10TH ANNUAL

Global Fund

Finance Symposium

FEBRUARY 12 - 14, 2020FONTAINEBLEAU, MIAMI BEACH

LETTER FROM THECHAIRMANIndustry colleagues,

Let me be the first to welcome you to Miami Beach for the 10th Annual Global Fund Finance Symposium hosted by the FFA. 10th Annual… I’m honestly having trouble wrapping my head around that. How can something seem both so long ago and yet so recent?!? Well, the FFA Board decided this was an occasion that simply couldn’t be ignored – we needed to go BIG to celebrate the tremendous growth and success that this organization, and market, has experienced this last decade.

How do you celebrate such an occasion? How about Hillary Clinton to speak about the race for the Democratic nominee during primary season, or Magic Johnson to talk about his extraordinary life (and sadly within weeks of Kobe’s tragic passing), or Carlyle Co-Founder David Rubenstein, clearly the biggest PE name to hit our conference stage yet! Getting just one of these headline names would have been exciting – but in the theme of going BIG – we have all three! Beyond the keynotes we wanted to continue to try and push the content broader and more thought provoking. Enter Stephanie Kelton and Jay Ritter. Astute readers may remember I referenced Modern Monetary Theory in this letter last year, so why not bring in one of the leading authorities on the topic to better educate us on an economic school of thought that is quickly gaining momentum amongst politicians promising a new path. When I reflect on 2019, WeWork’s failed IPO was the most significant finance story of the year. I couldn’t consume enough info on it. While much has been written on the topic – we thought it would be interesting to have the preeminent scholar on the IPO market come in to discuss how the surge in private capital markets have impacted the trends for taking companies public. He also happens to teach at the greatest university in this country! I honestly can’t imagine being more excited about the agenda and hope that is shared enthusiasm with all of you.

All of this doesn’t come together without an extraordinary amount of effort from a number of different people. Thank you so much to the members of the marketing committee, content committee, awards committee, moderators and panelists and all of you that have convinced your institutions this is a value-add event that your firm needs to be engaged in. Special thanks to Matt Skurbe and Steve Willmann for leading the GP outreach and hosting the Fund Manager closed-door discussion, as continuing to grow GP attendance is a core initiative for this event. And of course, a big Thank You to Sequence Events for what has turned into a full-time endeavor supporting our year-round calendar. They are a great team and are behind the scenes with everything we do at the FFA.

Instead of using these next few paragraphs to lay out some market observations and predictions like I normally do, I’d like to take a moment and acknowledge one particular individual for his contributions – and that’s Mike Mascia. Mike will likely be humble and point out that others spend more time these days on preparing this conference than he does, but without Mike there is no FFA, and this certainly wouldn’t be its “10th annual”. For those

newer to the space, the “1st annual” version of this event isn’t on the same stratosphere to what we have today. Mike, a savvy business development lawyer trying to grow his client base, championed putting together a “Subscription Finance 101” type event while building up a practice at Mayer Brown. He recognized a growing market opportunity, but one that only a few handful of banks were really paying attention to. The more banks that understood the product – the larger the base of clients to represent. I don’t know the exact number of attendees that day – rumors vary – I didn’t even attend, “I don’t need an intro to the product!” I thought. But saying it was 50 bankers that attended is probably generous. Mike, and Mayer Brown, continued on that traditions for a few more years. Attendance grew. I even decided to attend the second year. By January 2013 the event had two additional co-sponsors, Appleby and Wells Fargo. Registration was approaching 300, and we even convinced a few fund managers to attend. Then there was an inflection point for Mike. To continue growing the event, and have it achieve its full potential, it needed to open up to all market participants, which meant allowing competitors in. Not everyone was keen on the idea, but Mike pushed it forward and assembled a group of leading market participants to guide the new industry body. Thus the FFA was born. Mike’s only condition – we continue the title sequencing for the event, a nod towards the history and foundation. In 2015, at the 5th annual symposium, we had 36 sponsoring firms. The concept had more than caught on. Now, as we embark on the 10th edition of this event, we’ll surpass 100 global sponsors at events in Miami, London and Singapore. Let alone the FFA University, WFF, Diversity and Next Generation events that have spun off. So if you see Mike this week, give him a quick thanks. Particularly if you were at that 1st event, you’ve likely had a good run at it this last decade, with at least a little part attributed to Mike Mascia.

Here’s a look at the symposium forward calendar, with our first trip to Singapore later this year (I continue to support warm weather markets! Watch out London!).

6th Annual European Fund Finance Symposium. Wednesday, July 8th, 2020. The Landmark Hotel - London

4th Annual Asia-Pacific Fund Finance Symposium. Wednesday, November 11th, 2020. Raffles Hotel - Singapore

11th Annual Global Fund Finance Symposium. Monday to Wednesday, March 15th – 17th, 2020. Fontainebleau – Miami Beach

Thanks again to all of our sponsors and on behalf of the Fund Finance Association Board of Directors, welcome to the 10th Annual

Global Fund Finance Symposium.

Jeff Johnston

Chairman

AGENDA AT A GLANCE

Time Session

Wednesday, February 12, 2020

6:30 – 10:30 PM Registration & Welcome Reception on the Ocean Lawn hosted by &

Thursday, February 13, 2020

8:00 – 9:00 AM Breakfast & Registration

9:00 – 9:15 AM Welcome Remarks

9:15 – 10:10 AM Keynote Address by Former Secretary of State Hillary Rodham Clinton

10:10 – 11:00 AM A Discussion on Modern Monetary Theory with Stephanie Kelton

11:00 – 11:30 AM Networking Break

Track A - Glimmer Ballroom Track B - Flicker I & II Track C - Flicker III

11:30 – 12:15 PM Fund Finance Market Update A Contrast of the Fund Finance Markets in US, Europe, & Asia

CFO’s & Principal Protected Notes

12:15 – 1:40 PM Lunch

1:40 – 2:25 PM Syndication Update Shark Tank Fund Formation Developments

2:25 – 2:55 PM Networking Break on the Glimmer Terrace

2:55 – 3:40 PM IPO Market Update with Jay R. Ritter

Secondary Restructurings and Other Sponsor Topco Financing Solutions

Due Diligence & Credit Underwriting

3:40 – 4:10 PM Networking Break

4:10 – 5:00 PM Remarks by Earvin “Magic” Johnson

5:00 – 5:15 PM Closing Remarks & Awards

5:15 – 7:15 PM Networking Cocktail Reception hosted by

Friday, February 14, 2020

8:00 – 9:00 AM Breakfast

9:00 – 9:50 AM Fireside Chat with David Rubenstein & John Shrewsberry

9:50 – 10:20 AM Networking Break

Track A - Glimmer Ballroom Track B - Flicker I & II Track C - Flicker III

10:20 – 11:05 AM FX Strategies Solutions for GPs Legal Update

11:05 – 11:15 AM Break

11:15 – 12:00 PM Hot Topics in Fund Finance Hybrids, NAV & Other Formsof Fund Level Debt

GP Confidential Flicker I & II

8:00 - 9:00 AMThe GP Confidential roundtable sessions will be an informative set of mini-roundtable discussions exclusively for fund managers that are users of, and not providers of, fund banking services including subscription line finance, other fund finance, and foreign exchange. The 1-hour session will be highly interactive and designed to maximize your networking opportunities with this important peer group. Kroll will also provide a brief presentation on the latest developments in rating innovative fund products. Don’t miss this unique opportunity to benchmark your activities against your peers.

MODERATORS:

Matt Skurbe, Treasurer, Blackstone Steve Willmann, Treasurer & Managing Director, TPG Global, LLC

Welcome Remarks Glimmer Ballroom

9:00 - 9:15 AM

Keynote Address by Former Secretary of State Hillary Rodham Clinton Glimmer Ballroom

9:15 - 10:10 AM

A Discussion on Modern Monetary Theory with Stephanie Kelton Glimmer Ballroom

10:10 - 11:00 AM

Networking Break 11:00 - 11:30 AM

AGENDAFEBRUARY 13, 2020

Fund Finance Market Update Glimmer Ballroom

11:30 - 12:15 PMSola Akinola, Director of Research - Americas, PreqinNick Mitra, Managing Director, Natixis

A Contrast of the Fund Finance Markets in US, Europe, & Asia Flicker I & II

11:30 - 12:15 PMFund Financing is a global financing product - widely used by different asset classes of alternative investment funds in Asia, Europe and North America to facilitate investments and for operational purposes; and the number of financial institutions offering this product is growing on an annualized basis. The purpose of this panel is to explore the similarities and differences, and compare and contrast, the fund finance markets of Asia, Europe and North America from the varying perspectives of the bankers, lawyers and fund sponsor.

MODERATOR:

Albert Tan, Partner & Co-Head of Fund Finance Group, Haynes & Boone

PANELISTS:

Elizabeth Bradley, Partner, Maples Group Jeff Frank, Treasurer, Angelo Gordon Michael Furman, Vice President, SMBC Wesley Misson, Partner, Cadwalader, Wickersham & Taft LLP Raghav Wadhawan, Director, Financial & Strategic Investors Group, Standard Chartered Bank

CFO’s & Principal Protected Notes Flicker III

11:30 - 12:15 PM· An overview of collateralized fund obligations and other fund backed debt structures. · Exploration of the different types of these structured financings and their purposes. · Analysis of the regulatory landscape, including the NAIC recommendations and recent developments. · Dynamic discussion of when to use, how to structure and where to market a CFO.

MODERATOR:

Ariel Zell, Partner, Fried Frank

PANELISTS: Nick Fleischhacker, Senior Vice President, Capital Markets, HarbourVest Partners Pierre Maugüé, Partner, Debevoise & Plimpton Steve Willmann, Treasurer & Managing Director, TPG Global, LLCPramit Sheth, Managing Director, Kroll Bond Rating Agency

Lunch 12:14 - 1:40 PM

Syndication Update Glimmer Ballroom

1:40 - 2:25 PMThe Syndication Update panel will address the syndication of fund finance facilities, including the evolution of the market and hot topics and trends therein. The panelists will provide a general overview of the syndication market and compare and contrast the markets in the U.S., the U.K./Europe, and Asia. In addition, the panelists will discuss the role of the lead arranger, borrowing base and due diligence issues, and the effect of fund structure and regulations on the syndication process.

MODERATOR:

Paul Roder, Partner, Moses & Singer

PANELISTS:

Kiel Bowen, Partner, Mayer Brown LLP Tom Nowak, Managing Director, Bank of America Securities Chris Spitzhoff, Vice President, The Carlyle Group Julie Thick, Executive Director, JP Morgan Peter Vermette, Managing Director, Goldman Sachs

Shark Tank Flicker I & II

1:40 - 2:25 PMAs the Fund Finance market has evolved, traditional financings like subscription/capital call lines have evolved to meet both investor and general partner needs. The panel will give examples of how the bank and non-bank providers can collaborate to provide solutions.. This is not your grandmother’s fund finance market anymore.

MODERATOR: Craig Rydqvist, Senior Managing Director and Global Head of Capital Markets, Varde Partners

PANELISTS:

Kevin Alexander, Partner, ARES Management Terrence Gregersen, Executive Director, Natixis Terry Hatton, Managing Director & Group Head, MUFG Dave Wasserman, Managing Director, Morgan Stanley

Fund Formation Developments Flicker III

1:40 - 2:25 PMThis panel will focus on recent and upcoming developments in Fund Formation and how these developments relate to the Fund Finance market. Moderated by a US borrower-side attorney, the panel will include perspective from a wide array of leading figures in the industry including a fund sponsor, a banker and both borrower and lender-side attorneys from the Cayman Islands. This lively discussion will prepare you for what is happening now, and more importantly, what will be the next big things in Fund Formation in 2020 and beyond.

MODERATOR:

Ben Berman, Partner, Latham & Watkins

PANELISTS:

Steve Burton, Group Treasurer, ICG Alex Last, Partner, Mourant Jonathan Peiper, Managing Director, Mizuho Group Matt Taber, Partner, Harneys

Networking Break 2:25 - 2:55 PM

IPO Market Update with Jay R. Ritter Glimmer Ballroom

2:55 - 3:40 PMThe presentation will focus on the decline in the number of IPOs during 2001-now relative to the 1980s and 1990s, and the returns that public market investors have earned on IPOs, including big vs small companies and unprofitable vs profitable companies.

Secondary Restructurings and other Sponsor Topco Financing Solutions Flicker I & II

2:55 - 3:40 PMThis panel will focus on creative ways Sponsors are using secondary fund investments, preferred stock investments and debt solutions at both the individual fund level as well as at the “top of the house” to solve liquidity issues, succession plan and expand their businesses.

MODERATOR:

Jocelyn Hirsch, Partner, Kirkland & Ellis

PANELISTS:

Robert de Corainville, Partner, 17Capital Stephen Giacolone, Director, Lloyds Bank Mike Pugatch, Managing Director, HarbourVest Partners Kevin Purcell, Managing Director, Dyal Capital Partners Jeremy Tan, Senior Vice President, Macquarie Group

Due Diligence & Credit Underwriting Flicker III

2:55 - 3:40 PMPanel will focus on the credit and legal due diligence aspects of various fund financing structures, focusing on how due diligence may impact credit underwriting from both a lender and borrower perspective; discussion of whether the due diligence and underwriting landscape has changed in the current market environment.

MODERATOR:

Laurie Lawler, Managing Director, Head of PDI Origination and Non-Traditional ABS Lending, Societe Generale

PANELISTS:

Tom Chiarello, Manager, TPG Mark Giles, Senior Vice President, Managing Director, Comerica Eli Mou, Managing Director, Scotiabank Anthony Pirraglia, Partner, Loeb & Loeb LLP Guy Simpson, Head of Equity Fund Resources, Bridge Bank

Networking Break

3:40 - 4:10 PM

Remarks by Earvin “Magic” Johnson Glimmer Ballroom

4:10 - 5:00 PM

Closing Remarks & Awards Glimmer Ballroom

5:00 - 5:15 PM

Fireside Chat with David Rubenstein & John Shrewsberry Glimmer Ballroom

9:00 - 9:50 AMDavid Rubenstein, Co-Founder & Co-Executive Chairman, The Carlyle Group John Shrewsberry, Senior Executive Vice President & Chief Financial Officer, Wells Fargo

Networking Break 9:50 - 10:20 AM

FX Strategies Glimmer Ballroom

10:20 - 11:05 AMOur expert panel of Banks, Sponsors and Advisors will discuss key topics covering credit assessment, structural considerations and approaches when managing FX exposure in closed-end Funds, covering various alternative investment strategies.

MODERATOR:

Michael Orphanides, Managing Director, Bank of Montreal

PANELISTS:

Haakon Blakstad, Partner, Validus Sunil Mody, Managing Director, Morgan Stanley Joe Rocco, Managing Director, Blackstone Jonah Rouizem, Director, Quantitative Advisory, Chatham Financial Corp Philip Yates, Director, Solution Sales, National Australia Bank

AGENDAFEBRUARY 14, 2020

Solutions for GPs Flicker I & II

11:15 - 12:00 PMA discussion on the financing solutions available to GPs, the rise of evergreen funds and hot topics within ESG and cybersecurity.

MODERATOR:

Matt Maguire, Head of Reporting and Business Strategy, Park Square

PANELISTS:

Aaron Cohen, Executive Vice President- Structured Finance, City National Bank Kevin McLeod, Head of Fund Development, Cerberus Capital Management Ed Soogrim, Director, Capital One Steve Rutkovsky, Partner, Ropes & Gray

Legal Update Flicker III

10:20 - 11:05 AMA General update on and discussion of legislative changes and trends in the legal market in the US, the Cayman Islands and Luxembourg.

MODERATOR:

Alistair Russell, Partner, Carey Olsen

PANELISTS:

Christopher Delson, Partner, Morrison & Foerster Anna-Lise Wisdom, Partner, Appleby Martin Wurth, Partner, Clifford Chance Vassiliyan Zanev, Partner, Loyens & Loeff

Networking Break 11:05 - 11:15 AM

Hot Topics in Fund Finance Glimmer Ballroom

11:15 - 12:00 PMThe Hot Topics panel will discuss sponsor and investor fund financing considerations during the negotiation of the fund documentation and during the life of the financing. Our conversation will include practical considerations for each of the general partner, the investors, and the financial institutions when certain events arise during the term of the financing.

MODERATOR:

Eric Schwitzer, Partner, Paul Hastings

PANELISTS:

Jennifer Choi, Managing Director, Industry Affairs, ILPA Walt Jackson, Managing Director and Co-head of Direct Lending, ONEX Credit Jennifer Levitt, Partner, Simpson Thacher & Bartlett Victoria Stewart, Head of Fund Financing, Partners Group AG

Hybrids, NAV & Other Forms of Fund Level Debt Flicker I & III

11:15 - 12:00 PM

MODERATOR:

Sherri Snelson, Partner, White & Case

PANELISTS:

Ron Franklin, Partner, Proskauer Rose LLP Charles Inkeles, Managing Director, Santander Bank Bronwen Jones, Partner, Reed Smith Nick Jordan, Managing Director, CIBC Bill Maier, Partner, Avenue Capital

PLATINUMSPONSORS

APPLEBYAppleby is a leading offshore law firm with close to 500 people, including 60 partners, operating from 10 offices around the globe. We advise global public and private companies, financial institutions, and high net worth individuals, working with them and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions.

