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Specialist Series – Private Credit (Zurich)

In response to growing demand from our members, ILPA is pleased to announce its expansion of educational content to the area of Private Credit strategies and investment through a collaboration with Aksia, an experienced and specialized PC-advisory firm, as ILPA’s exclusive partner for educational private credit content to its members. Aksia provides specialist research and advisory services to institutional investors globally, helping LPs to source, due diligence, and monitor private credit GPs, and advises clients on the portfolio construction and risk management of their private credit allocations. This newly created course, designed by ILPA in partnership with Aksia, has been specifically developed for LPs and is expected to serve members across the spectrum from those new to private credit investing to experienced allocators. Led by seasoned practitioners, this ILPA Institute one-day seminar provides a comprehensive overview of private credit investing, from defining the asset class to manager selection to portfolio construction and risk monitoring.

Course Dates and Fees
April 8, 2019 (Zurich, Switzerland)

Member rate:  €749
Non-Member rate:  €1499

Course Overview

This course will provide a comprehensive overview of private credit investing, from defining the asset class and manager selection to portfolio construction and risk monitoring and will offer participants the tools and knowledge to screen GPs, while providing them with the framework for private credit portfolio construction and the techniques to complete ongoing loan-level risk monitoring. Participants will learn private credit strategies and what motives institutional investors to invest in private credit, as well as diverse strategies and approaches to selecting attractive fund managers and ongoing risk management. Participants will map out strategies and varied risk/return profiles,  look at evaluating a GP to understand its market opportunity and investment ability and learn to identify red flags in GP track records.

Key Learning Objectives

  • Define private credit and map out the universe, which beyond direct lending is often overlooked
  • Understand private credit basics, including common terms, fund structures, and strategies
  • Have the tools and knowledge to screen through GPs and narrow your search to investment managers that meet program objectives
  • Recognize which factors characterize successful managers in order to more effectively select firms with whom to invest
  • Discuss LPs’ varied approach to funding private credit allocations (‘bucketing’) and how the source of capital, whether PE, Fixed Income, Absolute Return, etc., can shape private credit portfolios
  • Review best practices on managing GP relationships and tracking deployment of capital and investment performance
  • Gain tools for improving ongoing risk monitoring, including loan-by-loan analysis and aggregated portfolio exposures

PROGRAM LEVEL: Intermediate

WHO SHOULD ATTEND: Any LP professional wishing to deepen their exposure and understanding of the private credit asset class, whether new to private credit investing or an experienced allocator, and whether private credit is a dedicated area of coverage or a potential fit within your broader scope (e.g., PE, Fixed Income, HF, RE/RA).

This class is especially well-suited to those professionals:

  • Who want to leverage their travel and attendance of the ILPA 2019 European Forum into a day of education
  • Who wish to establish connections and exchange ideas with LPs on a relatively new but expanding asset class
  • Who desire to supplement academic study with practitioner-led, experiential and interactive training

PRE-REQUISITE: No pre-requisites are required to attend the program.

DELIVERY METHOD: Group-Live

CREDIT: Earn 7 CPE Credits

CPE Sponsors logo

Institutional Limited Partners Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org

Details

Date:
April 8, 2019
Event Categories:
Europe, ILPA Institute

Organizer

Name:
ILPA

Venue

Marriott Zurich
Neumuehlequai 42, Zurich, 8006 Switzerland
+ Google Map
Phone:
41 (0)44 360 70 70

Zurich Marriott Hotel

Neumuehlequai 42, 8006 Zurich, Switzerland

 

Patrick Adelsbach

Head of Credit Strategies, Aksia

Patrick is Head of Credit Strategies and has over 20 years of financial markets experience including 18 years focused on research and investment management. He oversees sourcing, research, and risk management for private credit, public credit and event driven investments. Patrick led the creation of Aksia’s private credit business and has worked closely with the institutional investor community to increase acceptance of private credit as an asset class. Prior to joining Aksia, he managed event driven and fixed income emerging markets investments at Credit Suisse and began his career in 1997 at Capital One Financial Corporation. Patrick graduated cum laude in 1997 from the Jerome Fisher Program in Management and Technology at the University of Pennsylvania, contemporaneously earning a BS in Economics from The Wharton School and a BAS in Systems Engineering from the School of Engineering and Applied Science.

