The market for private credit is growing fast, with assets under management (AUM) more than doubling since 2019. This rapid growth has not gone unnoticed by central banks, regulators, and leading financial institutions, with many raising concerns about heightened financial vulnerabilities that could result from the growth of this segment of the financial system. But does this market pose potential systemic risks to the financial system? And is heightened supervision and regulatory oversight necessary?
Register today to join a forum in Washington, DC on Tuesday, October 15, where we will hear a keynote address by SEC Commissioner Hester Peirce and in-depth panel discussions on the state of the private credit markets.
Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission
The private credit market has grown substantially both in the U.S. and in foreign markets, topping $2.1 trillion globally last year in assets and committed capital, according to the IMF. As more and more corporate borrowers seek alternative sources of long-term capital and more investors seek to diversify their investments, this growth is likely to continue. This panel will discuss the growth in private credit in the U.S., EU and Asia's markets, current tax and fund formation strategies, particularly with respect to international investors, and the current state of regulations.
Panelists
Katie Binns, Director of Product Management, Fixed Income & Multi-Asset Indexes, Morningstar Indexes
Michelle M. Jewett, Partner, Mayer Brown
Craig M. Radcliffe, Principal, Public Policy, Apollo Global Management, Inc.
Gregory S. Rubin, General Counsel and Partner, Oak Hill Advisors
Moderator
Lindsey Keljo, Managing Director and Associate General Counsel, Head of Asset Management Group, SIFMA
Given the growth in private credit markets, regulators have begun to publicly question whether the sector’s “opacity” and “interconnectedness” could lead to heightened financial vulnerabilities, particularly “given its limited oversight.” They have also assumed that the growth in private credit has resulted from a direct migration of lending from banks to other financial institutions. Are these assumptions correct? What data do we really have about private credit lending and the interconnectedness of the ecosystem? Are the risks cited by the regulators justified? What more should be done to ensure that we understand the risks and benefits of the private credit markets?
Panelists
Timothy M. Clark, Managing Partner, Mayer Brown
Sandra Lee, Deputy Assistant Secretary, Financial Stability Oversight Council, U.S. Department of the Treasury
Amanda Lynam, CPA, Head of Macro Credit Research, Portfolio-Management Group - Private Debt, BlackRock
Mike Piwowar, Executive Vice President, Milken Institute Finance
Moderator
Andrew Olmem, Managing Partner, Washington DC Office, Mayer Brown
Lindsey Keljo, Managing Director and Associate General Counsel, Head of Asset Management Group, SIFMA
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