Appleby represents combined ingenuity and talent working in the most significant international offshore financial centres, and is focused on the development of new products and the provision of effective service to its clients.

Appleby has been ranked as one of the world’s largest providers of offshore legal services in The Lawyer’s Offshore Survey in recent years. They deliver sophisticated, specialised services, primarily in the areas of Banking & Finance, Corporate, Dispute Resolution, Private Client and Trusts, Regulatory and Property.

BANK OF AMERICA

CADWALADER, WICKERSHAM & TAFT LLPWith more than 225 years of legal experience, Cadwalader serves a diverse client base, including many of the world’s leading financial institutions, corporations and funds. We offer innovative legal representation in matters concerning antitrust, banking and finance, capital markets, corporate law, employee benefits and executive compensation, financial services and regulation, financial restructuring, fund finance, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, securitization, structured finance, tax and white collar defense.

CAREY OLSENCarey Olsen is a leading offshore law firm advising financial institutions, corporations and private clients on Bermuda, British Virgin Islands, Cayman Islands, Guernsey and Jersey law from a network of nine international offices.

Our fund finance specialists have extensive experience of advising on all types of lending to investment funds in Bermuda, the British Virgin Islands, Cayman Islands, Guernsey and Jersey.

Our lawyers regularly deal with subscription facilities, GP leverage, co-invest facilities as well as hybrid and NAV based arrangements, with loan sizes ranging from tens of millions to billions of dollars.

Our team includes banking, finance and investment funds specialists who are hugely experienced in closing deals in this sector. We act directly for banks and borrowers as well as alongside leading global law firms.

Relationships are key and we seek to maintain excellent lender, fund manager and investor relations as a priority.

For more information, visit https://www.careyolsen.com/services/investment-funds/fund-finance

CITY NATIONAL BANKWith $51.1 billion in assets, City National Bank provides banking, investment and trust services through 71 offices, including 19 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis and Washington, D.C. In addition, the company and its investment affiliates manage or administer $71.7 billion in client investment assets.

City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 33 other countries.

For more information about City National, visit the company’s website at cnb.com.

COMERICA BANKComerica Bank’s Equity Fund Services Group specializes in providing a full range of banking services including capital call lines, subscription lines and loans to general partners for leading venture capital and private equity funds throughout the US and Canada. The group is staffed with experienced professionals who understand the unique needs of funds. Our relationship managers work closely with Comerica Bank product experts who can bring solutions to address treasury management, foreign exchange and custody needs. Learn more at Comerica.com. Member FDIC. Equal Opportunity Lender.

FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP Fried Frank advises the world’s leading corporations, investment funds and financial institutions on their most critical legal needs and business opportunities. The Firm’s approximately 500 lawyers are based in North America and Europe. Our premier fund finance practice leverages broad representation of borrowers, investors and arrangers, enabling us to better evaluate evolving market conditions and effectively navigate key issues on behalf of our clients. We have extensive experience in a range of financing transactions for investment funds and other pooled investment vehicles across a wide array of strategies, including private equity, mezzanine, real estate, infrastructure, special opportunities and fund of hedge funds, as borrowers.

HARNEYSHarneys is a global offshore law firm with entrepreneurial thinking built around professionalism, personal service and rapid response. Open, progressive and personable, we provide advice on British Virgin Islands, Cayman Islands, Cyprus, Bermuda and Anguilla law to an international client base which includes the world’s top law firms, financial institutions, investment funds and private individuals. Our network is the largest among offshore law firms with more than 12 locations in major financial centres across Europe, Asia, the Americas and the Caribbean, allowing us to provide reliable and timely service of the highest quality to clients in their own languages and time zones.

Haynes and Boone, LLP logosize: 2.5”(width)

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HAYNES AND BOONE, LLPHaynes and Boone, LLP is one of the leading U.S. corporate law firms with offices across Texas, in New York, California, Charlotte, Chicago, Denver, Washington D.C., London, Mexico City and Shanghai, representing agent banks in Subscription Financings in Asia, Europe, Latin America and North America. With more than 575 lawyers, Haynes and Boone is ranked among the largest U.S.‐based firms by The National Law Journal. The firm was instrumental in developing the structure and documentation for subscription financing in the early 1990s. With over 30 years of industry experience in the global subscription financing market, our Fund Finance Practice has worked through numerous business cycles, taking a multi‐disciplinary approach to working with clients and their customers on each transaction, preserving the lender‐borrower relationship by conducting all negotiations with an understanding of the fund’s business issues, while preserving each fund’s relationship with its investors. Our work in the global subscription financing market has been recognized by Private Equity International’s Global Annual Awards as one of the top law firms in the “Transactions” category for both Asia and North America. Our global team’s focus is a collaborative team approach with an emphasis on partner‐led deals. Our team advises on all types of fund finance including subscription financing, NAV/Hybrid, GP support and management fee financings.

MACQUARIE GROUPMacquarie Group is a diversified financial group providing clients with asset management and finance, banking, advisory and risk capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs more than 15,700 people in over 30 markets. At 30 September, 2019, Macquarie had assets under management of over $US380 billion. The diverse nature of our operations combined with a strong capital position and robust risk management framework, has attributed to our 50-year record of unbroken profitability.

MAYER BROWN LLPMayer Brown, the founding sponsor of the Annual Subscription Facility and Fund Finance Symposium, is a global legal services organization advising clients across the Americas, Asia and Europe. Mayer Brown’s finance platform is based on the Firm’s global position in the world’s leading markets, and partners dedicated to fund finance matters are located in Charlotte, New York, Chicago, London, Hong Kong and Singapore. As a result, the Firm has relationships with every major US lender along with the majority of active lenders in the European and Asian markets, and our lawyers have represented the lead agent and lenders in more than 550 subscription credit facilities since 2008. In addition to subscription credit facilities, Mayer Brown lawyers are experienced documenting the full suite of fund and portfolio-level financings, including NAV facilities, hybrid facilities, private placements, open-end fund facilities, management fee credit lines and an assortment of leveraged asset level transactions.

MORRISON & FOERSTER LLPMorrison & Foerster LLP is a leading global law firm. We regularly represent some of the largest lenders and private funds around the globe in a wide variety of financings, including subscription line of credit transactions and fund formation. We are one of only a few firms that has had an active subscription line financing practice since the inception of the product and we have continued to drive innovation and have remained a key participant in the subscription line financing market through the evolution of the loan market and fund formation. Our deep industry knowledge, combined with our business-minded, client-focused approach, positions us as a market leader in fund financing matters.

MUFGMitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups, has total assets of $326.5 billion at September 30, 2018. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with over 1,800 locations in more than 50 countries. The Group has over 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.

NATIXISNatixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne.

With more than 18,000 employees, Natixis has a number of areas of expertise that are organized into four main business lines: Asset & Wealth Management, Corporate & Investment Banking, Insurance and Specialized Financial Services.

A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks.

OGIEROgier’s international fund finance group based across the world’s leading offshore financial centres provides advice on the full range of fund financings.

Our fund finance specialists are highly experienced and many of our lawyers have been actively involved in drafting key legislation that underpins the fund structures in the jurisdictions that we operate. We have been advising on fund finance since the inception of the funds industry.

Ogier regularly acts for banks, financial institutions, funds and sponsors on a wide range of fund finance transactions. The diverse nature of our practice provides us with a valuable insight and understanding of the funds market and the legal and commercial issues relevant to borrowers and lenders alike.

We pride ourselves on providing responsive and practical advice and our hands-on partner led teams ensure a consistent approach.

REED SMITHReed Smith is a market-leading international law firm specialising in funds finance. With more than 1,700 lawyers across 30 offices, we advise lenders and funds on capital call/subscription lines, NAV and asset-backed facilities, secondary funds facilities, hybrid facilities, co-investment and GP/manager support facilities and other fund liquidity facilities in Europe, the U.S., Asia and the UAE. We have one of the largest team of funds finance lawyers in London and provide specialist advice on the new and developing products in this area. Reed Smith has particular expertise with financings of direct lending, secondary and PE funds. Reed Smith’s funds finance team sits within our Financial Industry Group that contains more than 210 lawyers who provide dedicated multi-jurisdictional services to clients in the financial sector focusing on finance, funds and investment management, regulatory, tax, litigation and commercial restructuring and bankruptcy.

SIMPSON THACHER & BARTLETTSimpson Thacher & Bartlett LLP (www.simpsonthacher.com) is one of the world’s leading international law firms. The Firm was established in 1884 and today has more than 900 lawyers. Building on over 130 years of experience, the Firm has played a substantial role in many of the most complex and noteworthy transactions and matters of the last decades. Headquartered in New York with offices in Beijing, Hong Kong, Houston, London, Los Angeles, Palo Alto, São Paulo, Tokyo and Washington, D.C., the Firm provides coordinated legal advice and transactional capability to clients around the globe.

The Firm offers a market-leading fund finance practice with deep experience providing fund- and asset-level leverage solutions for private equity, real estate, investment, special situations and infrastructure funds. Complementing the Firm’s preeminent private funds practice, our fund finance team represents clients across a broad spectrum of transactions encompassing all aspects of the investment management business.

SMBCSMBC is a global leader in subscription-secured lending to private equity funds investing across multiple asset classes. Globally centralized in New York, SMBC has been originating subscription facilities since 1999 and has originated and arranged more than $40 billion in the last five years for funds in the US, Europe, Asia, Latin America, Japan and Australia.

SMBC has arranged credit facilities for funds investing in the following asset classes: real estate, private equity, infrastructure, energy and natural resources, middle market lending, BDCs, distressed debt, venture capital, fund-of-funds and secondaries.

SMBC is a subsidiary of Sumitomo Mitsui Financial Group, a bank holding company with more than 73,000 employees across 40 countries including 20 offices across Europe, Middle East and Africa. SMFG is one of Japan’s largest banks with $1.8 trillion in assets and SMBC has strong credit rating of A/A1 (S&P/Moody’s). We have a 400-year tradition serving successful companies.

STANDARD CHARTERED BANKWe are a leading international bank, operating in more than 60 of the world’s most dynamic markets. Thanks to our well-established global network, we combine local expertise with global insights to help clients of all sizes build and grow their business.

Fund Financing is a core product offering within our Corporate & Institutional Banking division. Over the last 18 years, we have established a strong reputation for supporting Sponsors with best-in-class fund facilities, ranging across Subscription, Hybrid, NAV, and GP Financing. We are an active Arranger and Lender in the Fund Finance market with in-depth product knowledge that enables us to structure bespoke transactions to suit clients’ needs.

We have a dedicated Fund Finance team that have extensive experience in providing solutions across Private Equity, Real Estate, Credit, and Infrastructure funds, with global coverage teams in New York, London, Dubai, Mumbai, Singapore and Hong Kong.

Find out more at sc.com.

WELLS FARGOWells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial financial services through more than 8,600 locations, 13,000 ATMs, online (wellsfargo.com), and mobile devices. We’re headquartered in San Francisco, but we’re decentralized so every local Wells Fargo location is a headquarters for satisfying our customers’ financial needs and helping them succeed financially. We do business with 70 million customers and one in three U.S. households. Wells Fargo has approximately 273,000 team members in 42 countries and territories across our more than 90 businesses. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

ANZHeadquartered in Melbourne and with a long-term AA- credit rating, Australia and New Zealand Banking Group Limited (ANZ) has a banking heritage spanning more than 180 years in Australia and New Zealand and an established on the ground presence in 15 Asian markets.

As clients look to capitalise on the movement of money and goods across Asia Pacific, they find in us a strong banking partner who can help them manoeuvre the rapidly changing business and regulatory landscape, while effectively managing liquidity, risk and investments.

We connect clients to opportunities centred around trade and capital flows into and within Asia Pacific.

BANK OF MONTREALBMO Capital Markets is a full-service financial services provider, offering corporate and investment banking, treasury management, as well as research and advisory services to clients around the world. As a member of BMO Financial Group (NYSE, TSX: BMO), we’re part of one of the largest diversified financial services providers in North America with US$647 billion total assets and approximately 45,000 employees as of October 31, 2019. BMO Financial Group is the 8th largest bank in North America as measured by assets.

BRIDGE BANKBridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their growth ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance has ranked in the top 10 on the Forbes “Best Banks in America” list for four consecutive years, 2016-2019. For more information, visit bridgebank.com.

CAPITAL ONECapital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $249.8 billion in deposits and $372.5 billion in total assets as of December 31, 2018. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

GOLDSPONSORS

CHAPMAN AND CUTLER LLPChapman and Cutler LLP is a law firm with 240 attorneys in Charlotte, Chicago, New York, Salt Lake City, San Francisco, and Washington, DC that is Focused on Finance. Every day, Chapman attorneys help clients structure and adapt financing arrangements for their business needs and in response to the changing financial environment. Chapman has extensive experience working with lending products for private equity funds and their portfolio companies ranging from traditional subscription financing transactions to secured management company facilities to hybrid facilities.

CHATHAM FINANCIAL CORPChatham Financial is the largest independent financial risk management advisory and technology firm. A leader in debt and derivative solutions, Chatham provides clients with access to in-depth knowledge, innovative tools, and an incomparable team of nearly 700 employees to help mitigate risks associated with interest rate, foreign currency, and commodity exposures. Founded in 1991, Chatham serves more than 3,000 companies across a wide range of industries — handling over $700 billion in transaction volume annually and helping businesses maximize their value in the capital markets, every day. To learn more, visit chathamfinancial.com.

CIBCCIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the U.S., CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions, and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit us at cibc.com/US.

CLIFFORD CHANCEClifford Chance is one of the world’s pre-eminent law firms, with the depth and range of resources to help our clients across all the major global financial centres. As a single, fully integrated partnership, we pride ourselves on our ability to work seamlessly across national borders to deliver broad industry expertise and local knowledge.

Clifford Chance brings a market-leading fund finance proposition, advising lenders and funds on a wide range of financing options, including capital call bridge financing, leveraged NAV facilities and borrowing base deals (including hybrid facilities), along with facilities for general partners. Our global funds/funds formation practice of over 130 lawyers works in tandem with our lending team to provide a complete fund financing platform for our clients.

COMMONWEALTH BANK OF AUSTRALIAThe Commonwealth Bank is Australia’s leading financial institution, with total assets of more than $A975 billion (as at 30 June 2018). The Group is ranked by Standard & Poor’s as the 10th largest bank in the world by market capitalisation (Bloomberg, as at February 2018).

Institutional Banking & Markets provides relationship management and product capability for the Bank’s Corporate, Government and Institutional clients. The Bank offers a range of solutions – from Core Transactional Banking to Debt, Equity and Financial Markets Risk Management Products and Services.

With a deep knowledge of the Australian financial environment along with the Bank’s global presence and extensive experience in the markets, we offer clients a unique set of solutions that caters to a wide range of business needs.

The Commonwealth Bank is headquartered in Sydney, Australia and has a global presence throughout Asia, North America, the United Kingdom, and New Zealand.

CONYERSConyers is a leading international law firm with a broad client base including FTSE 100 and Fortune 500 companies, international finance houses and asset managers. The Firm advises on Bermuda, British Virgin Islands and Cayman Islands law, from offices in those jurisdictions and in the key financial centres of Hong Kong, London and Singapore.

Conyers has a wealth of experience in the fund finance space and takes an integrated approach to fund finance with our team comprised of both fund finance and fund formation lawyers working seamlessly together. This allows us to efficiently handle challenging transactions and minimise unnecessary conflict with borrower counsel to ensure a seamless client experience.

We are ideally placed to advise you from an offshore perspective on all aspects of the fund finance market and to assist you in tailoring and effecting bespoke fund finance solutions.

For more information, click here: https://www.conyers.com/legal-services/finance/fund-finance/

DEBEVOSIE & PLIMPTONDebevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. Our Private Equity practice is a cornerstone of the firm’s Corporate Department, representing a diverse client base of private equity firms and investment funds, advising them on all aspects of their business. We have extensive experience in all facets of fund-level financing transactions and regularly represent our fund clients in this capacity. Our financing lawyers work closely with our fund formation, tax and ERISA lawyers on fund financing transactions. We take a business-oriented approach to develop and implement the best solutions for our sponsor clients and their investors. The breadth of our experience is a direct result of our clients’ bespoke and diverse structures and financing needs, and the depth of our expertise is a direct result of our highly satisfied and loyal client base that rely on us for their fund financing transactions. As a result, we received the 2017 Chambers USA “Finance Client Service Award.”

