Low bond yields, the threat of rising interest rates and the need for lower volatility are making private debt a popular choice among a growing number of institutional investors. We invite you to join for a panel discussion/ luncheon on October 15, 2015 to hear of noteworthy developments in the private credit markets and opportunities for institutional investors, including:
• Differentiating characteristics of senior middle market loans, bank syndicated loans, opportunistic credit, high yield and other fixed income strategies
• Impact of supply/demand for capital on private equity sponsors and deal terms
• Trends in direct lending, including a drive to offer one-stop “credit solutions” and changes to traditional bank loan distribution model
• Significance of the sale of GE Antares sponsor finance business to the Canadian Pension Plan
The program offers the Northern California investment professional community a balanced and objective overview of market dynamics, risks and opportunities in private credit.
The panel will be moderated Randy Schwimmer, Senior Managing Director, Head of Origination and Capital Markets, Churchill Asset Management (and editor of The Lead Left, the premier newsletter on middle market lending activity) and will feature the perspectives of the following panelists:
Co-Chief Executive Officer and President, FFL
Spencer is Co-CEO and President of FFL and was a founder of the firm in 1997. He is a Director of Levi Strauss & Co., AmericanWest Bank and Strategic Investment Group; and was previously a Director of Korn/Ferry International, Milestone AV Technologies, BearingPoint, Inc., JonesTrading Institutional Services LLC and and Wilton Re Holdings Limited. He is a member of the Fellowship Campaign Executive Committee for Lincoln College, Oxford and a Director of Americans for Oxford, Inc. and was an advisor to the Investment Committee of the William and Flora Hewlett Foundation for 10 years. Spencer previously spent nineteen years with Morgan Stanley as an investment banker and manager. He was a member of the worldwide Investment Banking Operating Committee, Head of Investment Banking in Asia and Head of Corporate Finance for Europe. He earned an M. Phil. in Management Studies at Oxford University as a Rhodes Scholar and graduated from the University of the Witwatersrand in Johannesburg with a B.A. (Hons) in Economics.
President & CEO, Churchill Asset Management
Kenneth J. Kencel serves as President & CEO of Churchill Asset Management. Throughout his over 30-year career Mr. Kencel has accrued a broad range of experience in leading middle market financing businesses. Previously, he was a Director and President of Carlyle GMS Finance; founded and was President and CEO of Churchill Financial; and served as Head of Leveraged Finance for Royal Bank of Canada as well as Head of Indosuez Capital—a leading middle market merchant banking and asset management business. Mr. Kencel also helped to found high yield finance businesses at both Chase Securities (now JP Morgan) and SBC Warburg (now UBS). Mr. Kencel serves on the Board of Advisors and is an Adjunct Professor at the McDonough School of Business at Georgetown University. He earned his B.S. in Business Administration, magna cum laude, from Georgetown University and his J.D. from Northwestern University School of Law. He lives and works in New York.
Don C. Stracke, CFA, CAIA
Senior Consultant, NEPC
Don began his investment career in 1985, and he joined NEPC in 2009. Working out of our Redwood City, CA office, his consulting responsibilities include servicing large and mid-size public pension funds exclusively. Don is a member of the Large Cap Equity Advisory Group.
Prior to joining NEPC, Don was the Director of Marketing/Client Service at Shenkman Capital Management and Attalus Capital. At both firms he was responsible for the overall management and execution of sales, marketing, and client service and was a member of the executive committee. Prior to Attalus, Don spent seven years as the Director of Corporate Client Services for Dresdner RCM Global Investors. His previous work experience includes eight years at Bankers Trust, where he was an investment consultant working with some of the most sophisticated plan sponsors in the country in the areas of risk measurement and analysis, asset allocation, and manager search.
Don received his bachelor’s degree from Farleigh Dickinson University and his M.B.A. from Rutgers University. In addition, he holds the Chartered Financial Analyst (CFA) designation and the Chartered Alternative Investment Analyst (CAIA) designation.
Robert Shaw, CFA
Managing Director, Public Markets
San Francisco Employees’ Retirement System
Robert oversees $15 billion in public market equities and fixed-income assets for SFERS. Since joining the retirement system in 2008 as head of public equities, he has held several positions – including interim CIO. The fixed-income team that he oversees has been responsible for underwriting in excess of $500 in private credit across a broad range of US and non-US strategies. Prior to SFERS, Mr. Shaw was a consultant with Callan Associates. Mr. Shaw is a member of the Investment Advisory Counsel for the Alaska Retirement Management Board, which is responsible for over $25 billion in pension assets. He earned a BA in finance from Seattle University and an MBA from The Wharton School at the University of Pennsylvania.
Senior Managing Director, Head of Origination & Capital Markets, Churchill Asset Management
Senior Managing Director Durant D. (“Randy”) Schwimmer supervises origination and capital markets for Churchill Asset Management. He is widely credited with developing loan syndications for middle market companies. Mr. Schwimmer brings 30 years of experience in middle market finance to Churchill Asset Management, having served as a Senior Managing Director and Head of Capital Markets & Indirect Origination at Churchill Financial. In those positions, he took responsibility for all loan capital markets activities and for managing the firm's indirect origination platform. Before then, Mr. Schwimmer worked as Managing Director and Head of Leveraged Finance Syndication for BNP Paribas. He spent 15 years at JP Morgan Chase in Corporate Banking and Loan Syndications, where he originated, structured, and syndicated leveraged loans.
Mr. Schwimmer graduated from Trinity College with a cum laude B.A. He earned his M.A. from the University of Chicago.
CFASF Members: $25
Lunch will be served.
11:30am until 1:00pm
Olympic Club City Clubhouse
524 Post Street,
San Francisco CA 94102
Business Casual - no jeans
This event qualifies for 1 hour of continuing education credit for CFA Charter holders.
Please contact firstname.lastname@example.org with at least 24 hours’ notice to receive a full refund.