Private Credit Solutions Webcast: A Closer Look at the Opportunity in Emerging Markets
July 24, 2019
Join the research team at EMPEA and a panel of experienced investors to discuss findings from EMPEA’s recently released special report Private Credit Solutions: A Closer Look at the Opportunity in Emerging Markets. The event will explore how private credit strategies in emerging and transition economies differ from their counterparts in North America and Western Europe, as well as from private equity. The webcast will also include expert perspectives on recent market developments in Africa, Emerging Asia, and Latin America, as well as insights on deal structuring and working with portfolio companies.
Topics to be covered include:
- What are the structural drivers of the EM opportunity? What cyclical factors are at play across different regions and countries?
- How do target returns, leverage levels, and downside protections in EM private credit strategies compared to those in developed markets?
- How do practitioners think about deal structuring and risk mitigation? Which tools have been employed successfully in emerging markets?
- What does the competitive landscape look like across different geographies? What role are banks and non-banks, respectively, playing locally?
- What does the future hold for EM private credit? How might the opportunity evolve in the years ahead?
Confirmed panelists include:
Managing Director and Head of India Credit
Baring Private Equity Asia
Kanchan Jain has 22 years of experience across financial markets in Europe and Asia across deal origination, structuring, underwriting, portfolio & risk, and fundraising. Prior to joining BPEA, Ms. Jain spent eight years focused on the mid-market corporate sector in India, most recently heading and managing Indian Private Debt Fund at Religare Credit Advisor Private Limited (RCAL), and prior to that as Chief Risk Officer & Board Member for Religare Finvest Limited, a mid-market focused NBFC, responsible for managing risk across all businesses. Before joining Religare, Ms. Jain worked for 10 years in London as Managing Director at HSBC and prior to that as Director at Barclays Capital in the Structured Credit business. Before her time in London she worked in debt capital markets covering Asia, based out of Hong Kong with Peregrine Fixed Income Limited across debt syndication, loan trading and risk function. Ms. Jain has lived and worked in India, Hong Kong, and the UK and holds a Bachelor’s degree in Electronics Engineering from VNIT and an MBA from Indian Institute of Management, Calcutta.
Johnny is a partner at Vantage Capital, which is an Africa-focused fund manager with over USD960 million under management across five credit funds. Johnny leads the fund’s investment program in the Nigerian and Ghanaian markets and currently sits as observer or board director for five portfolio companies. Prior to joining Vantage, he worked in the leveraged finance group at UBS Investment Bank in the United States. In this role, he specialized in the basic materials sector, assisting in underwriting transactions and providing relative value investment recommendations for listed debt securities. Johnny began his career in 2000 working as an equity research investment analyst at Wachovia Securities in Atlanta, Georgia. His focus was on macroeconomic trends and investment strategy. Later he spent two years at KPMG in the economic & valuation services division based in New York. In this role, he worked as a generalist providing debt and equity value indications for companies in industries including financial services, steel, and entertainment. Johnny received his MBA from the Wharton School at the University of Pennsylvania and his BS in Economics from Duke University in North Carolina. He became a CFA charterholder in 2007 and is a registered certified public accountant.
The Rohatyn Group
George Monserrat is a Managing Director leading the private credit strategy at The Rohatyn Group (TRG), an asset management firm focused on emerging markets. Mr. Monserrat helped build TRG’s special situations investment practice, where his primary focus has been credit investments. He has participated and led investments in Latin America and EMEA in direct lending, distressed debt, and NPLs. His investment responsibilities include sourcing, due diligence, structuring, and managing exits. Prior to joining TRG in September 2004, Mr. Monserrat spent approximately six years as a Latin American high yield, distressed debt, and equity research analyst at Citigroup, BBVA Securities, and DebtTraders, primarily focused on the consumer, media, and telecom sectors. Mr. Monserrat began his career at the World Bank, where he spent three and a half years working on structural adjustment loans for Central America. He received a Bachelor of Arts in Political Science from Syracuse University, a Master of Arts in Economics from George Mason University, and an MBA with a concentration in Finance from Columbia Business School. He is fluent in Spanish.
Co-Founder, Clearwater Funds
Co-CEO and Co-CIO, Fiera Capital Asia
Rob Petty is Co-Founder of the Clearwater Funds and Co-CEO and Co-CIO of Fiera Capital (Asia). Since founding the Clearwater Funds in 2001, Rob and his partner Amit Gupta have invested profitably across cycles, sectors and geographies, building an Asia-focused business that is one of the largest credit investing firms in the region today. Over his career, Rob has focused on Asia-dedicated credit investments, with broad expertise in direct lending, secondary credit and special situations strategies. Rob’s principal responsibilities at Clearwater encompass portfolio management, origination, and overall management of the Firm. Prior to founding Clearwater, Rob worked as a capital committer in Asian credit for fifteen years at Lehman Brothers and Peregrine Fixed Income, before moving to the investment side of the business working for Marc Lasry at Amroc Investments for three years. Rob sits on the Board of three Clearwater portfolio companies and also serves as Chair of the Boards of two non-profit organizations, The Emerging Markets Private Equity Association (EMPEA) and EngenderHealth. Rob holds a BA in Political Science from Brown University and is based in Hong Kong with his wife and three adult children.
Chief Investment Officer
Paul Sanford is the Chief Investment Officer at TriLinc Global and is a key member of the Executive Management team. As Chief Investment Officer and Chairman of TriLinc’s Investment Committee, Paul has responsibility for planning, implementing, and managing all investment management-related activities of the Company and its affiliates. He is an experienced investment professional, most recently serving as Managing Director and Chief Investment Officer for Tow Financial Advisors, a Los Angeles-based boutique Registered Investment Advisor. As Chief Investment Officer, he was responsible for developing and implementing Tow’s global investment strategy, performing manager due diligence, and managing all fund investment relationships. His extensive experience in the banking and investment industry includes portfolio manager positions at Deutsche Bank, HSBC, and Morton Capital Management. For over a decade, Paul has been a global macro investor with a focus on central bank policy, GDP growth trends, global interest rates, global currencies, and foreign government policies with an emphasis in emerging markets. He is a published thought leader and a host of regular Investor Briefings on his macroeconomic outlook and global investment strategy. Paul earned his BA in Business Economics from California State University, Long Beach and previously served in the United States Marine Corps. He is a member of the Chartered Financial Analyst (CFA) Society of Los Angeles and the CFA Institute. Paul serves on the Investment Committee for the City of Hope, an independent biomedical research, treatment, and education institution, leading the fight to conquer cancer, diabetes, HIV/AIDS, and other life-threatening diseases.
Senior Director, Research
Jeff Schlapinski is the Senior Director of Research at EMPEA, where he leads a team producing industry data, analysis, and in-depth reporting on private equity, private credit, infrastructure, and real assets investing in emerging economies. In addition to providing quarterly market intelligence to EMPEA’s members, Jeff manages EMPEA’s annual Global Limited Partners Survey and is a regular author of EMPEA special reports and research briefs. He also interacts frequently with the media, fund managers, institutional investors, and industry advisors in order to fulfill EMPEA’s broader mission of informing the investment community on the private capital opportunity set in emerging markets. Jeff graduated from the Edmund A. Walsh School of Foreign Service (SFS) at Georgetown University with a BS in International Economics.Back