JP MORGANJPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands.

J.P. Morgan’s Private Bank delivers customized wealth management advice and solutions to wealthy individuals and their families, leveraging its broad capabilities in investing, family office management, philanthropy, credit, fiduciary services and special advisory services to help its clients advance toward their own particular goals. J.P. Morgan’s Commercial Real Estate businesses provide dedicated service, forward-looking insights and tailored solutions, from capital redeployment and investment strategies to private debt and equity placement, asset analysis and portfolio evaluation to help clients address their unique challenges and opportunities and navigate the commercial real estate markets.

KBRAKBRA is a global full-service rating agency dedicated to the restoration of trust in credit ratings. Our core values of Innovation, Collaboration, and Integrity guide everything that we do, from the creation of new standards for assessing risk to offering timely and transparent ratings that the markets have come to rely on. Our mission has been well received and since our founding in 2010, KBRA has established itself as the fastest growing post-crisis rating agency. In that time, KBRA has published over 36,790 ratings and expanded into Europe to better support our long-term strategy of educating the markets globally. Headquartered in New York City, KBRA has 370 employees with additional offices in Pennsylvania, Maryland, Dublin, and London.

At KBRA, we value new ideas and are wary of conventional thinking that stifles Innovation. We believe that Collaboration is key to our success in providing better products for investors, who have come to trust the analysis and Integrity behind our ratings.

KIRKLAND & ELLIS LLPKirkland & Ellis provides exceptional service to clients around the world in complex corporate and tax, litigation, intellectual property, restructuring and counseling matters. The Firm offers clients the unsurpassed resources of a large, integrated, multidisciplinary, global team of more than 2,700 attorneys across 15 offices in New York, Chicago, Boston, Beijing, Dallas, Hong Kong, Houston, London, Los Angeles, Munich, Palo Alto, Paris, San Francisco, Shanghai and Washington, D.C.

Kirkland is a global leader in providing sophisticated advice to investment fund sponsors, institutional investors and other market participants in the alternative investment fund space. Kirkland’s strength lies in our unique ability to bring together best-in-class lawyers in all major markets across an extensive, cross-border private equity platform in the United States, Europe and Asia-Pacific. With more than 400 dedicated Investment Funds attorneys, no other law firm matches the breadth, depth and scope of Kirkland’s experience in investment funds legal services. In addition to offering one of the largest and most active investment funds practices in the world, Kirkland’s platform also includes a dedicated fund finance bench that brings in-depth practical market knowledge to a wide range of financing structures. Since 2017, Kirkland has executed more than 230 fund financing transactions, representing in excess of $35 billion.

LATHAM & WATKINS LLPLatham & Watkins delivers innovative solutions to complex legal and business challenges around the world. From a global platform, our lawyers advise clients on market-shaping transactions, high-stakes litigation and trials, and sophisticated regulatory matters. Latham is one of the world’s largest providers of pro bono services, steadfastly supports initiatives designed to advance diversity within the firm and the legal profession, and is committed to exploring and promoting environmental sustainability.

LLOYDS BANKIn North America, Lloyds Bank Commercial Banking provides sound local US and UK knowledge and advice, providing our clients with the solutions they need to secure growth and manage risk.

Acting as a gateway to expert US-UK financial services, our teams of sector and product specialists deliver industry insight and experience alongside tailored solutions to suit our clients’ individual business needs.

Our offer includes core banking products such as lending, deposits and a range of domestic and international transaction banking services. In addition, through our registered broker-dealer, we provide access to financial markets and to sophisticated capital markets solutions ranging from private-side debt and public financing to risk management products and solutions for global corporates and financial institutions.

Lloyds Bank Commercial Banking has deep local expertise with teams in New York, London, Frankfurt, Amsterdam, Paris and Singapore.

LOEB & LOEB LLPLoeb & Loeb is a premier law firm focused on helping organizations and individuals innovate, grow and evolve in a changing world. Our market leading practice and industry teams deliver practical insight and strategic solutions in complex deals, high-profile disputes, cutting-edge regulatory issues and other matters critical to our clients’ success. The firm has nearly 400 lawyers across seven offices in the United States and Asia. For more details, please visit www.loeb.com.

LOYENS & LOEFFLoyens & Loeff is a leading law firm with integrated legal and tax practices. We handle all matters relating to banking, corporate, investment funds, private equity, real estate and tax law. Our offices in the Benelux and Switzerland mainly represent banks, financial institutions, investment funds and corporations, operating internationally.

Our global fund finance team advises in relation to the structuring of fund finance transactions and the related security packages. Relying on our extensive experience in the structuring of capital call subscription credit facilities, bridge facilities and permanent leverage facilities, we handle transactions involving alternative or regulated investment fund borrowers of all types, sizes and asset classes. Major lenders, investment fund managers, sponsors and market players in both the US and European markets count on our expertise regarding fund finance transactions. Our dedicated fund finance team has successfully acted for the most active international banks, arrangers, lenders and fund managers in these markets.

MAPLES GROUPThe Maples Group, through its leading international legal services firms, advises global financial, institutional, business and private clients on the laws of the British Virgin Islands (“BVI”), the Cayman Islands, Ireland, Jersey and Luxembourg, and is an independent provider of fiduciary, fund services, regulatory and compliance, and entity formation and management services. Combining the Maples Group’s leading finance and investment funds capability, the Group’s Fund Finance team has widespread experience in advising on all aspects of fund finance and related security structures for both lenders and borrowers. The Maples Group distinguishes itself with a client-focused approach, providing solutions tailored to their specific needs. Its global network of lawyers and industry professionals are strategically located in the Americas, Europe, Asia and the Middle East to ensure that clients gain immediate access to expert advice and bespoke support, within convenient time zones. For more information, please visit: maples.com.

MIZUHO AMERICASMizuho Americas is a leading financial institution comprising several legal entities, which together offer clients corporate and investment banking, financing, securities, treasury services, asset management, research and more. With professionals in offices throughout the US, Canada, Mexico, Brazil and Chile, Mizuho’s operations in the Americas connect a broad client base of major corporations, financial institutions and public sector groups to local markets and a vast global network. Learn more at mizuhoamericas.com.

Mizuho Americas is an integral part of the Japan-based Mizuho Financial Group, Inc. (NYSE: MFG). Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services including private banking and venture capital through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40 countries throughout the Americas, EMEA, and Asia. As of December 31, 2018, its total assets were $1.8 trillion. Learn more about Mizuho Financial Group at www.mizuho-fg.com.

MORGAN STANLEYMorgan Stanley has earned a worldwide reputation for excellence in financial advice and market execution. With offices in more than 41 countries, the people of Morgan Stanley are dedicated to providing our clients the finest thinking, products and services to help them achieve even their most challenging goals.

MOSES & SINGER LLPMoses & Singer LLP provides legal services to a broad array of clients, including prominent banks, companies, individuals and families. Our Banking & Finance Practice Group has deep perspective in fund finance structures and documentation, having represented money center banks in investor note financings in the early 1980s and in subscription financings since the 1990s. We have been an industry source of innovative structuring and documentary language, providing cost effective services to agent banks and syndicate members in subscription financing transactions involving a multitude of sponsors, funds, investors, jurisdictions and structural landscapes.

MOURANTOur market-leading funds team spans time-zones and has an outstanding international reputation in offshore investment funds, working across a wide range of alternative fund asset classes – traditionally real estate, private equity, credit and hedge funds. We advise on the formation, structuring and regulation of investment funds in the Cayman Islands, the BVI, Jersey and Guernsey, and our lawyers provide ongoing legal advice to offshore funds and their managers and investors.

Our ‘one firm’ approach means that working together with clients we deliver seamless, objective and commercially grounded advice on the comparative advantages and disadvantages of the leading offshore fund jurisdictions. Our team exercises true commercial judgment in delivering advice often going the extra mile, with a personal approach, and forming genuine partnerships with our clients and their advisers. Clients benefit from our teams working together and making things happen in this way, resulting in deals being delivered on time and within budget.

Visit www.mourant.com to find out more.

NATIONAL AUSTRALIA BANKNational Australia Bank (NAB) is a leading Australian bank. Our global Corporate and Institutional Bank serves international Financial Institutions and Global Corporates through our offices in US, UK, Asia and Australasia.

Our New York based team of specialists provide full relationship services, originating and executing complex product solutions with a specific emphasis on our “Bank For Investor, Bank for Infrastructure” strategy. We work with some of the leading participants in the infrastructure sector – leading deals across the market including energy, resources, transport and commodities sectors – and serve leading financial institutions with banking and markets products.

We have a dedicated Funds business which operates globally through US, UK, Asia and Australia which provides banking solutions for asset managers and financial sponsors. We are an agent for subscription financing and credit facilities for private and publicly listed funds.

PAUL HASTINGSPaul Hastings provides innovative legal solutions to many of the world’s top financial institutions and Fortune 500 companies in markets across Asia, Europe, Latin America, and the United States. We offer a complete portfolio of services to support our clients’ complex, often mission-critical needs—from structuring first-of-their-kind transactions to resolving complicated disputes to providing the savvy legal counsel that keeps business moving forward.

Since the firm’s founding in 1951, Paul Hastings has grown steadily and strategically along with our clients and the markets we serve. We established successful practices in key U.S. and European cities, creating a broad network of professionals to support our clients’ ambitions. In addition, we were one of the first U.S. law firms to establish a presence in Asia, and today we continue to be a leader in the region. Over the past decade, we have significantly expanded our global network of lawyers to assist our clients in financial centers around the world, including the emerging markets of Latin America

PROSKAUER ROSE LLPProskauer’s Finance Group focuses on a wide range of transactions across the debt markets. Our lawyers have remarkable breadth of expertise in acquisition finance, leveraged lending, fund finance, workouts and restructurings, investment grade and commercial lending, structured products, and specialty financings.

Proskauer is a leading law firm with 725+ lawyers serving clients from 13 offices located in financial and business centers in the Americas, Europe and Asia. The world’s leading companies and corporations choose us to represent them in their most critical situations. But more, they consider Proskauer a strategic partner to drive their business forward. We work with asset managers, major sports leagues, Fortune 500 companies, entertainment industry legends and other industry-redefining organizations and individuals.

ROPES & GRAYRopes & Gray is a preeminent global law firm with more than 1,200 lawyers and legal professionals serving clients in major centers of business, finance, technology and government. The firm has offices in New York, Boston, Washington, D.C., Chicago, San Francisco, Silicon Valley, London, Hong Kong, Shanghai, Tokyo and Seoul, and has consistently been recognized for its leading practices in many areas, including private equity, M&A, finance, investment management, hedge funds, real estate, tax, antitrust, life sciences, health care, intellectual property, litigation & enforcement, privacy & cybersecurity and business restructuring.

SANTANDERBanco Santander was founded in 1857 and is headquartered in Spain. It has a meaningful market share in 10 core markets in Europe and the Americas and is the largest bank in the euro zone by market capitalization.

Santander Corporate & Investment Banking (SCIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. We provide and coordinate Santander Corporate & Investment Banking solutions for our clients in all geographies combining industry expertise through specialized teams.

SCOTIABANKScotiabank is a leading bank in the Americas. We provide a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. Subscription finance is a strategic product within Scotiabank’s fund finance platform, which includes traditional lending, prime services, repurchase agreements, total return swaps and conduit finance.

Scotiabank has been a leading financial services provider in the U.S. for more than 125 years. With a team of more than 100,000 employees globally and assets of over $1 trillion (as at October 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOCIETE GENERALEWith more than 12,000 professionals across 37 countries, Societe Generale Corporate & Investment Banking is present in all major markets and is built on the overriding principles of client service over the long term and sound risk management. Standing by its clients across sectors, the Corporate & Investment Bank tailors solutions for clients by capitalizing on our worldwide expertise in investment banking, financing, market activities and investor services.

For more information, visit www.cib.societegenerale.com.

VALIDUSValidus is a leading independent financial services firm, providing market risk management, fund finance advisory and technology solutions to the alternative investment industry. Our clients have more than $2 trillion in combined assets under management.

For the past ten years our core expertise has been to deliver effective and efficient risk management solutions for alternative investment firms, mitigating exposures such as foreign currency or interest rates. Our award winning service also includes turnkey solutions to the operational challenge of implementing, managing and monitoring hedging programmes, through dedicated resources and proprietary technology.

We also provide expert advice and resources to sponsors seeking to establish, refinance and re-negotiate fund finance facilities. Our unique position in the industry enables us to help clients navigate and benchmark the market, design and evaluate optimal structures, and negotiate terms to best meet their requirements.

WHITE & CASEWhite & Case is a truly global law firm, uniquely positioned to help our clients achieve their ambitions in today’s G20 world. As a pioneering international law firm, our cross-border experience and diverse team of local, US and English-qualified lawyers consistently deliver superior results for our clients.

Banking is the founding practice of White & Case. Since the opening of our first office in 1901 on Wall Street, our Finance lawyers have been representing banks and other financial institutions, as well as corporates and financial sponsors in their most complex and innovative financing matters.

Our market-leading team advises on all aspects of financings, from leveraged buyouts, acquisition financings, subscription and portfolio level financings and recapitalizations, to asset-based lending and investment-grade financings; as well as workouts, restructurings, debtor-in-possession financings and exit financings.

ABN AMRO HOLDINGS USA LLCABN AMRO is a leading Dutch bank headquartered in Amsterdam. We offer retail, private banking and corporate banking clients a full range of financial services and advice. Combining our banking expertise with up-to-date knowledge of our clients’ industries, economic circumstances and the latest digital trends, we craft creative solutions that suit your business needs.

We offer a comprehensive package of financial products and services to corporate and institutional clients globally. Our international network is active in 15 countries across all time zones and is driven by the client sectors we focus on.

ABN AMRO’s Financial Institutions Group services clients in Europe, North America and Asia. As part of its strategic focus, the team works with selected investment firms in their banking needs, including fund finance.

We aim to contribute to a better world by thoroughly selecting our business partners and encourage them to do more business in a sustainable manner.

ARTHUR COXArthur Cox is one of Ireland’s leading law firms. For 100 years, we have led the way in the legal field in Ireland. We are an “all-island” firm with offices in Dublin and Belfast. We also have offices in London, New York and San Francisco. Our practice encompasses all aspects of corporate and business law.

We provide targeted advice to banks, financial institutions and new players emerging in the financial services sector. The cross-departmental team of lawyers drawn from our Banking and Finance, Capital Markets, Asset Management and Investment Funds, Financial Regulation, Corporate and M&A, Tax, and Litigation and Dispute Resolution practices has unrivalled breadth and depth of experience working with financial services institutions nationally and internationally.

BARCLAYSBarclays’ dedicated Corporate Banking Funds Team operates globally and provides an extensive range of fund banking solutions, including subscription line and hybrid debt facilities, cash management, trade finance and foreign exchange.

Relationship Directors based in the UK, US and Asia provide creative solutions and excellent service to our Fund clients and work closely with our Investment Banking, Markets, Offshore Banking and Wealth teams to ensure a comprehensive offering. With sector specific knowledge, international expertise and innovative, digital capabilities, our relationship approach is perfectly placed to connect our clients to a world of possibility.

SILVERSPONSORS

CHINA MERCHANTS BANK NEW YORK BRANCHChina Merchants Bank is headquartered in Shenzhen, China and is ranked 19th in terms of Tier-One Capital among the Top 1000 Global Banks of The Banker with more than 1,800 branches worldwide in more than 130 cities. The China Merchants Bank New York Branch offers a wide range of Fund Finance, M&A Finance, Structured Finance, Transaction Banking, Private Banking, and Financial Market services to clients globally with particular focus in the United States and China.

CITI PRIVATE BANKCiti Private Bank is one of the longest-established providers of strategic advice, global access and liquidity for private equity principals and their funds. The subscription credit finance practice is a core product offering of Citi’s Private Bank. As part of Citi’s Institutional Clients Group, we use our extensive global network to provide an institutional service. Globally, Citi Private Bank has over 50 specialists focused on marketing, origination, execution, risk management and day-to-day portfolio management of the subscription credit finance business (of which more than 10 cover Europe). Since 1999 Citi Private Bank has executed over 500 transactions in over 18 countries across the globe.

As a leading global bank, Citi does business in more than 160 countries and jurisdictions, providing consumers, corporations, governments and institutions with a broad range of financial services and products. We strive to create the best outcomes for our clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible.

CITIZENS BANKCitizens Bank, N.A., a subsidiary of Citizens Financial Group, Inc., is a super-regional bank with a national corporate banking focus. For over 18 years the Private Equity Banking Group at Citizens has provided a broad range of commercial banking products and services, including the structuring of capital call/subscription facilities, to the private equity community. In addition, this team works closely with the bank’s Sponsor Finance Group to provide asset level banking services. As part of Citizens’ ongoing commitment to serving the needs of private equity firms, Citizens is the founding corporate sponsor of the Private Equity CFO Association (www.privateequitycfo.org). With nine chapters across the country, the association serves as a networking and thought leadership group for over 1,500 senior financial professionals.

