November 4, 2025 | NEW YORK

Liquidity Exchange: Private Credit & Secondaries Forum

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

08:15 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! 

09:10 AM

Opening Remarks

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.

09:15 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

Moderator

Fadi Samman

Partner, Investment Management

Akin

Fadi represents domestic and international fund sponsors in connection with organizing, structuring and operating private investment funds, including private equity funds, real estate funds, venture capital funds, fund of funds, secondary funds and hedge funds. He advises institutional investors in connection with their investments in private investment funds, including acquiring and selling those investments on the secondary market.

Fadi also represents his investment fund clients in connection with their investment activity, including leveraged buyouts, joint ventures and minority equity investment transactions. In particular, he has represented private equity and venture capital funds in connection with numerous preferred stock investments in technology and emerging growth companies from their initial start-up phase through multiple rounds of financing, strategic growth and exit opportunities.

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.

Martin Urdapilleta

Co-Founder

Henry Capital

Marilyn Adler

Managing Partner

Mizzen Capital 

10:00 AM

Networking Break

Take a moment to recharge and connect with fellow attendees over fresh coffee and light refreshments.
10:30 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

Facilitator

Alex Roggio

Alex Roggio (Special Counsel, Funds) 

Winston & Strawn LLP

Alex has represented leading private equity firms and alternative asset managers in structuring, negotiating, and executing high-stakes transactions across a range of sectors and strategies. His practice includes single and multi-asset continuation fund transactions, sponsor-led recapitalizations, and secondary portfolio sales, often involving cross-border elements and novel deal mechanics. He regularly counsels sponsors pursuing strategies, including buyout, real estate, fund of funds, funds of one, separate accounts, joint ventures, and co-investment vehicles. Alex’s deep understanding of market trends, dynamics, and regulatory considerations makes him a trusted advisor to clients seeking strategic capital formation and liquidity solutions in a rapidly evolving landscape.

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

Facilitator

Matthew Heinz

Partner & Co-Practice Leader

Lockton

Claudine oversees an integrated team of transaction, valuation, restructuring, project finance, and dispute resolution professionals serving clients throughout the lifecycles of their businesses. With specific expertise in managing opportunities and roadblocks that can impact a business moving forward, Claudine and her team help clients achieve optimal outcomes in protecting and growing stakeholder value.

Claudine serves as an adviser to public and private companies, both domestically and internationally. Her clients comprise the full gamut of financial sponsors including private equity investors, independent sponsors, family offices, alternative investment funds, lenders, and strategic investors. Her areas of knowledge include strategic advisory, quality of earnings analyses, identifying revenue sources and profitability drivers, examining operating cost structure and sustainability factors, investigating business models including cash flow and financial projections, reviewing quality and realization of assets and liabilities, identifying working capital requirements and negotiating positions, post-close working capital verification, and adjustment mechanisms.  

Claudine was named to Mergers and Acquisitions 2019 list of the most influential women in mid-market M&A, and Crain’s NY 2018 most notable women in consulting.

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

 

Facilitator

Horace Zona

Managing Director
 

11:30 AM

Agenda Break

11:45 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

Facilitator

Peter Cecchini

Principal, Director of Research

Axonic 

Mr. Cecchini has over two decades of experience as a market strategist and portfolio manager. Prior to joining Axonic Mr. Cecchini was Founder and Chief Strategist of AlphaOmega Advisors, an independent research and consulting firm. Prior to founding AlphaOmega Advisors, Mr. Cecchini served as a Global Chief Market Strategist as well as Head of Cross Asset Strategy at Cantor Fitzgerald. As part of the firm’s cross asset effort, the firm’s credit analytics team was part of Mr. Cecchini’s responsibility. Prior to joining Cantor, from January 2007 to December 2009, Mr. Cecchini was a Partner and Portfolio Manager at Seven Bridges Management, LP. Seven Bridges was an event-driven, special situations hedge fund seeded by Ulysses Management. Prior to Seven Bridges, Mr. Cecchini spent four years at BNY Mellon’s predecessor, Mellon Financial Corporation (within its Mellon HBV Alternative Strategies, LLC subsidiary) most recently as a Managing Director and group head of distressed investing. He directed securities selection, portfolio construction and portfolio hedging. Until its acquisition by Mellon Financial, he spent three years as an analyst and senior analyst at HBV Capital Management. From 2005 through 2007 and upon its emergence from bankruptcy, he sat on the Board of Directors of a North American integrated aluminum producer. Mr. Cecchini has chaired or served on numerous equity, unsecured, secured and bank steering committees. Mr. Cecchini speaks routinely at conferences and appears on various media outlets. Mr. Cecchini holds an MBA from Columbia University (Dean’s List), a JD from Boston University School of Law (Edward F. Hennessey Scholar), and a BA from Haverford College.

