Private Credit In A Post-Covid World
The private credit industry has ballooned in the past decade, but fundraising has plateaued, and the damage caused to businesses due to the lockdowns designed to stem the spread of Covid-19 has led to some commentators questioning the wisdom of allocating to private credit strategies in the current environment.
Private Credit In A Post-Covid World is a series of 3 webinars designed to educate institutional and professional investors about some of the opportunities and risks involved in allocating to private debt managers in three of the constituent asset sub-classes in the industry.
Webinar 2: Distressed Debt
Thursday, February 18, 2021 - 2.30pm GMT / 3.30PM CET / 9.30am Eastern
Many commentators suggest that distressed debt should provide opportunities for outsized returns in the coming years. It’s not that simple, of course. What questions should investors be asking when looking for distressed debt exposure?
The pandemic is re-drawing the landscape for distressed debt, and already some investors are increasing their activity in this area. But which sectors and countries offer the most profitable opportunities? And is government intervention muddying waters?
Eli Benson, Co-Founder & Managing Partner, Garnet Rock Capital Management
Eli is an experienced buy side and sell side high yield and distressed/special situations investor. He has held various senior investment roles, including with Citigroup's Distressed Debt business in London and Tokyo (2000 - 2005), Harbinger Capital Partners (2005 - 2011), Caspian Capital (2011 - 2013), Nomura London (2014 - 2018), and Amia Capital (2018 - 2020). During his tenure at Harbinger, where he worked with Garnet Rock cofounder Ian Estus, Eli built a strong track record of shorting high yield bonds across a variety of industries. He was the lead Analyst on Harbinger's $1.0bn HBOS equity short in 2008 and was responsible for peak AUM of $7.0bn.
Eli and Ian co-founded Garnet Rock Capital Management in November of 2020.
Eli began his career in 1996 as an Analyst in M&A at PaineWebber and graduated Summa Cum Laude with a BA in economics from Union College in 1996 . He is also is a certificate holder from the Inter University Center for Japanese Language studies administered by Stanford University (1999).
Marc de Kloe, Partner, Theta Capital Management
Marc de Kloe is a partner at Theta. Marc has an extensive investment background covering the full range of alternative investments. Marc started at Clifford Chance in Germany as a foreign associate in private equity, more recently as Global Head of Funds and Alternatives at ABN AMRO Private Banking based in Amsterdam and finally as COO of Adamas Asset Management a Hong Kong based Private Credit Manager. In addition, Marc co-founded Alternatives4Children, an industry supported charity raising money for children’s education. Marc holds an LL.B in English and German Law from the University of Kent, Canterbury (U.K.) in 1996, an LL.M in European Business Law from the University of Amsterdam in 1999 and an M.B.A from the Vlerick Business School in Belgium in 2004.
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