CLEARY GOTTLIEB STEEN & HAMILTON LLPCleary Gottlieb is a pioneer in globalizing the legal profession. Founded by seven lawyers in 1946, our firm has grown to over 1,300 lawyers from more than 50 countries, working across practices, industries, jurisdictions, and continents to provide clients with simple, actionable approaches to their most complex legal and business challenges. We are consistently recognized as leaders in the marketplace for sophisticated, global legal services by publications and directories that cover the legal and financial industries for our success across various practices, including 56 “top-tier” practice and lawyer rankings in Chambers Global. We have 16 offices in major financial centers around the world, but we operate as a single, integrated global partnership and not a U.S. firm with a network of overseas locations. We support every client relationship with intellectual agility, commercial acumen, and a human touch, and we have a proven track record for serving with innovation.

EAST WEST BANKEast West Bancorp, Inc. is a publicly owned company with total assets of $44.2B (as of 12/31/2019), and is traded on Nasdaq under the symbol “EWBC”. The Company’s wholly-owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. EWB Private Equity has teams in NY, Boston, Silicon Valley, Los Angeles, and Hong Kong, comprising 22 dedicated professionals with in-depth knowledge of the fund finance market gained from nearly 20 years of experience on average.This reservoir of extensive underwriting expertise allows us to deliver a wide range of innovative credit structures to fulfill the banking needs of our clients, which are located in every major center of private capital in the U.S. and Greater China. Our portfolio ofnearly $4B includes clients in every asset class, and of every size, managing assets ranging from $50m to over $1T. Please visit us at www.eastwestbank.com/PrivateEquity.

FIRST REPUBLIC BANKFounded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index.

HSBCWe work with a wide range of customers, from small enterprises to mid-market companies and large multinationals, providing them with the tools they need to function efficiently. As a cornerstone of the HSBC Group we have the financial strength to support our customers with working capital, term loans and acquisition or project finance, and the expertise to help them raise money from the stock and bond markets. HSBC Commercial Banking operates in 53 countries and territories, covering the developed and developing markets that matter most to our customers. Through our teams of relationship managers we connect businesses to opportunities, helping them to thrive and grow.

NORTHERN TRUST Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 21 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2019, Northern Trust had assets under custody/administration of $12.1 trillion, and assets under management of $1.2 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Northern Trust has a team of specialized professionals servicing private equity firms through the delivery of a unique mix of corporate banking, fund administration and wealth management solutions. Northern Trust’s highly focused strategy and long-term commitment to the private equity market has been a major driver of the success of our sponsor finance business.

PACIFIC WESTERN BANKPacific Western Bank is a commercial bank with over $26 billion in assets 76 branches primarily located in California, with one in Denver, Colorado and another in Durham, North Carolina. Our Venture Banking Group offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors. We also offer Community Banking and National Lending services. For more information about Pacific Western Bank, visit www.pacwest.com.

PEOPLES UNITED BANKPeople’s United Bank, N.A. is a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with $47 billion in assets and an A- rating from S&P. Founded in 1842, People’s is a premier, community-based bank in the Eastern U.S. offering commercial banking, retail banking and wealth management services through a network of over 400 office locations. People’s is the recipient of 42 awards for client Excellence and Best Brand by Greenwich Associates, was named a 2018 Best Regional Bank in America by Kiplinger’s, and is a top-rated bank in Forbes’ list of America’s Best Employers in 2018.

PNC BANK, NATIONAL ASSOCIATIONPNC is one of the nation’s largest financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, treasury management, real estate finance, asset-based lending, wealth management and asset management. We are focused on delivering ideas, insight and solutions to our clients to help them maximize the value of their business. For more information, visit pnc.com/ideas.

SEWARD & KISSELSeward & Kissel LLP is a global leader in the fund formation, fund finance and securitization industries. We regularly represent the agent, lenders, arrangers and borrowers in all types of fund finance facilities, at both the fund and asset levels, including subscription credit and capital call facilities, asset-based loan facilities, hybrid credit facilities, fund-of-fund loan facilities, debt issuances, private placements, equity commitment facilities, preferred share issuances and other unique products. We regularly work on secured and unsecured facilities, bilateral and syndicated transactions, as well as loans funded by the issuance of commercial paper. Seward & Kissel’s expertise extends to all areas of law associated with finance, including lending, securities, banking, regulatory, formation and governance, bankruptcy and restructuring, real estate, tax, derivatives products and ERISA. We provide innovative and practical solutions to complicated legal issues. We are committed to providing the highest quality legal services in an efficient and responsive manner.

SILICON VALLEY BANKFor more than 35 years, Silicon Valley Bank has helped innovative businesses, enterprises and

their investors move bold ideas forward, fast. Silicon Valley Bank provides a range of targeted financial services and expertise through its office in the UK. With commercial and international

banking services, Silicon Valley Bank helps address the unique needs of innovators. The UK’s leading technology and life science businesses, in all stages of development, look to Silicon Valley Banks’s niche expertise, experience and unparalleled network, as they grow at home and tackle new markets abroad.

Learn more at www.svb.com/uk

Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the

Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

STATE STREETState Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $32.90 trillion in assets under custody and administration and $2.95 trillion* in assets under management as of September 30, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.

*Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $44 billion as of September 30, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

TRAVERS SMITHState Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $32.90 trillion in assets under custody and administration and $2.95 trillion* in assets under management as of September 30, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.

*Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $44 billion as of September 30, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

TRAVERS THRORP ALBERGA Travers Thorp Alberga is a boutique Cayman Islands and British Virgin Islands law firm comprised only of the most experienced lawyers from both jurisdictions and modelled for the post-financial crisis environment. We specialize in highly technical structuring involving complex securities and regulatory issues. Our partners provide incisive and highly effective advice to the highest standard on all types of offshore entities including hedge funds, private equity, corporate and partnership vehicles, asset and structured finance, cryptocurrencies, ICOs/IEOs/STOs, capital markets, general corporate and commercial matters and private client. We advise across a broad- range of fund finance products with particular emphasis on subscription financing, asset backed financing (NAV facilities), hybrid, GP support and co-invest facilities including financings via umbrella facilities and separately managed accounts. We are highly experienced in financing diverse investments, including real estate, distressed assets, loan portfolios and acquisition of assets located in emerging markets. We advise from our offices in Grand Cayman, the British Virgin Islands, Hong Kong and Australia.

WALKERSWalkers is a leading international law firm providing legal, corporate and fiduciary services to financial institutions, investment fund managers, capital markets participants and global corporations.

Walkers was among the first offshore firms to work on equity fund subscription credit transactions and hedge fund financing platforms, for both lender and borrower clients, providing expertise which is unmatched by our competitors. Such global strength and presence has enabled us to spearhead our clients’ continuing expansion into the Asian and European markets. We have been at the forefront of the development of the fund finance market in those regions, working closely with leading financial institutions, investment managers and law firms.

The fund finance team works closely with the Walkers’ top-tier fund formation practice providing for an in-depth understanding of the structures used by investment managers and the legal and commercial issues relevant to fund finance providers. Our clients include agents, banks, alternative lenders and investment fund managers including private equity, credit, real estate and hedge funds.

Our global teams have acted on complex and innovative fund financing solutions including equity bridge facilities, subscription and acquisition financings, capital call facilities as well as traditional products such as repo financing, synthetic borrowings and more esoteric products including NAV based margin loans and fund linked derivative solutions.

ASHURSTAshurst is a leading global law firm with a rich history spanning almost 200 years. Our in-depth understanding of our clients and commitment to providing exceptional standards of service have seen us become a trusted adviser to local and global corporates, financial institutions and governments. With over 1600 lawyers working across 10 different time zones, we are able to respond to our clients wherever and whenever they need us.

Working in tandem with our market leading funds formation practice, we advise lenders and funds on a wide variety of financing structures including capital call, umbrella, net asset value, hybrid, single managed account and management fee facilities. With experience leading fund finance transactions out of Hong Kong, London, Luxembourg, New York, Singapore and Sydney, our global team has the expertise to find solutions to the problems that can arise in a fund financing transaction and to efficiently manage multiple jurisdictions.

BANK OZKBank OZK, formerly Bank of the Ozarks, is a full service commercial bank headquartered in Little Rock, Arkansas with $22.4 billion in assets as of December 31, 2018. Our branch network spans 255 locations across Arkansas, Georgia, Florida, Texas, Alabama, North Carolina, South Carolina, California, New York and Mississippi.

Our Institutional Banking Team focuses on Subscription Credit Facilities and to a lesser extent, asset-backed facilities to more mature funds. We also offer Deposit, Treasury, and Banking services to Fund Entities, Management Company, and General Partner Accounts.

Our purpose is not to be the biggest bank – but to simply be the best one.

CAMPBELLSCampbells is currently celebrating the 50th anniversary of its establishment in the Cayman Islands. From our offices in the Cayman Islands, the British Virgin Islands and Hong Kong we provide comprehensive corporate and litigation advice and services to clients worldwide in relation to Cayman Islands and British Virgin Islands law. We have significant experience and expertise in advising both borrower and lender clients on the offshore aspects of a range of fund finance transactions, including capital call facilities, margin loans, management company facilities and co-investment facilities.

To find out more about the team at Campbells, please visit https://www.campbellslegal.com

CREDIT SUISSEAt Credit Suisse, our strategy is to be a leading wealth manager, with strong investment banking capabilities. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets. Founded in 1856, we today have a global reach with operations in about 50 countries and 46,840 employees from over 170 different nations.

BRONZESPONSORS

DBSDBS is a leading financial services group in Asia, with 26,000 employees and over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS is “AA-” and “Aa1” credit rated.

Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker, “Best Bank in the World” by Global Finance, the “World’s Best Digital Bank” by Euromoney, and has received the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.

DBS provides a full range of services in consumer, institutional and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets, and is committed to building lasting customer relationships.

DECHERT LLPDechert is a leading global law firm with 26 offices around the world. We advise on transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues.

Our preeminent fund finance practice represents financial institutions, alternative lenders and asset managers on a wide array of fund-related financings and loan transactions. Our team is involved in all aspects of funds finance, including providing input on debt and leverage issues at the time of fund formation and downstream structuring and transactions. Dechert delivers effective deal structuring and execution, drawing on an understanding of fund structures and the financing options available to fund entities.

FOLEY HOAGFoley Hoag is committed to helping our clients achieve their desired results by excelling in the time-honored practices of the legal profession and seizing on new ways to continuously improve our performance and service level. Since 1943, Foley Hoag has represented public and private clients in a wide range of disputes and transactions around the world. Our debt finance practice provides a full range of services to both borrowers and lenders in commercial loan transactions and debt offerings. We have established a lengthy record of success in industries such as life sciences, healthcare, technology, energy/renewables, investment management and professional services. From our offices in Boston, Washington, D.C., New York, and Paris, we provide creative, strategic legal advice tailored to clients’ unique goals, and our lawyers share a common emphasis on superior client service. For more information on the firm, visit: www.foleyhoag.com

FUND FINANCE PARTNERS, LLCFund Finance Partners (“FFP”) was created by professionals dedicated to innovation in and growth of debt capital solutions to fund sponsors. FFP has overseen numerous types of fund finance products, benefiting fund sponsors, asset managers, investors, investment strategies, lenders, and types of collateral. Whether it’s the most complex of hybrid facilities, the simplest subscription financings, or debt capital for the fund sponsor’s platform, FFP has the track record and network to implement these solutions, start to finish. Our streamlined approach saves time and money for all parties, allowing fund sponsors to focus on their core investment strategies and asset management goals. For more information, visit www.fundfinanacepartners.com or email us at info@fundfinancepartners.com.

KATTEN MUCHIN ROSENMAN LLPKatten is a full-service law firm with more than 700 attorneys in locations across the United States and in London and Shanghai. Clients seeking sophisticated, high-value legal services turn to Katten for counsel locally, nationally and internationally. The firm’s core areas of practice include corporate, financial markets and funds, insolvency and restructuring, litigation, real estate, commercial finance, intellectual property, structured finance and securitization, transactional tax planning and private wealth. Katten represents public and private companies in numerous industries, as well as a number of government and nonprofit organizations and individuals.

LOCKE LORD LLP

LOCUST POINT CAPITAL Locust Point Capital is an asset management firm specializing in direct lending to the lower middle market seniors housing and care industry. We deliver an opportunistic way for institutional investors to access this sector. Our team has broad lending and investing experience and our investment philosophy is built on providing the transparency, flexibility, and reliability that sophisticated investors demand.

Locust Point Capital’s philosophy of alignment of interests is a guiding principle of our success with our investors, our borrowers, and our team. We seek to partner with long-term, exceptional institutional investors who share our vision for the firm’s future. Our goal at Locust Point Capital is to add value to our investors’ portfolios by achieving strong risk adjusted returns.

MATHESONEstablished in 1825 in Dublin, Ireland and with offices in Cork, London, New York, Palo Alto and San Francisco, more than 670 people work across Matheson’s six offices, including 95 partners and tax principals and over 440 legal and tax professionals. Matheson services the legal needs of internationally focused companies and financial institutions doing business in and from Ireland. Our clients include over half of the world’s 50 largest banks, 6 of the world’s 10 largest asset managers, 7 of the top 10 global technology brands and we have advised the majority of the Fortune 100.

Our Finance and Capital Markets team advises financial institutions and corporations involved in arranging and executing all forms of finance and capital markets transactions in Ireland.

NAUTADUTILHNautaDutilh is an international law firm specialising in Luxembourg, Belgian and Dutch law. The firm was founded in 1724 and is one of the largest in the Benelux. More than 400 lawyers, notaries and tax advisers work at the firm’s offices in Luxembourg, Brussels, Amsterdam, Rotterdam, London and New York.

NautaDutilh Avocats Luxembourg is a key player on the Luxembourg fund finance market providing high quality advice and services. Recommended by the world’s leading legal directories such as Chambers and The Legal 500, our team of 65 lawyers serves a range of national and international clients, from key local players to global market leaders. We serve a wide range of institutional clients, mainly financial institutions, asset managers, large and mid-sized corporates, private equity firms, funds sponsors and IT companies.

We have extensive experience advising on all aspects of investment funds, including fund structuring, regulatory compliance, investor negotiations and fund due diligence.

NOMURA Nomura is an Asia-headquartered financial services group with an integrated global network spanning over 30 countries. By connecting markets East & West, we service the needs of individuals, institutions, corporates and governments through our four business divisions: Retail, Asset Management, Wholesale (Global Markets and Investment Banking), and Merchant Banking. Driven by the insights of some 28,000 people worldwide, we put our clients at the center of everything we do, delivering unparalleled access to, from and within Asia.

SIDLEY AUSTIN LLPEstablished in 1866, Sidley is a global, full-service law firm with more than 2,000 lawyers practicing on four continents (North America, Europe, Asia and Australia). Sidley’s Global Finance practice comprises lawyers who have pioneered the development of financial instruments for the world’s financial markets. Our team provides a comprehensive range of syndicated and leveraged finance, asset-based debt finance and structured finance legal services for clients and around the world. Sidley also provides a broad range of transactional services including mergers and acquisitions, joint ventures and strategic transactions, intellectual property and tax, among many others. In addition, we offer regulatory services to clients in virtually every major industry, and many lawyers in our regulatory practices previously held senior positions in government agencies in the U.S., EU and Asia. Our litigation and arbitration practices operate at the trial and appellate levels, and span virtually every area of substantive law.

SIMMONS & SIMMONSOur market leading global funds finance practice advises financial institutions, alternative lenders, funds and sponsors in a wide range of financings involving different fund asset classes. As the Financial Institutions and Asset Management/Investment Funds sectors are key areas of focus for our firm, our international financial markets practice comprises more than 200 lawyers worldwide. We have leading lawyers in the areas of funds finance, formation, regulatory, derivatives and tax, both in London and internationally through our network of offices across Europe, the Middle East, Africa and Asia and with relationship firms in other jurisdictions. Our experience covers a wide range of funds, including debt, infrastructure, renewable energy, real estate, trade, large buyout and mid-market funds, private equity funds, venture funds, fund of funds and emerging market funds.

SIONICSionic is a global consulting firm. Our focus is on change and we specialise in a unique blend of business and people performance. From our bases across America, Europe and Asia we serve corporate and investment banks; clearing houses and exchanges; asset and wealth managers, private banks, private equity, hedge and fund administrators; insurers and re-insurers. Our specialist expertise covers asset management; client relationship and onboarding; data; finance and fund administration; financial crime and compliance; front office business lines; group risk and capital; learning and development; operations; regulatory change, compliance and control; technology; transformation; wealth management and private banking.

