PM

Business Building 1:1s

These focused, 1:1 meetings are designed to facilitate meaningful conversations between senior leaders across private credit, secondaries, and real estate. Whether you're a GP seeking capital partners, a secondaries buyer exploring new opportunities, or an advisor building deal flow, the format allows for direct, high-value introductions

04:30 PM

Cocktail Reception

Wrap up the day with relaxed cocktail reception, a great way to unwind and reflect on the day with fellow attendees.