One of the most talked-about areas of private credit today is asset-based finance, a fast growing area and complement to direct lending. Here, we give an overview of the asset class, discuss sub-sectors, and speak to how institutional allocators are thinking about it in a total portfolio.
Moderator:
Ben Bowman, CFA , Senior Investment Officer, Wyoming Retirement System
Ben Bowman, CFA, joined the Wyoming Retirement System as a Senior Investment Officer in September 2019. He is primarily responsible for overseeing the fixed-income and private credit strategies. Ben has over 25 years of experience in the fixed income community, having previously served for 11 years as the Head of External Credit at the Employees Retirement System of Texas. Ben received a B.A. in Economics from Yale University and is a CFA Charterholder.
Panelist:
Clayton Cleek, Portfolio Manager, New Mexico PERA
Clayton Cleek is the Credit Portfolio Manager at the Public Employees Retirement Association of New Mexico. Prior to his current role, Clayton was a Public Equity Analyst at New Mexico State Investment Council and worked as Investor Relations Officer for Synlait Milk Limited in Christchurch, New Zealand. He began his career at Thornburg Investment Management. Clayton is experienced in fixed income, equity and alternatives investing. Clayton taught middle school reading as a member of Teach for America in Baton Rouge, Louisiana. He holds a Bachelor of Arts in History from Texas A&M University and is a CFA Charterholder.
Panelist:
Avi Korn, Managing Director, KKR
Avi Korn (New York) joined KKR in 2018 and co-heads the Asset Based Finance group within the firm’s Credit business. The Asset-Based Finance group focuses on non-corporate, private credit investments which are backed by financial or hard assets. Prior to joining KKR, Mr. Korn was a portfolio manager at BlueMountain Capital Management where he focused on debt and equity investments within asset-based finance. Previously, Mr. Korn was a vice president at J.P. Morgan on the asset-backed security principal investment management team. Mr. Korn holds a B.S. in Economics from the Wharton School at the University of Pennsylvania.
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