SJL LAW FIRM LUXEMBOURGSJL Jimenez Lunz is a Luxembourg high-end independent business law firm renowned for its savoir faire and reliability with a strong expertise and track record, among others, in Banking & Finance and Fund Finance.

SJL’s teams act both on the side of leading financial institutions and for private equity funds, real estate funds, infrastructure and green and sustainable investment funds.

SJL provides the highest level of legal services in complex cross-border transactions related to all types of funds’ dedicated products, such as capital call facilities and subscription-line facilities, NAV facilities, umbrella facilities.

STIFEL FUND BANKINGStifel Fund Banking is a division of Stifel Bank that provides subscription/capital call lending and treasury management solutions for private investment funds of all types. Stifel Bank is affiliated with Stifel Bank & Trust, each a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), a diversified financial services firm specializing in investment banking and wealth management.

SUMI TRUSTThe Sumitomo Mitsui Trust Group is one of Japan’s largest asset managers and custodian in addition to industry leader in trust-bank-related businesses. We continue to build on our global business model to create unique value-added services associated with the brand of “SuMi TRUST”, with a firm presence not only in the Japanese trust banking industry, but also in the global financial industry.

As one of the largest institutional investors and trust banks in Japan, SuMi TRUST offers a unique approach to alternative investment asset class and leverages its fiduciary spirit and knowledge to be our clients’ “Best Partner”.

SuMi TRUST is one of the largest asset managers in Japan, with AUM of USD 845 billion (as of March 31, 2019). SuMi TRUST manages a broad spectrum of financial products and is well known in Japan for specialized solutions for corporate and public pension funds.

TIAA BANKWith more than 50 years of industry experience and significant knowledge of debt and other capital markets, TIAA Bank’s Specialty & Lender Finance team is well positioned to quickly and efficiently provide you with the funds needed to achieve business objectives. We have recently provided capital call facilities to significant funds and are looking forward to participating with our colleagues in expanding our footprint in this important capital market.

TROUTMAN SANDERS LLPClients navigating sophisticated finance matters trust Troutman Sanders to proactively assess risk, evaluate the business impact and recommend creative solutions. Our team of attorneys has experience handling all types of lending transactions, including those with unusual terms and structures as well as multijurisdictional collateral. Regional, national and global lenders, borrowers and other stakeholders turn to our finance attorneys for a wide range of matters, from financing new opportunities to evaluating and implementing restructuring and workout strategies. Our comprehensive experience enables us to determine the most beneficial course of action for clients, no matter what challenges they face. Our Fund Finance practice represents major US banks and lenders on venture capital and private equity bilateral and syndicated subscription-based credit facilities. We are well versed in advising our clients on how to configure capital call loan facilities to address a complex array of the various fund structures.

UBSUBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS’s strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.

Headquartered in Zurich, Switzerland, UBS has offices over 50 regions and locations, including all major financial centers, and employs approximately 67,000 people. UBS Group AG is the holding company of the UBS Group. Under Swiss company law, UBS Group AG is organized as an Aktiengesellschaft, a corporation that has issued shares of common stock to investors.

GLOBAL LEGAL INSIGHTS

PEI MEDIAPEI is the specialist information group that focuses only on alternative asset classes. These have become essential components of institutional investors’ allocation strategies globally and we major in private equity, real estate, private debt and infrastructure whilst also engaging with emerging new asset classes too.

PREQINPreqin is the home of alternative assets, providing indispensable data, solutions and insights to support alternative asset professionals at every stage of the investment cycle. Since 2003, we have been the most trusted source of information on alternative assets, spanning private equity, venture capital, hedge funds, real estate, infrastructure, private debt, natural resources and secondaries. Our products and services are relied upon by more than 60,000 industry participants in over 90 countries, for a range of activities including fundraising, investor relations, asset allocation, fund manager selection and business development. Preqin is an independent business with over 400 staff based in New York, London, Singapore, San Francisco, Hong Kong, Guangzhou and Manila.

MEDIAPARTNERS

MEET OURSPEAKERS

SOLA AKINOLA Preqin

Sola Akinola is the Director of Research (Americas) at Preqin, the alternative assets industry’s leading source of data, insights and solutions, where he heads a team of over 50 analysts responsible for direct engagements with asset managers and institutional investors across all alternative asset classes. In addition to having full ownership of the Americas’ exclusive, forward-looking and actionable data, Sola is a core part of the senior management of Preqin’s Americas operations.

Prior to joining Preqin, Sola was the Global Head of Deals & Data Content at Mergermarket (an Acuris Company) where he was responsible for the origination, development and execution of content initiatives enhancing Mergermarket’s global M&A deals & data product offering.

With over 15 years of experience working in the financial information industry in both Europe and North America, Sola has played the role of data ambassador through numerous presentations and public speaking engagements covering the M&A and alternative assets industries.

KEVIN ALEXANDERAres Credit Group

Mr. Alexander is a Partner in the Ares Credit Group, where he focuses on alternative credit investments. Additionally, he serves as a member of the Ares Credit Group’s Alternative Credit Investment Committee. Prior to joining Ares in 2019, Mr. Alexander was Deputy CEO and Head of Global Market, Americas at Natixis CIB. Previously, he worked at Deutsche Bank within the Interest Rate Derivatives Group. Mr. Alexander began his career as an Economic Analyst at the New York Federal Reserve Bank. He holds a B.S. from Washington and Lee University in Business Administration and Accounting and an M.A. from Fordham University in Economics.

BEN BERMANLatham & Watkins

Ben Berman is a finance partner in the Washington, D.C. office of Latham & Watkins. A member of the firm’s Banking and Private Equity Finance Practices, Ben represents private equity and private debt funds on their lines of credit ranging in size from $10 million to multiple billions, including: umbrella facilities for multiple funds; uncommitted and committed lines; feeder fund structures; business development companies; separately managed accounts and funds of one; and aggregator funds. Ben also represents borrowers in secured lending and other financing transactions, including: acquisition and corporate financings; NAV and fund level financings; cash-flow and receivables financings; and asset-based loans.

HAAKON BLAKSTADValidus

Haakon is a Partner at Validus, a leading independent financial services firm providing financial risk management, fund finance advisory and technology solutions to alternative investment funds. Haakon previously held various front-office roles at Visa, Hoare Capital, and Société Générale before he started his own company in 2012. This subsequently led him to join forces with Validus in 2014, where he has been responsible for the consistent growth and global expansion of the firm, as well as providing successful risk management solutions to managers with several hundred billion dollars in combined AUM. His main expertise is advising on currency exposures arising from Private Debt and Private Equity investments, as well as the operational and technical challenges associated with managing these risks.

KIEL BOWENMayer Brown

Kiel Bowen is a Funds Finance partner at Mayer Brown. He has significant experience representing domestic and international lenders in negotiating and documenting leverage and liquidity credit lines made to multijurisdictional fund vehicles, including private equity, real estate, REIT, infrastructure, debt, energy and hedge funds. He routinely serves as counsel to lenders and lead agents on bilateral and syndicated credit facilities with complex fund collateral structures, including subscription-secured credit facilities, net asset value secured credit facilities and management fee secured credit facilities. Kiel is a frequent author on issues impacting the fund finance market.

ELIZABETH BRADLEYMaples Group

Elizabeth specialises in banking and finance law, advising clients in structuring, negotiating, implementing and restructuring a range of financing transactions. She acts for leading domestic and global financial institutions, alternative lenders, major corporates, private equity funds and limited partnerships across a wide range of domestic and cross-border finance transactions. These include real estate financing (investment and development), acquisition and leveraged finance, project finance and fund financing, through bilateral and syndicated deals. Elizabeth also advises on loan portfolio sales, acting for purchasers, vendors and servicers.

STEVE BURTONICG

Steve joined ICG plc, a FTSE listed specialist asset manager, in November 2015 as Group Treasurer. He is responsible for all aspects of ICG’s corporate treasury and since joining ICG has assumed responsibility for the funding and risk management activity for all ICG Funds. These include the Europe Mezzanine, Senior Debt, and Secondary funds. In addition, Steve assists with ICG’s Debt and Equity Investor Relations with a focus on developing the US investor base.

Steve is a qualified Accountant (ACMA) and Treasurer (FCT) who spend most of his career in various senior finance roles at British American Tobacco, predominantly in Group Treasury. These roles included Treasurer, Corporate Finance and Global Head of Commercial Treasury and involved stints overseas in locations such as Hong Kong, Vietnam and Russia.

THOMAS CHIARELLOTPG

Thomas Chiarello is a Manager on the Treasury Capital Markets team at TPG. In this role, he is responsible for financing and capital markets activity of the firm and its funds, and bank relationship management. Prior to joining TPG in 2017, Mr. Chiarello was an Associate at Bank of America, where he covered a portfolio of non-bank financial institutions. Mr. Chiarello graduated from the McCombs School of Business at the University of Texas at Austin.

JENNIFER CHOIILPA

As Managing Director of Industry Affairs for the Institutional Limited Partners Association (ILPA), Jennifer Choi directs the association’s engagement with external industry stakeholders to inform and enhance ILPA’s education, research, membership and advocacy platforms. Ms. Choi also leads the implementation of ILPA’s responses to emerging issues impacting the asset class, including efforts to establish and promote industry best practices.

Prior to joining the ILPA, Ms. Choi served as Vice President of Industry and External Affairs for the Emerging Markets Private Equity Association (EMPEA), where she led the association’s member and industry engagement activities, including efforts to encourage policy frameworks that support the growth of the asset class. As EMPEA’s Research Director, she built the industry’s first global database of private equity activity in the emerging markets. Previously, Ms. Choi was a consultant with Boston-based Stax Inc., leading due diligence engagements and providing advisory services for the U.S. private equity and venture capital industry. Jennifer’s other consulting experience includes organizational development and strategy consulting for clients in the healthcare, financial services and pharmaceutical sectors.

Jennifer holds a Masters in Law and Diplomacy from the Fletcher School at Tufts University and a B.A. summa cum laude in Economics and Political Science from Augustana College.

HILLARY RODHAM CLINTON

Hillary Rodham Clinton has spent four decades in public service as an advocate, attorney, First Lady, U.S. Senator, U.S. Secretary of State, and presidential candidate.

Hillary Clinton was born in Chicago, Illinois on October 26, 1947. After graduating from Wellesley College and Yale Law School, she began her life-long work on behalf of children and families by joining the Children’s Defense Fund. In 1974, she moved to Arkansas, where she married Bill Clinton and became a successful attorney while also raising their daughter, Chelsea. During her 12 years as First Lady of Arkansas, she was Chairwoman of the Arkansas Education Standards Committee, co-founded the Arkansas Advocates for Children and Families, and served on the boards of the Arkansas Children’s Hospital, and the Children’s Defense Fund.

As First Lady of the United States, from 1993 to 2001, Hillary Clinton championed health care for all Americans and led successful bipartisan efforts to improve the adoption and foster care systems, reduce teen pregnancy, and create the Children’s Health Insurance Program. She traveled to more than 80 countries standing up for human rights, democracy, and civil society. Her speech in Beijing in 1995 – where she declared that “human rights are women’s rights, and women’s rights are human rights” – inspired women worldwide and helped galvanize a global movement for women’s rights and opportunities.

In 2000, Clinton made history as the first First Lady elected to the United States Senate, and the first woman elected to statewide office in New York. As Senator, she worked across party lines to expand economic opportunity and access to quality, affordable health care. After the terrorist attacks of September 11, 2001, she secured funding to rebuild New York and provide health care for first responders who risked their lives working at Ground Zero. She also championed the cause of our nation’s military and fought for better health care and benefits for wounded service members, veterans, and members of the National Guard and Reserves. In 2006, Clinton was reelected to the Senate, winning 58 out of New York’s 62 counties.

In 2007, she began her first historic campaign for president, winning 18 millions votes and becoming the first woman to ever win a presidential primary or caucus state. In the 2008 general election, she campaigned for Barack Obama and Joe Biden, and in December, she was nominated by President-elect Obama to be Secretary of State.

In her four years as America’s chief diplomat and the President’s principal foreign policy adviser, Clinton played a central role in restoring America’s standing in the world and strengthening its global leadership, visiting 112 countries over 4 years, restoring America’s standing in the world. Her “smart power” approach to foreign policy elevated American diplomacy and development and repositioned them for the 21st century – with new tools, technologies, and partners, including the private sector and civil society around the world. She led the effort to impose crippling sanctions on Iran, laying the foundation for a historic agreement to curb its nuclear program, and negotiated a ceasefire between Israel and Hamas that prevented a new war in the Middle East. Across the world, she defended universal values and pushed the frontiers of human rights.

In 2016, Clinton made history again by becoming the first woman nominated for president by a major U.S. political party. As the Democratic candidate for president, she campaigned on a vision of America that is “stronger together” and an agenda to make our economy work for everyone, not just those at the top. She won the national popular vote, earning the support of nearly 66 million Americans.

Hillary Rodham Clinton is the author of eight best-selling books, including her groundbreaking book on children, It Takes A Village (1996); Dear Socks, Dear Buddy (1998); An Invitation to the White House (2000); her memoirs, Living History (2003), Hard Choices (2014), and What Happened (2017); a picture book edition of It Takes a Village (2017); and The Book of Gutsy Women (2019), in collaboration with Chelsea Clinton.

She and President Clinton reside in New York, have one daughter, Chelsea, and are the proud grandparents of Charlotte, Aidan, and Jasper.

AARON COHENCity National Bank

Aaron Cohen is an executive vice president and manager of City National Bank’s Structured Finance unit. Mr. Cohen is responsible for the bank’s corporate banking, sponsor finance, cash-flow lending and syndicated credit activities. Additionally, Mr. Cohen oversees the division’s capital finance, foreign exchange sales, municipal finance, interest rate risk management, international banking and trade finance, and healthcare teams. Together, Mr. Cohen manages teams that have grown to more than $4.5 billion in combined loans outstanding. He also is a member of the bank’s Executive Committee.

Mr. Cohen began his banking career at City National Bank in 1996. He joined City National’s Structured Finance unit in 2004, became manager in 2011 and assumed his current position in 2016.

Mr. Cohen earned a bachelor’s degree in economics from Emory University and a master’s degree in business administration from the UCLA Anderson School of Management.

Active in the community, he is on the board of Jewish Big Brothers Big Sisters of Los Angeles, where he serves as treasurer, and is an advisory board member with the Los Angeles chapter of Facing History and Ourselves.

ROBERT DE CORAINVILLE17Capital

Robert joined 17Capital in 2010 and became Partner in 2014. He leads the New York office, where he is now based, having established our presence there in 2016. He was previously at Merrill Lynch, Lloyds Banking Group and Ashurst Morris Crisp. He studied at HEC Paris and The University of Edinburgh.

CHRISTOPHER DELSON Morrison & Forester

Chris Delson is a partner in Morrison & Foerster’s Real Estate Group. Chris represents major U.S. and international banks and real estate funds in fund finance matters, including subscription lines of credit, borrowing base facilities, unsecured lines of credit, and “after care” facilities. These include some of the largest subscription lines of credit structured to date to both U.S.-based and non-U.S.-based funds, with both U.S.-based and non-U.S.-based investors and collateral, and both syndicated and non-syndicated transactions. Chris works closely with attorneys in Morrison & Foerster’s Financial Transactions, Private Equity, and Tax practices to deliver comprehensive, practical, and innovative solutions to complex fund financings.

NICK FLEISCHHACKERHarbourvest

Nick Fleischhacker joined HarbourVest in 2019 to head the newly created Capital Markets team. His responsibilities include overseeing banking relationships and the use of credit and hedging products across the platform.

Nick returned to Boston to join HarbourVest from Miami, where he spent five years working for two active issuers in the public sector and private sectors raising over $15 billion debt financing. Prior to that he spent over fifteen years in investment banking with RBC Capital Markets (including predecessor firms Tucker Anthony and Dain Rauscher) in New York and Boston. He worked most recently in the industrials investment banking coverage group and prior to that in the infrastructure and public finance groups. Nick’s banking experience includes arranging financings across a wide range of debt products, industries and credit types as well as work in M&A and equity capital markets.

Nick received a BA from Carleton College and an MBA in Finance from Boston University. He holds the Chartered Financial Analyst designation.

JEFFREY FRANKAngelo Gordon

Jeffrey Frank joined Angelo Gordon in 2014 as the firm’s Treasurer. Before joining Angelo Gordon, Jeff was a Vice President overseeing Treasury and Structured Funding for Goldman Sachs Asset Management (GSAM). During Jeff’s almost 16 years at GSAM he held several positions within their alternative investment businesses. Jeff was a member of GSAM’s private equity group and hedge fund strategy business units where he focused on liquidity, funding, structuring, and financial due diligence. Jeff holds a B.A. degree from Saint Anselm College.