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

Facilitator

Chris Shepler

 

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

 

Facilitator

Paul Marino

Partner

Sadis

Paul Marino is a partner in the Financial Services and Corporate Groups. Paul focuses his practice in matters concerning financial services, corporate law and corporate finance. Paul provides counsel in the areas of private equity funds and mergers and acquisitions for private equity firms and public and private companies and private equity fund and hedge fund formation.

Paul works on a variety of M&A transactions, including leveraged acquisitions, divestitures of business divisions, going-private transactions, and other strategic acquisitions and dispositions, in the following industries: manufacturing, telecommunications, consumer products, hospitality, healthcare, and technology, among others. His practice also includes joint ventures and general company representation matters.

Paul has represented national and multinational corporations, ranging from telecoms to tech companies, as well as real estate syndication and financial investors and investment advisors. He has also negotiated and structured a number of U.S. domestic and cross-border mergers and acquisitions and joint ventures.

12:45 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. 
01:45 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

Facilitator

Daniel Newman

Principal

Willowridge Partners

Daniel is a member of the Willowridge investment team focused on secondary transactions across LP-led, GP-led and direct deals. Prior to joining Willowridge, Daniel worked in investment banking at Guggenheim Partners, where he was a member of the Private Capital Advisory team focused on GP-led secondary solutions. Daniel began his career at Lazard on the Private Capital Advisory team working on a variety of secondary and primary fundraising transactions.  Daniel received an A.B. in Economics and Latin American Studies with honors and graduated magna cum laude from Brown University.

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

Facilitator

Jim Sanger

Managing Partner and Founder

Second Alpha Partners

Opportunities for Co-Investing in Asset-Based Finance 

    • Key structural nuances
    • Considerations for Syndication
    • Evaluating Partner Alignment
    • Future of collaboration

 

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

02:45 PM

The Next Chapter for Secondaries

After record fundraising and deal activity, the secondaries market faces a new test: navigating pricing pressures, liquidity challenges, and a rapidly evolving GP-led landscape. This session brings together leading investors and intermediaries to explore how strategies are adapting, where capital is flowing, and what innovations will define the next phase of growth.
  • Examine how market dynamics, pricing, and deal structures are evolving in a more selective secondaries environment
  • Understand how GPs and LPs are managing liquidity, valuations, and portfolio rotation
  • Explore emerging opportunities in GP-led deals, fund recapitalizations, and structured solutions
  • Gain insights into the trends driving innovation, consolidation, and long-term market growth

Moderator

Joseph B. Marks

Senior Managing Director, Head of Secondaries

Capital Dynamics

Joseph is a Senior Managing Director, Head of Secondaries and a member of the Private Equity Investment Committee as well as the Executive Committee. He has over 20 years of experience in private equity. Prior to joining Capital Dynamics, Joseph was a principal at Coller Capital in New York where he was responsible for the origination, evaluation, and execution of secondary portfolio transactions. He holds a Bachelor’s degree in Economics (Honors) from Stanford University, and an MBA and a Juris Doctor in Law from the University of California, Los Angeles. Joseph also holds the professional designation of Chartered Financial Analyst (CFA).

YC Shao

Principal

Headlands Capital 

 

YC Shao, Principal, joined Headlands Capital in 2022 and works on the Headlands Capital Secondary Program. Prior to joining Headlands Capital, Mr. Shao was a Vice President at Intermediate Capital Group (ICG), a publicly traded, $69 billion alternative asset management firm. At ICG, Mr. Shao was responsible for sourcing, evaluating, and executing global private equity secondaries investments. Before joining ICG, Mr. Shao was a Senior Associate at PineBridge Investments, a $142 billion global asset management firm, where he was part of the secondaries team in New York. Mr. Shao began his career as an investment banking analyst at Houlihan Lokey, where he advised clients on middle-market M&A transactions. Mr. Shao holds a BS in Finance and Accounting, from New York University, Stern School of Business, and is fluent in Mandarin.

Niklas Kleine Jäger

Vice President

Montana Capital Partners

 

Before joining MCP, Niklas was a Consultant at EY in the Strategy and Transactions department, where he primarily advised private equity funds on buyout transactions across various sectors. Previously, Niklas gained experience in investment banking with an M&A boutique in New York and in Corporate Venture Capital at BASF. Niklas holds a BSc in Business Administration from the University of Bayreuth.

 

Michael Belsley

Partner

Arctos Partners

03:30 PM

Asset Class Networking

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.