Sylvia Owens

Senior Portfolio Advisor, Aksia

Sylvia oversees the implementation of Private Credit portfolios across Aksia’s global base of LPs. As Aksia’s Global Private Credit Strategist, she advises the firm’s clients with respect to portfolio construction, investment selection, pacing, risk, performance monitoring, benchmarking, co-investment programs, structuring, tactical plans and board presentations. She is also a member of the firm’s Private Credit Investment Committee. Sylvia has partnered with prominent industry organizations to increase awareness of Private Credit as an asset class, including spearheading the development of ILPA’s Private Credit Specialist Series, where she is one of the lead instructors for the course. In addition, she speaks regularly at industry conferences about the challenges of building Private Credit portfolios and has contributed to articles including Preqin’s Future of Alternatives Series and Institutional Allocator Magazine. Prior to joining Aksia in July 2016, Sylvia spent nearly a decade in the private market space, working with both investors and GPs across Private Equity, Real Assets and Private Credit selection and positioning. She began her career in 1992 at Goldman Sachs in Chicago, where she oversaw the Midwest Convertibles business and then moved to New York to co-lead the institutional synthetics convertibles business. Sylvia graduated from the University of Southern California with a BA in Economics and East Asian Studies and completed her MBA in Finance from the University of Chicago Graduate School of Business. Sylvia is a founding board member of the Private Equity Women Investor Network (PEWIN), an invitation only group founded in 2008 and that currently has 550 members globally, consisting of women at the most senior levels of their respective firms.

 Anja Bach Eriksson, Senior Portfolio Manager, Sampension
Anja Bach Eriksson, Senior Portfolio Manager, Sampension
“The ILPA Institute was worthwhile in two ways. First, I was able to broaden my knowledge and get new inspiration in a variety of areas that enable one to do a better job. All of the sessions had some key takeaways that were new or put things in a different light. The faculty was also very impressive. Second, the networking was very enjoyable. As a new European member, it turned out to be a great opportunity to meet colleagues from around the world.”
(Chicago 2009 ILPA Institute Level I participant)
 Josephine E. Enriquez, Investment Officer, Los Angeles City Employees’ Retirement System
Josephine E. Enriquez, Investment Officer, Los Angeles City Employees’ Retirement System
“The ILPA Institute was great. I found it informative and the interaction with fellow attendees was very good. The venue itself was also outstanding and the faculty is first-class. Overall, the event was well-organized and the materials were excellent. If you have a chance to attend this program, you should.”
(Chicago 2009 ILPA Institute Level I participant)
 Anthony Albuquerque, Fund Administrator, Glenmede Trust
Anthony Albuquerque, Fund Administrator, Glenmede Trust
“This was an excellent program that presented a wealth of information on a variety of topics. Not only was I able to get something out of every session, but I can also readily apply the information I learned to my day-to-day activities. For anyone involved as a limited partner in the private equity industry, this course is well worth your time.”
Anthony Albuquerque, Fund Administrator, Glenmede Trust
Anselm Adams, Director, PECA Ltd.
Anselm Adams, Director, PECA Ltd.
“The course was very comprehensive and covered a lot of information. The faculty did a great job providing both an academic and practical perspective. The case study format was effective in applying the knowledge we learned and the case studies on Yale and CPPIB were especially relevant.”
(London 2010 ILPA Institute Level I participant)
Kevin Fahey, Director-Investments, CAAT Pension Plan, Public Pension
Kevin Fahey, Director-Investments, CAAT Pension Plan, Public Pension
“The Excel examples of valuation and monitoring provided me with a great set of takeaways. I also really appreciated the level of engagement between the speakers and the participants, and the use of real world examples.”
(Chicago 2011 ILPA Institute Level I participant)
 Helena Kent, Investment Analyst, Hasma Capital
Helena Kent, Investment Analyst, Hasma Capital
“The level I curriculum was very relevant to my role. In particular it supplemented underlying theory with real world examples from industry practitioners. It covered all elements of the PE process and was a great opportunity to talk through current issues with other LPs.”
(London 2011 ILPA Institute Level I participant)
 Susan Buchroeder, Private Equity Analyst, New Mexico State Investment Office
Susan Buchroeder, Private Equity Analyst, New Mexico State Investment Office
“From my experience in Chicago, the ILPA Institute Level I course provided value in three distinctive forms; great practical worth, continuing education credits, and excellent networking opportunities. The course detailed an effective introduction into the asset class and demonstration of performance evaluation for private equity investments. I enjoyed the level of interaction encouraged by the speakers; they kept our minds engaged throughout the course. Furthermore it was an excellent facility and the course agenda gave the group opportunities to network and get to know each other outside of the classroom.”
(Chicago 2012 ILPA Institute Level I participant)
 Anthony M. Tanner, Investment Professional, Nationwide
Anthony M. Tanner, Investment Professional, Nationwide
“I truly enjoyed the event and would highly recommend it to others seeking to further their knowledge of private equity. The course information was relevant, timely, and presented in an engaging and participatory manner. My colleagues and I look forward to participating in future events of this nature.”
(Chicago 2012 ILPA Institute Level I participant)