RON FRANKLIN Proskauer Rose

Ron D. Franklin is co-head of the Firm’s Global Finance Group and leads the Fund Finance practice. He advises clients across a broad spectrum of finance issues, including secured and unsecured lending transactions, fund financings, domestic and cross-border acquisition financings, project financings, workouts, restructurings and general banking concerns. He also counsels corporate clients regarding stock and asset acquisitions, contract negotiations, and general corporate matters.

MICHAEL FURMANSMBC

Michael Furman is a Director of Subscription Secured Finance at Sumitomo Mitsui Banking Corporation. Based in New York, his focus is on originating, structuring, and execution of subscription secured credit facilities globally, primarily as Lead Arranger and Bookrunner. Clients include private equity firms and fund managers in North America, Europe, and Asia.

Prior to joining SMBC in 2013, Michael was an Associate at First Republic Bank where he focused on originating and underwriting residential loans and relationship management. He is a graduate of the Mendoza School of Business at the University of Notre Dame with a BBA in Finance. Michael is a dual- hat employee with SMBC Nikko, a CFA charterholder, and holds Series 7, 63, and 79 licenses.

STEPHEN GIACOLONELloyds Bank

Stephen Giacolone is currently a Director within the Financial Sponsors, North America team at Lloyds Banking Group. In this role his focus is on the provision of structure fund financing facilities and hedging products for private equity, real estate, infrastructure, secondaries and private debt managers. His experience includes loan structuring (capital call, hybrid, and NAV financing) and marketing for core wholesale banking products including derivatives, global transaction banking and asset level financing. Stephen is also the co-chair of the Responsible Business Partnership at Lloyds Bank North America. Prior to joining Lloyds in 2012, Stephen was an Analyst at Morgan Stanley supporting the leverage finance group. Stephen holds an M.B.A. from NYU Stern and a B.A. from Skidmore College.

MARK GILLESComerica

Mark Gilles manages the Equity Fund Services Group (EFS) at Comerica Bank. Based in Palo Alto California, with offices in New York City and Boston, Equity Fund Services provides depository and credit products including capital call lines of credit, subscription lines, and loans to management companies to select Venture Capital and Private Equity firms throughout the United States and Canada.

Mark joined Comerica in 2012 and his prior background combines 20 years of commercial banking experience with over 10 years of direct investing experience with Tangent Growth Fund L.P., a San Francisco based private equity firm.

Mark is a CPA and began his career with Coopers and Lybrand (now PWC) in San Francisco. He earned a BS in Business with a concentration in accounting from San Jose State University, and has an MBA from Santa Clara University.

Mark has been active as a volunteer with youth sports, and Boy Scouts, and he has served in leadership positions of notable charitable and public benefit organizations including Hope Rehabilitation Services, Santa Clara, Ca. (Board President), Vista Center, Palo Alto Ca. (Finance), and the Menlo Park City School District, (Bond Oversight Committee Chair). Mark lives in Menlo Park California with his wife Mary who is a real estate agent. They have two children attending college.

TERRENCE GREGERSENNatixis

Terrence is an Executive Director in the US Structured Credit & Solutions Group of Natixis. Terrence joined Natixis in June 2006. He focuses on the origination and structuring of subscription credit facilities and asset backed transactions across a range of asset classes. Terrence has over 20 years of experience in asset classes such as capital calls, certified capital companies, consumer assets, small business loans, equipment loans and leases, manufactured housing, structured and life settlements.

From 1998 to 2006, he worked in the Structured Finance Group at Financial Security Assurance.

Terrence holds a Bachelor of Science in Finance from Rutgers University.

TERRY HATTONMUFG

Terry Hatton is a Senior Vice President in and Manager of the Fund Finance Group for Union Bank in New York. Union Bank’s fund client base includes real estate, mezzanine, infrastructure, energy, private equity and venture capital. The bank has built an established track record, providing fund sponsors with competitive lending products, inclusive of subscription and bridge capital call facilities; senior and asset based debt financing for general industries, as well as health care, environmental, and aerospace and defense. Union Bank also provides junior capital, mezzanine debt and non-control equity through our affiliate, UnionBanCal Equities, Inc. Terry has a bachelor’s degree from University of Western Ontario.

JOCELYN HIRSCHKirkland & Ellis

Jocelyn Hirsch is a partner at Kirkland & Ellis LLP whose practice focuses primarily on the representation of private equity sponsors and corporate borrowers in complex financing transactions, including leveraged buyouts, cross border facilities, asset based facilities and sponsor capital call/subscription and NAV facilities. Her experience in private equity covers multiple sectors including real estate, energy, infrastructure, secondary and financial services funds with aggregate funds raised totaling tens of billions of dollars. Jocelyn’s client list spans the globe and includes Warburg Pincus, Vista Equity Partners, Ares, Golub Capital, HGGC, LS Power, TPG, JPM Infrastructure, Summit Partners and GTCR, among others.

Jocelyn is nationally regarded as a leading voice in the fund facility market and represents many of the world’s preeminent private equity, debt and related investment funds in complex and bespoke fund financings. She is routinely called upon to speak on fund finance topics.

CHARLES INKELESSantander

Charles Inkeles is a Managing Director and U.S. Head of Fund Finance for Santander Corporate & Investment Banking. Mr. Inkeles has more than 16 years of experience in structuring Fund Finance transactions globally, including both Subscription Lending against pools of investor commitments and NAV Portfolio Finance against portfolios of investment assets. Prior to joining Santander in October 2018, Mr. Inkeles served for two years as the U.S. Head of Fund Finance at Commonwealth Bank of Australia. Prior to that Mr. Inkeles served as a Managing Director and Global Head of Subscription Lending at both State Street Bank for three years and ING Bank for 10 years. Mr. Inkeles holds a B.A. from Yale University, a J.D. from the University of Southern California School of Law, and an M.B.A. from the Yale School of Management.

WALT JACKSONONEX Credit

Walt is a Managing Director, Co-head of Direct Lending and member of the Investment Committee of Onex Credit. Walt has 33 years of experience in the leveraged loan, high yield and mezzanine markets. Prior to joining Onex Credit, Walt was Senior Credit Officer and Chief Operations Officer of the Private Credit Group in the Merchant Banking Division of Goldman Sachs. Previously he held positions at Credit Suisse, Scotiabank and Ernst & Whinney. Walt earned a B.S. from Bryan College and an M.B.A. from Georgia State University.

EARVIN “MAGIC” JOHNSON

Earvin “Magic” Johnson is the Chairman and Chief Executive Officer of Magic Johnson Enterprises, an investment conglomerate that provides high-quality products and services that focus primarily on ethnically diverse and underserved urban communities. Having left the basketball court for the boardroom, Johnson parlayed the skills and tenacity he acquired on the court into a winning formula for his successful business ventures.

For the last two decades Johnson has consistently turned heads with his unprecedented partnerships. In his early years as an entrepreneur, he forged an alliance with Sony Pictures to develop Magic Johnson Theatres. In 1998, he teamed with Starbucks to become the only franchisee in the history of the company, acquiring and eventually selling 125 stores in a lucrative move which further solidified his position in the business world. Both ventures served as catalysts for redevelopment in urban communities, and are widely recognized as the corporate blueprint for engagement and success with urban consumers across America.

Still a commanding presence in the sports world, he made history in 2012 when he became co-owner of the Los Angeles Dodgers, a Major League Baseball franchise that was purchased for an astronomical $2 billion dollars. It was the highest purchase price for any professional sports team at the time. He also co-owns the Los Angeles Sparks of the WNBA, Major League Soccer’s Los Angeles Football Club, and eSports franchise Team Liquid.

Johnson continues to expand his influence through a number of other investments. He currently has controlling interests in EquiTrust, a $18 billion financial services company, ASPiRE, an African-American television network, and SodexoMAGIC, a food service and facilities management company.

The Lansing native is constantly evolving and remaining relevant in a dynamic digital age by broadening his scope into infrastructure and technology. Through a newly formed fund, Johnson is investing millions of dollars on infrastructure improvement in the United States. Operating under the philosophy that true success is making others successful, he is one of the leading investors in a number of minority-owned tech companies that include Uncharted Power, a company that uses their renewable kinetic energy solutions to generate clean, consistent, and cost-efficient power for communities, facilities, and the Internet of Things; ShotTracker, a company that makes wearable technology for basketball players that helps track player and ball movement; Jopwell, a diversity and hiring recruiting platform; Walker & Co Brands, a company that develops health and beauty products for people of color; and MiTú, the Latino-fueled media brand and digital network that connects thousands of Latin content creators with viewers around the world. He is deliberate in his investment strategy to bring positive impact to the community.

BRONWEN JONESReed Smith

Bronwen is a partner at Reed Smith in London, a member of the Reed Smith Financial Industry Group and co-heads their Funds Financing Team in London. She acts for banks and other financial institutions, sponsors, general partners and fund managers on a range of fund finance matters including capital call facilities, NAV and asset backed facilities, hybrid facilities and general partner/co-investment facilities.

NICK JORDAN CIBC

Nick is a managing director and commercial market lead within CIBC’s Non-Bank Finance Group. The business unit focuses exclusively on partnering with private debt firms who primarily serve the private equity community. He is responsible for the origination and structuring of solutions that provide incremental capital and service capabilities. This spans bridge lines, fund leverage, hybrid offerings, first-out or split lien financing and related banking services.

Previously, Nick spent the majority of his career with private debt provider Antares Capital leading the underwriting, structuring and syndication of cash flow loans for private equity backed transactions. He began his career with General Electric, holding a variety of roles across its businesses.

Nick graduated summa cum laude from Syracuse University, and earned an MBA with honors from the University of Chicago’s Booth School of Business.

STEPHANIE KELTON Stephanie Kelton is a leading authority on “Modern Mon- etary Theory”, a new approach to economics that is taking the world by storm. She is one of the most important economists influencing the policy debate today. Her new book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy (June 2020), shows how to break free of the myths and misunderstandings about money and the role of taxes, debt and deficits that have hamstrung policymakers around the world.

Stephanie Kelton is a regular contributor at Bloomberg Opinion, and she has written for the New York Times, The Los Angeles Times, U.S. News & World Reports, CNN, and others.

Stephanie has worked in academia and in the politics. She served as chief economist on the U.S. Senate Budget Committee (Demo- cratic staff) in 2015 and as a senior economic adviser to Bernie Sanders’s 2016 presidential campaign.

Professor Kelton is Professor of Economics and Public Policy at Stony Brook University. She was previously Chair of the Depart- ment and Professor of Economics at the University of Missouri, Kansas City.

ALEX LASTMourant

Alex is a Partner in our Cayman Islands office and specialises in private equity, investment funds and related corporate and commercial work. He frequently advises many of the world’s leading private fund sponsors on the structuring and establishment of investment funds, secondary transactions and related deals. He has extensive experience on fund finance matters.

Before relocating to the Cayman Islands, Alex led the investment funds practice in our Hong Kong office, advising on some of the largest fundraisings in the Asia region.

LAURIE LAWLERSociete Generale

Laurie Lawler is a Managing Director at Societe Generale, joining in October 2018 to head up non-traditional ABS lending, origination in the private debt financing space in addition to heading up ABS origination. Laurie has 19 years of experience in the origination, structuring and execution of asset-backed financings ranging from traditional conduit securitizations to more esoteric fund financing transactions. Prior to joining SG, she was a Managing Director at HSBC where she ran the Structured Finance platform in the Americas, which consisted of a suite of product offerings ranging from securitization to capital call and middle market loan financings. During her tenure at HSBC, Laurie ran the conduit securitization team and later moved on to create a Capital Call Financing platform which was successfully rolled out in both Europe and Asia. Prior to joining HSBC, Laurie spent 5 years within Citi’s Global Securitized Markets division executing conduit securitization transactions. Laurie graduated from Iona College in 2001 with a B.A. in Mathematics.

JENNIFER LEVITTSimpson Thacher & Bartlett LLP

Jennifer Levitt is a Partner at Simpson Thacher & Bartlett LLP where she is a member of the Banking and Credit Practice. Jennifer regularly represents financial sponsors in connection with debt financings for their private equity, real estate, infrastructure, mezzanine debt and other investment funds. She has extensive experience in complicated financings designed to provide fund-level leverage to facilitate and support investment activities, including subscription facilities, margin loans and other forms of back-leverage.

MATTHEW MAGUIREPark Square

Matthew is Head of Business Strategy and Reporting at Park Square Capital, a leading private debt manager with over $10bn AUM, providing senior debt, subordinated debt and mid-market direct loans to companies in Europe and the US. Prior to joining Park Square, Matthew spent two years as Finance Business Partner at the Children’s Investment Fund Foundation providing financial and technical advice on investments and strategy to the Executive team and Board, and five years at PwC. Matthew graduated with BSc Hons in Geography from Loughborough University and is a Chartered Accountant.

WILLIAM MAIERAvenue Capital Group

Mr. Maier is the Senior Portfolio Manager responsible for assisting with the direction of the investment activities of the Avenue Performing Loans Strategy. Prior to joining Avenue in 2016, Mr. Maier spent 26 years at Natixis and its predecessor banks, Natexis and Banque Francaise du Commerce Exterieur (BFCE), where he was one of the founders of the bank’s leveraged finance business in the United States. Most recently, Mr. Maier founded and served as Senior Managing Director and Head of Coverage – Americas at Natixis with responsibility for all investment banking client relationships with corporations, financial Institutions and private equity sponsors. As such, he chaired the bank’s Client Committee and was a member of the Senior Executive Committee of the Americas for the Corporate & Investment Bank. He was a co-founder and served as Chief Investment Officer of NCOF as well as a co-founder and general partner of Natixis Strategic Partners I, II, & III private equity fund-of-funds. Mr. Maier started his career at NatWest Bank and completed the bank’s officer training program in New York and London.

Mr. Maier received a B.A. with Honors in Philosophy and Law and Economics from Cornell University (1987).

PIERRE MAUGÜÉ Debevoise & Plimpton

Pierre Maugüé is a partner in the Finance Group at Debevoise & Plimpton. Mr. Maugüé focuses his practice on fund-level, acquisition and leveraged buyout financings and structured financings.

Mr. Maugüé brings a global perspective to his work, having lived and worked in Asia, Europe and the United States. He joined Debevoise in 1999 in the firm’s Hong Kong office. He relocated to the New York office in 2002 before moving to London in 2014.

Mr. Maugüé has been recommended by The Legal 500 UK every year since relocating to London, and was previously recommended in The Legal 500 US. The guide has described him as “a trusted adviser who helps clients achieve goals in the most efficient manner”. Mr. Maugüé is also recommended as a leading lawyer by IFLR1000 (2019) and Chambers UK (2019).

KEVIN MCLEODCerberus Capital Management, L.P.

Kevin McLeod, Senior Managing Director of Cerberus Capital Management. Mr. McLeod manages the formation, structuring, development and marketing of the investing vehicles of Cerberus Business Finance, the middle-market direct lending business of Cerberus. Prior to joining Cerberus in 2006, Mr. McLeod managed the Leveraged Finance Group at CIBC World Markets where he originated, structured and executed transactions involving high yield debt securities, leveraged loans, privately placed mezzanine securities and merchant banking investments. Formerly, Mr. McLeod was a mechanical and aerospace engineer at the Pratt & Whitney Division of United Technologies Corp. Mr. McLeod earned a BS in Mechanical Engineering from Worcester Polytechnic Institute and an MBA from the University of Chicago.

WESLEY MISSONCadwalader, Wickersham & Taft

Wes Misson is a partner in the firm’s Finance Group. Wes’s practice focuses on fund finance, and he has represented financial institutions as lenders and lead agents in hundreds of subscription credit facilities and other fund financings during the course of his career. His experience encompasses both subscription and hybrid facilities and includes working with fund-related borrowers on the negotiation of third-party investor documents with institutional, high net worth and sovereign wealth investors.

Wes has served as lead counsel on many of the largest and most sophisticated fund financings ever consummated, notably having assisted more than 35 banks as lead or syndicate lender during the past two years with transaction values totaling in excess of $35 billion. He works with financial institutions to develop form agreements for fund finance transactions and to educate bankers, internal legal counsel and credit officers on hot issues and trends affecting the fund finance market.

Wes was recognized by Law360 as a 2017 “Rising Star” in the area of Capital Markets, and is a frequent speaker and an accomplished author in the fund finance area.

NICK MITRANatxis

Nick Mitra manages the Capital Call and Hybrid Facility business for Natixis for the Americas Prior to joining the Global Structured Credit & Solutions Group at Natixis, Nick worked in the credit group at Natixis covering Financial Institutions and Insurance Companies. He has also worked at Goldman Sachs and Accenture in different roles and was the CFO of an entrepreneurial start-up – UConnections.com – aimed at the education space. Nick started his career at Lehman Brothers as a trader’s assistant in the security lending area. Nick has approximately 17 years of experience in the financial sector.

Nick is also a co-founding member of the Fund Finance Association, an industry group dedicated to Fund Finance, where he serves on the Board of the Association as the First Vice Chairman.

Nick is also a co-founding member of the Women in Fund Finance, an industry association dedicated to supporting diversity and the participation of women in the alternative capital space, where is the Co-Chairperson of the Board.

Nick holds dual MBAs in Finance and Information from NYU and a BS in Finance from Lehigh University and is a CFA charter holder.

SUNIL MODYMorgan Stanley

Sunil Mody is a Managing Director of Morgan Stanley responsible for all hedging activities globally for the private investment funds across Investment Management. Product oversight primarily includes risk based solutions in the foreign currency and interest rate derivative markets. Prior to joining Morgan Stanley in 2009, Sunil was with JPMorgan for eight years, and was last Vice President in the FX Institutional Sales Group covering clients in the real estate, infrastructure, and asset management sectors. Sunil graduated with distinction from University of Michigan’s Ross School of Business, with a degree in Bachelor of Business Administration.

ELI MOUScotiabank

Eli Mou is Managing Director in the US Financial Sponsor team at The Bank of Nova Scotia. In his current role, Eli manages a team of 10 fund finance professionals in a credit underwriting and portfolio management capacity. Eli has extensive experience analyzing complex fund financing transactions covering a portfolio across subscription finance, Asset Based Lending, 1940 Act lending and hybrid facilities. Eli joined the Bank of Nova Scotia in June 2006 as an Associate and has held progressively more senior positions over his tenure across various different industries including, Diversified, Technology, Real Estate and Power. Prior to joining the Bank, Eli worked one year as a Consultant for First Annapolis Consulting covering the payment space and three years as a Research Analyst for the Federal Reserve Board analyzing competitive issues in the banking sector. Eli holds an MBA from Georgetown University and Bachelor of Arts in Economics from Vassar College.

THOMAS NOWAKBank of America

Thomas (Tom) Nowak is a Managing Director in Bank of America’s market-leading Syndicated Finance group. In this capacity he is responsible for leading the distribution and execution of syndicated debt facilities.

Clients include opportunity funds, hedge funds, debt funds, private equity funds, real estate funds, public pension plans and institutionally-sponsored entities as well as REITs.

Mr. Nowak has 23 years of experience in structuring, syndicating and executing debt transactions across all levels of the capital structure. Prior to assuming his current role, he worked in investment banking as well as financial and economic consulting.

Tom holds Series 7, 24 and 63 licenses and is a graduate of the University of Notre Dame (BBA in Finance) and the University of Chicago Graduate School of Business (MBA in Finance and Accounting).

MICHAEL ORPHANIDESBank of America

Michael Orphanides is a Managing Director and Head, Asset & Wealth Managers in Corporate Bank, part of the Global FIG franchise in BMO Capital Markets. Prior to joining BMO Capital Markets, Michael worked at Barclays for 15 years in London and most recently their NY office, where he was Head of the FIG – Americas Corporate Banking practice.

JONATHAN PEIPER Mizuho Group

Jonathan Peiper is Managing Director and head of the subscription finance business at Mizuho Americas. In this role he is responsible for originating, structuring, arranging, and executing subscription credit facilities and other fund financings for the firm.

Mr. Peiper has over 20 years of experience in subscription finance and was previously Managing Director & Group Head in Sumitomo Mitsui Banking Corporation’s (SMBC) Subscription Secured Finance Department.

He joined SMBC in 1997 as a member of the Public Finance Department where he focused on providing letters of credit, loans, and bond purchases for municipalities, hospitals, not-for-profits, and public and private partnerships.

Mr. Peiper holds a BA in International Relations from Tulane University and an MBA in Corporate Finance from the New York University Stern School of Business.

ANTHONY PIRRAGLIALoeb & Loeb

Anthony Pirraglia focuses his commercial finance practice primarily on fund financing transactions, representing both borrowers and lenders on unsecured and asset-based lending transactions. Valued by his clients for his practical, results-oriented approach, Anthony presents complex situations clearly and concisely to quickly achieve a successful transaction.

Anthony regularly represents mezzanine lenders, private equity funds and other investors in their loans to and investments in companies with acquisitions and corporate restructures. He also practices as special counsel, representing institutional lenders in direct placement of corporate securities.

He has significant experience advising on the structuring, documentation and negotiation of warehouse and other loan facilities and a wide variety of privately placed financial transactions, as well as leveraged buyouts, project and facility financing, real estate

financings, and loan and other asset securitizations.

Anthony’s practice also includes a special emphasis on workouts, restructuring and bankruptcies of multiple-property credit tenant loan securitizations. His most notable workouts include the favorable liquidation and recovery on approximately 30 Borders credit tenant leases.

Anthony is a frequent speaker on fund financing. In his spare time, he enjoys everything car related but has not yet found time to learn to drive a stick shift.

MIKE PUGATCHHarbourvest Partners

Mike Pugatch joined HarbourVest’s secondary investment team in 2003. He focuses on the origination and execution of secondary investments ranging from traditional limited partnership purchases to more complex transactions. Mike currently serves on the advisory boards of a number of private equity partnerships and also sits on the firm’s Secondary and Real Assets investment committees.

Mike joined the Firm from UBS Warburg, where he spent two years in the Global Media Investment Banking Group focusing on mergers and acquisitions, corporate financings, and restructurings. He also has prior experience in the Technology Investment Banking Group at PaineWebber.

Mike received a BS (summa cum laude) in Business Administration from Babson College in 2001.

KEVIN PURCELLDyal Capital Partners

Kevin Purcell is a Managing Director of Neuberger Berman and a member of the Dyal Capital Partners Investment Team. Kevin originally joined Lehman Brothers in 2006 as a member of the Absolute Return Strategies Group, spending time in strategic roles across Lehman Brothers’ hedge fund platform, the minority stake acquisition program and most recently with Neuberger Berman Private Equity. Prior to joining Lehman Brothers he was an Analyst at White Peak Capital focusing on strategic acquisitions. Kevin earned an M.B.A from the Krannert School of Management at Purdue University and holds a B.S. in Finance from Siena College.

JAY R. RITTERSince 1996, Jay R. Ritter has served as the Joseph Cordell Eminent Scholar in the Department of Finance at the University of Florida. He has previously taught at the University of Pennsylvania’s Wharton School, the University of Michigan, the University of Illinois at Urbana-Champaign, and the Massachusetts Institute of Technology’s Sloan School of Management. Prof. Ritter is best known for his articles concerning equity issuance, especially initial public offerings. He has served as a Director of the American Finance Association, and was President of the Financial Management Association for 2014-15. Prof. Ritter is an Associate Editor of numerous academic journals and has over 40,000 citations on Google Scholar. He has also consulted on valuation and market manipulation cases, as well as securities issuance, and is frequently quoted in the financial press. He is a frequent visitor to Asia, Australia, Canada, and Europe. Prof. Ritter received his BA, MA, and PhD (1981) degrees in economics and finance from the University of Chicago.

JOE ROCCO Blackstone

Joseph Rocco is a Managing Director in Blackstone Treasury and is involved in credit and risk management initiatives for Blackstone’s Treasury operations, including risk assessment for the firm’s cash management and investment strategies. He works closely with counterparts from throughout the firm and its funds on funding initiatives and FX hedging and trading strategies. Prior to joining Blackstone, Mr. Rocco worked at Moody’s Investors Service covering residential mortgage and asset-backed securities where his primary responsibilities included rating surveillance, methodology development and sector commentary. Mr. Rocco holds an MBA from New York University’s Stern School of Business and a BS in Finance from Fordham University.

PAUL M. RODER Moses & Singer

Paul M. Roder is a partner in the Banking and Finance group of Moses & Singer LLP. For over two decades, Paul has advised money center banks and other financial institutions in all aspects of fund finance, including subscription, hybrid, and general partner and management company credit facilities, as well as the use of capital commitments to support other extensions of credit. His clients often seek his advice in connection with their most challenging financing opportunities, where he provides innovative and tailored solutions in a cost-effective manner.

In addition to handling hundreds of traditional subscription credit facilities, Paul has negotiated and documented facilities for complex multi-fund, multi-layered fund, and open-ended fund structures across multiple jurisdictions. He has advised clients on various credit support structures, including utilizing capital commitments as credit enhancements for portfolio company and joint venture financings. He also has counseled clients on the use of unusual credit solutions, such as dedicated tranche financing.

Aside from his work in the fund finance space, Paul represents domestic and foreign financial institutions in a variety of other financing transactions, including secured and unsecured lending and letter of credit transactions. He routinely advises lead agents and arrangers, and lenders and issuing banks, in syndicated credit facilities for public and private companies. Paul also has extensive experience representing lenders and issuing banks in private banking transactions and in all facets of trade finance.

JONAH ROUIZEM Chatham Financial Corp

Jonah leads the global analytics team for Chatham Financial’s Private Equity & Infrastructure practice. With more than 15 years of capital markets experience, he advises financial sponsors and their portfolio companies on risk management strategy, analysis, and execution with respect to interest rate and foreign currency exposures using financial derivatives. Since joining Chatham in 2013, Jonah has advised sponsors in the structuring and implementation of hedging solutions and risk management programs totaling over USD 100 billion in hedged notional.

Prior to joining Chatham, Jonah worked 8 years in fixed income and currency markets both on the buy and sell sides, on J.P. Morgan and BNP Paribas’ swap desks, as well as a global fund manager for Amundi, before serving as CFO of a startup company. Jonah received a Masters in Finance from HEC Paris and an MBA from Duke University where he graduated as a Fuqua scholar.

DAVID M. RUBENSTEINThe Carlyle Group

David M. Rubenstein is a Co-Founder and Co-Executive Chairman of The Carlyle Group, one of the world’s largest and most successful private investment firms. Mr. Rubenstein co-founded the firm in 1987. Since then, Carlyle has grown into a firm managing $222 billion from 33 offices around the world.

Mr. Rubenstein is Chairman of the Boards of Trustees of the John F. Kennedy Center for the Performing Arts, the Smithsonian Institution, and the Council on Foreign Relations; a Fellow of the Harvard Corporation; a Trustee of the National Gallery of Art, the University of Chicago, Memorial Sloan-Kettering Cancer Center, Johns Hopkins Medicine, the Institute for Advanced Study, the Brookings Institution, and the World Economic Forum; a Director of the Lincoln Center for the Performing Arts and the American Academy of Arts and Sciences; and President of the Economic Club of Washington.

Mr. Rubenstein is a member of the American Philosophical Society, Business Council, Harvard Global Advisory Council (Chairman), Madison Council of the Library of Congress (Chairman), Board of Dean’s Advisors of the Business School at Harvard, Advisory Board of the School of Economics and Management at Tsinghua University (former Chairman), and Board of the World Economic Forum Global Shapers Community.

Mr. Rubenstein has served as Chairman of the Board of Trustees of Duke University and Co-Chairman of the Board of the Brookings Institution.

Mr. Rubenstein is an original signer of The Giving Pledge, a significant donor to all of the above-mentioned non-profit organizations, and a recipient of the Carnegie Medal of Philanthropy, and the MoMA’s David Rockefeller Award, among other philanthropic awards.

Mr. Rubenstein has been a leader in the area of Patriotic Philanthropy, having made transformative gifts for the restoration or repair of the Washington Monument, Monticello, Montpelier, Mount Vernon, Arlington House, Iwo Jima Memorial, the Kennedy Center, the Smithsonian, the National Archives, the National Zoo, the Library of Congress, and the National Museum of African American History and Culture. Mr. Rubenstein has also provided to the U.S. government long-term loans of his rare copies of the Magna Carta, the Declaration of Independence, the U.S. Constitution, the Bill of Rights, the Emancipation Proclamation, the 13th Amendment, the first map of the U.S. (Abel Buell map), and the first book printed in the U.S. (Bay Psalm Book).

Mr. Rubenstein is the host of The David Rubenstein Show: Peer-to-Peer Conversations on Bloomberg TV and PBS, and the author of The American Story: Conversations with Master Historians, a book published by Simon & Schuster in October 2019.

Mr. Rubenstein, a native of Baltimore, is a 1970 magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. Following Duke, Mr. Rubenstein graduated in 1973 from the University of Chicago Law School, where he was an editor of the Law Review.

From 1973-1975, Mr. Rubenstein practiced law in New York with Paul, Weiss, Rifkind, Wharton & Garrison. From 1975-1976, he served as Chief Counsel to the U.S. Senate Judiciary Committee’s Subcommittee on Constitutional Amendments. From 1977-1981, during the Carter Administration, Mr. Rubenstein was Deputy Assistant to the President for Domestic Policy. After his White House service and before co-founding Carlyle, Mr. Rubenstein practiced law in Washington with Shaw, Pittman, Potts & Trowbridge (now Pillsbury Winthrop Shaw Pittman).

ALISTAIR RUSSELLCarey Olsen

Alistair is a partner in the corporate and finance group of Carey Olsen in the Cayman Islands and advises on all aspects of finance, corporate, investment funds and commercial law, with a particular focus on lender side funds finance transaction.

He has advised clients on a broad range of transactions including financing, private equity, joint ventures, mergers and acquisitions and capital markets, and is described by clients in IFLR1000 as “the best Cayman lawyer we’ve ever worked with”.

Alistair was formerly with Skadden, Arps, Slate Meagher & Flom and Cleary, Gottlieb, Steen & Hamilton, each in London.

Alistair obtained a Bachelor of Civil Law with distinction from Christ Church, Oxford University, and an LLB with first class honours from Kings College London.

Alistair was admitted as a solicitor of the Supreme Court of England and Wales in 2008 and as an attorney-at-law in the Cayman Islands in 2013.

STEVE RUTKOVSKYRopes & Gray

Steve focuses on complex leveraged financing and fund financing transactions. He represents private equity funds, growth equity and venture funds, credit funds, and public and private companies in a wide range of transactions, including acquisition financings, capital call subscription facilities and leverage facilities. Steve also advises sponsor clients in connection with out-of-court debt restructurings and credit enhancement transactions. Steve is chair of the firm’s Opinion Practices Committee.

CRAIG RYDQVISTVarde Partners

Craig Rydqvist is Global Head of Capital Markets, maintaining relationships with lenders and providing debt advisory and execution support globally. Based in London, he joined the firm in 2014 to establish the Capital Markets function. Prior to joining Värde, Craig ran Structured Finance Origination and Structuring for the U.K. at the Royal Bank of Scotland where he established the bank and capital markets financing for SAV Credit/NewDay, a Värde investment. Prior to RBS, Craig worked in the Emerging Markets business of Barclays Capital and he began his career training as a Chartered Accountant in the Financial Sector practice at KPMG in London.

Craig graduated from the Masters in Finance Programme (MSc) at London Business School. He also holds a First Class undergraduate degree in Business and Management Studies (BSc) from the University of Bradford. Craig is a Chartered Accountant (ACA) with the Institute of Chartered Accountants in England and Wales.

ERIC SCHWITZER Paul Hastings

Eric Schwitzer is a partner in the Real Estate practice of Paul Hastings and is based in the firm’s New York office. He practices in all areas of commercial real estate transactions, with a primary focus on real estate finance and equity.Mr. Schwitzer represents major financial institutions, developers and private equity funds in connection with complex domestic and international commercial matters, including cross-border investment platforms, corporate credit facilities, capital commitment-backed subscription credit facilities, commercial loans, restructurings, bankruptcy, loan sales, loan workouts, acquisitions and dispositions.

PRAMIT SHETHKroll Bond Rating Agency

JOHN SHREWSBERRYWells Fargo

John Shrewsberry is senior executive vice president and the chief financial officer responsible for Wells Fargo’s financial management functions including accounting and control, financial planning and analysis, line of business finance functions, asset-liability management, treasury, tax management, and the company’s investment portfolios.

John is also responsible for Wells Fargo’s corporate development, data management, corporate properties and security, corporate strategy functions, and certain other operational activities. John serves on the Wells Fargo Operating and Market Risk Committees and is based in San Francisco.

A 26-year veteran of banking and investing, John served as head of Wells Fargo Securities from 2006 through May 2014, where he was responsible for investment banking and capital markets activity. From 2001 through 2005, he was the group head of Wells Fargo Commercial Capital, the successor to a commercial finance company he co-founded that became part of Wells Fargo in 2001. Previously, John worked at Goldman Sachs and Credit Suisse First Boston in the principal finance areas. He started his career as a Certified Public Accountant at Coopers & Lybrand.

John earned his B.A. in economics from Claremont McKenna College and a Masters of public and private management from the Yale School of Management.

John currently serves on the board for the Committee on Capital Markets Regulation, is co-chairman of the Financial Economics Institute at Claremont McKenna College, and serves on the advisory board of the Yale School of Management and the Yale Corporation Investment Committee. He is also active with the Juvenile Diabetes Research Foundation.

GUY SIMPSONBridge Bank

Guy Simpson is regional president at Bridge Bank where he heads the Equity Fund Resources group, a central hub for the private equity and venture capital communities. Providing financial solutions such as venture capital call lines of credit, SBIC funds, and other credit facilities, Guy helps clients across the U.S. that are focused on the goal of being responsive to their portfolio company needs and enhancing IRR. Based in Tysons, VA, he joined Western Alliance’s Bridge Bank in 2017 and has more than 20 years of tech lending experience in Silicon Valley and other innovation centers.

MATTHEW SKURBEBlackstone

Matthew Skurbe is the Treasurer and Managing Director in Finance for Blackstone. Mr. Skurbe leads all Blackstone Treasury related initiatives, including cash and liquidity management, working capital management, bank and rating agency relationship management, balance sheet risk management, procurement, and vendor risk management. Before joining Blackstone in 2009, Mr. Skurbe was the CFO for Merrill Lynch Bank & Trust, a $35 billion bank housing several of Merrill Lynch’s consumer lending and banking businesses. Prior to that role, Mr. Skurbe spent seven years supporting Merrill Lynch’s Treasury function and had previous roles with Amerada Hess and Arthur Andersen LLP. Mr. Skurbe is also a board member of the Association for Financial Professionals, the Blackstone Charitable Foundation, Project Sunshine, and Children’s Specialized Hospital Foundation. Mr. Skurbe received a BS in Accounting from Rutgers University, achieved the Certified Public Accountant certification, and is a Certified Treasury Professional.

SHERRI SNELSON White & Case LLP

Sherri Snelson is a partner in White & Case’s Banking group. Over the course of her career, she has acted as lead counsel on hundreds of finance transactions that span a wide array of industries and jurisdictions throughout the Americas, Europe and Asia. Sherri’s practice focuses on sponsor-driven acquisitions and fund finance, where she represents borrowers in their most complex finance transactions.

Sherri brings years of experience representing investment funds in connection with fund-level finance transactions, including subscription facilities, NAV facilities, margin loans, fund guarantees and numerous bespoke structures.

ED SOOGRIMCapital One

Ed is a Director in the Financial Institutions Group at Capital One Bank, focusing on originating and structuring subscription finance and leveraged credit transactions. Prior to joining Capital One, he spent six years in HSBC’s Financial Sponsors Group. Ed has also held positions with Citi, Barclays and J.P. Morgan.

Ed holds a Master’s degree in International Economics and Finance from Columbia University and a Bachelor’s degree in Finance from Pace University.

CHRIS SPITZHOFF The Carlyle Group

Chris Spitzhoff is a Vice President at Carlyle and leads the fund operations and administration for its U.S Buyout funds. Prior to Carlyle, Mr. Spitzhoff led portfolio operations and administration at Corrum Capital Management and the principal investing division of Bank of America, and held consulting roles in the Lending and Leasing practice at BearingPoint. Mr. Spitzhoff holds a B.S. from Appalachian State University and earned his M.B.A. from the University of North Carolina at Chapel Hill.

VICTORIA STEWARTPartners Group

Victoria Stewart leads the fund financing team at Partners Group and is based in Zug, Switzerland. She has been with Partners Group since 2011 and has 16 years of industry experience. Prior to joining Partners Group, she worked at Burness LLP (now Burness Paull LLP). She holds a bachelor’s degree in law, a master’s degree in management and a postgraduate diploma in legal practice from the University of Aberdeen, UK and a master’s degree in international business law from the University of St Gallen, Switzerland. She is also admitted as a solicitor in Scotland and as a solicitor of the Senior Courts of England and Wales and is a registered notary public in Scotland.

Partners Group is a global private markets investment manager, serving over 900 institutional investors. It has USD 94 billion in assets under management and more than 1,400 professionals across 20 offices worldwide. Partners Group realizes potential in private markets by financing and developing great companies, desirable real estate and essential infrastructure. Partners Group creates value in its investments through active and long-term responsible ownership.

MATT TABERHarneys

Matt Taber is a partner in our Cayman office and is a well-known specialist in Cayman Islands investment funds, fund finance, regulation and cryptoassets. He has advised many of the world’s leading asset managers in 15 years of practice in the Cayman Islands. In addition, Matt is a specialist in acting for banks that operate in the fund or subscription finance space.

Prior to joining Harneys, Matt worked for other leading firms in the Cayman Islands. Before coming to the Cayman Islands, he was a corporate and M&A lawyer in London for seven years.

Matt is a member of the board of the Cayman Islands chapter of AIMA, the secretary of the Blockchain Association of the Cayman Islands and he regularly participates in Government and legislative and regulatory industry working groups.

ALBERT TAN Haynes & Boone

Albert Tan is a Partner and Co-Head of the Global Fund Financing Group with Haynes and Boone, LLP. Additionally, he serves as a member of the firm’s Board of Directors, Partners Compensation Committee and Strategic Growth Committee.

During his career at the firm, among his lending transactions, he has represented investment and commercial banks, as agents and arrangers in more than $100 billion of subscription secured credit facilities to Asia, US, Europe, Latin America and global real estate, infrastructure, debt, buyout and energy private equity funds, including some of the first real estate private equity funds in Japan, Greater China, Singapore and Korea and some of the largest global infrastructure funds and Asia-focused buyout funds. From 1997 to 2000, while on a secondment from Haynes and Boone, Albert was based in Hong Kong and served as Chief Counsel of Greater China for Caltex Corporation, a wholly-owned subsidiary of ChevronTexaco, overseeing all legal affairs for Greater China.

Albert has made presentations sponsored by PERE – Asia, Japan and North America, PEI-COO & CFO Forum, PEI-Global Alternative Investment Forum, Institutional Real Estate, Inc., PrivCap, Asia Law and Practice, Fund Finance Association Global and Asia Fund Finance Symposiums, Texas A&M University of School of Law, and Southern Methodist University Cox School of Business; and is recognized as a Leading Practitioner for International Private Equity by Euromoney Expert Guide and as a Trailblazer in Finance, Banking & Capital Markets by The National Law Journal.

Albert received his BA from San Diego State University and his JD and LLM from Southern Methodist University and Georgetown University; and speaks English and Chinese (Mandarin).

JEREMY TAN Macquarie Group

Jeremy is a Senior Vice President in Macquarie’s Fund Finance team, focusing on providing asset backed facilities and bespoke subscription commitment facilities to private equity funds and private equity secondary funds. Jeremy has over 8 eight years of experience underwriting, structuring and syndicating transactions in the US and Europe. Jeremy received a Bachelor of Commerce from the University of New South Wales in 2008.

JULIE THICK JP Morgan

Julie is the head of J.P. Morgan Chase’s commercial real estate subscription lending platform. Julie works closely with institutional investors and fund managers on strategically investing in real estate.

Julie began her career structuring and underwriting commercial real estate loans for LaSalle Bank in 1995, before moving to Jones Lang LaSalle to assist clients with land development strategies. In 1998, she rejoined LaSalle Bank to develop and manage an institutional real estate division before joining RBS Citizens in 2008, where she was hired to build out a team focused on the generation of new business and asset management for a portfolio of real estate loans. Julie joined J.P. Morgan in 2010.

She is a former President and current board member of the Chicago Chapter and National Board of the Real Estate Lenders Association (RELA). Julie acts a mentor for the Goldie Initiative, which focuses on advancing the next generation of women leaders in the real estate industry.

Julie received her bachelor’s degree in business administration from the University of Illinois, and frequently returns to campus

as a guest lecturer.

A native of the Chicagoland area, Mrs. Thick resides in Hinsdale, IL with her husband, Scott, and three children, Kaitlyn, Tyler and Dylan.

PETER VERMETTEGoldman Sachs

Peter is a managing director in the Merchant Banking Division (MBD) of Goldman Sachs. He is responsible for global fund financing for MBD. He is also responsible for the hedging strategy in MBD as well as debt capital markets activity for the Infrastructure Investment Group.

Previously, he worked in the Real Estate Principal Investment Area (REPIA) of MBD in London from. Earlier, Peter worked in REPIA in New York. He joined Goldman Sachs in 1998 as an analyst and was named managing director in 2010.

Prior to joining the firm, Peter worked at Bankers Trust in New York.

Peter earned a BS in Finance from Bryant College in 1997.

RAGHAV WADHAWANStandard Chartered

Raghav Wadhawan is an Executive Director at Standard Chartered Bank. Based in London, he is one of the founding members of the Financial and Strategic Investors Group which is a global coverage team focused on origination and execution of transactions for Private Equity and Sovereign Wealth Funds across the fund and asset level. His focus is on covering large cap Sponsors across Private Equity, Real Estate, Credit, and Infrastructure sectors and on a global basis. Raghav held the position as Acting Head of Fund Finance and is responsible for supporting Sponsor clients with fund facilities, ranging across Subscription, Hybrid, NAV, and GP Financing. Prior to joining Standard Chartered Bank, Raghav worked at Royal Bank of Scotland and Lehman Brothers. He has an Economics degree from the London School of Economics and a Masters in Finance from Imperial College. Raghav is also a CFA charterholder.

DAVID WASSERMANMorgan Stanley

David Wasserman is Managing Director and Heads the Subscription Secured Finance business for Morgan Stanley. Mr. Wasserman’s department is responsible for the origination, structuring, syndication and servicing of Subscription Facilities to Private Equity Funds across all alternative asset classes.

Previously, Dave worked at SMBC for 14 years and was the Global Head of Subscription Finance. At SMBC he had lent to real estate, infrastructure & energy, buyout, and credit funds with operations in Asia, Australia, Europe, and the Americas. Mr. Wasserman has been previously with Bank of America and PwC.

David has a B.S. in Applied Mathematical Economics from SUNY Oswego and a MBA and Masters of Quantitative Finance from Rutgers University.

STEVE WILLMANNTPG Global, LLC

Mr. Willmann is a Managing Director and the Treasurer for TPG. As Treasurer, he is responsible for financing and capital markets activity of the firm and its funds, structured financing solutions for investment vehicles, rating agency relationships, foreign exchange risk management and hedging transactions, counterparty risk management, and general bank and lender relationship management. Prior to joining TPG in 2007, Mr. Willmann was a Vice President at JPMorgan Chase & Co., where he spent nine years in various corporate and investment banking roles. Mr. Willmann graduated from Texas Tech University and the Cox School of Business at Southern Methodist University, and currently serves on the Board of Trustees for Trinity Valley School.

ANNA-LISE WISDOMAppleby

Anna-Lise specializes in subscription financing and debt financing for private equity funds and regularly advises leading financial institutions in related credit facilities. She also has substantial experience in asset finance, particularly ship finance, corporate and acquisition finance and in capital markets transactions.

Her practice extends to private equity and hedge fund formation, structuring and operation and she has also advised investment managers on related regulatory and licensing issues in relation to such funds.

Anna-Lise has been rated as a ´rising star´ in banking and financial services in IFLR1000 2019 rankings and was recognized in the Legal 500 Caribbean rankings.

MARTIN WURTHClifford Chance

Martin Wurth is a partner in the Banking, Finance and Capital Markets department of Clifford Chance’s Luxembourg office and specialises in structured finance, asset finance, acquisition finance, real estate finance and general bank lending in cross border and local transactions. He has a long-standing experience in advising on financings to investment funds and taking security with respect to NAV facilities, subscription facilities or hybrid facilities. Martin works lender-side for major investment banks and borrower-side for large investment funds in Luxembourg.

PHILIP YATES National Australia Bank

Philip is responsible for National Australia Bank’s Financial Sponsor Sales (Markets) team and is a Director in NAB’s Sydney based Solutions Sales group. Prior to joining NAB, Philip was based in London as a Managing Director at Macquarie, overseeing their financial sponsor and solutions sales business in Europe. Phil has more than 16 years’ experience in interest rate and foreign exchange derivatives markets in both Europe and Asia and holds a Bachelor’s degree in Commerce (Accounting and Finance) from the University of New South Wales.

VASSILIYAN ZANEVLoyens & Loeff

Vassiliyan Zanev is a Partner in the finance practice of the Luxembourg Investment Management team of Loyens & Loeff and he leads the global fund finance practice. He represents a variety of financial institutions, investment funds and corporations across a range of structured finance and lending transactions, with particular emphasis on fund finance, securitisation, debt issuances and real estate finance.

Vassiliyan has extensive experience in the financing of Luxembourg alternative or regulated investment fund borrowers (including by way of capital call subscription credit facilities, bridge facilities and permanent leverage solutions).

ARIEL ZELL Fried Frank

Ariel Zell is a corporate partner resident in Fried Frank’s New York office and a member of the Firm’s Finance Practice. He joined the Firm in 2014 and became a partner in 2018.

Mr. Zell represents sponsors of private equity, debt, infrastructure, energy, hedge and other investment funds, on a variety of fund-level financings, including subscription facilities, NAV-based facilities and “hybrid” facilities; complex structured notes offerings; and financings for public and private business development companies. He advises on financings in connection with acquisitions of portfolios of private equity interests in the secondary market. His practice also includes advising public and private clients in a wide variety of debt financings and capital market and other corporate transactions, including leveraged acquisitions, restructurings and private debt placements.

Mr. Zell has been recognized by Super Lawyers as a top rated securities and corporate finance attorney and a “Rising Star” in New York from 2014 – 2019.

Mr. Zell received his JD from Fordham University School of Law in 2007 and his BA from Columbia University in 2004. He is admitted to practice in New York.

Board Members

Jeff JohnstonChairmanManaging DirectorWells Fargo Securities, LLCjeff.johnston@wellsfargo.com+1 704 410 2452

Tina MeighVice ChairmanPartner and Head of Fund Finance PracticeMaples GroupTina.Meigh@maples.com+1 345 814 5242

Mike MasciaSecretaryPartnerCadwalader, Wickersham & TaftMichael.Mascia@cwt.com+1 704 348 5160

Mary TouchstoneVice ChairmanHead of Fund Finance PracticeSimpson Thacher & Bartlett LLPmtouchstone@stblaw.com +1 212 455 2549

Nick MitraFirst Vice ChairmanManaging DirectorNatixisnick.mitra@natixis.com+1 212 891 6218

Terry HattonTreasurerManaging Director and Group Head, Fund Finance GroupMUFG Union Bank, N.A.THatton@us.mufg.jp +1 646 452 2113

Jeff Maier Vice ChairmanManaging DirectorFirst Republic Bankjmaier@firstrepublic.com +1 212 259 5042

Content Committee

ANZApplebyBank of AmericaBank of MontrealBridge BankCadwalader, Wickersham & Taft LLPCapital OneCarey OlsenChapman and Cutler LLPChatham Financial CorpCIBCCity National BankClifford ChanceComerica BankCommonwealth Bank of AustraliaConyersDebevoise & PlimptonFried, Frank, Harris, Shriver & Jacobson LLP

HarneysHaynes and Boone, LLPJP MorganKBRAKirkland & Ellis LLPLatham & Watkins LLPLloyds BankLoeb & Loeb LLPLoyens & LoeffMacquarie GroupMaples GroupMayer Brown LLPMorgan StanleyMorrison & Foerster LLPMoses & Singer LLPMourant Mizuho AmericasMUFG

National Australia BankNatixisOgierPaul Hastings LLPProskauer Rose LLPReed SmithRopes & GraySantanderScotiabankSimpson Thacher & BartlettSMBCSociete GeneraleStandard Chartered BankValidusWells FargoWhite & Case

FFA LEADERSHIP

Marketing Committee

Award Committee

Michelle BolingbrokeHarneys

Robert DugganMourant

Terry HattonUnion Bank, MUFG

Jeff JohnstonWells Fargo

Jeff MaierFirst Republic Bank

Nick MitraNatixis

Danielle RomanMourant

Emma RussellHaynes and Boone, LLP

Michele SimonsWells Fargo

Dee Dee Sklar

Albert TanHaynes and Boone, LLP

Mary TouchstoneSimpson Thacher & Bartlett LLP

Perry HicksHunton

Laurie LawlerSociete Generale

Nick MitraNatixis

Dee Dee Sklar

Jan SyselFried Frank

Peter VermetteGoldman Sachs

David WassermanMorgan Stanley

Nick MitraCo-ChairNatixis

Dee Dee SklarCo-Chair

www.fundfinanceassociation.com info@fundfinanceassociation.com

The Fund Finance Association (FFA) is a non-profit industry association in the fund finance market, co-located in New York, New York and Charlotte, North Carolina.

Our core mission is to;

• Educate members, legislators, regulators, and other constituencies about the fund finance market and related capital markets through conferences and other events.

• Build the broadest consensus among members on policy, legal, regulatory and other matters affecting or potentially affecting the fund finance market and related capital markets.

• Advocate on behalf of the fund finance industry with respect to policy, legal, regulatory and other matters affecting or potentially affecting the fund finance market and related capital markets.