Date
Time

Start time: 5.30 pm (with tea/coffee and biscuits available from 5.00 pm)

End time: 7.00 pm 

Venue
Chartered Accountants Ireland (CA House), 47/49 Pearse St, Dublin 2

In Person: Private Debt

One theme from the 2023 Global Insurance Market Report is the increasing allocation of capital from the insurance sector to more illiquid investments such as private debt. Further, where a life insurance cedant accepts private debt fund holdings as collateral for an annuity reinsurance contract, a more competitive price for the reinsurance contract can normally be obtained than if the collateral posted were, say, investment-grade, highly liquid corporate bonds.   

Private debt funds have experienced explosive growth since the global financial crisis in 2008.  Their growth has been driven by three main factors: (i) the demand for debt from private equity entities to fund company buy-outs; (ii) increased regulation of banks in the wake of the global financial crisis causing them to pull back on lending; and (iii) investors’ search for yield in a two-decades period of falling interest rates.  

Private debt has become a core component of the investment portfolios of many institutional investors partly because of its historic track record of stronger risk-adjusted returns relative to traditional debt securities and partly because of the diversification it offers within the debt asset class.

However, private debt funds like other private funds have come under regulatory scrutiny for such features as a lack of visibility of concentration risks, liquidity risks, and synthetic leverage risks which might potentially alert regulators to links to other parts of the financial sector. 

Eadbhard O’Callaghan and John Caslin will present a paper entitled “Private Debt” which will cover a range of aspects of private debt lending including the risks and returns, loan underwriting, investor due diligence on private debt funds, private debt fund leverage, and the focus of regulators on the asset class. 

 

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Members: The buddy system is in place for this event, therefore you are welcome to invite up to two non-members along with you, free of charge, as your guests to this event. You will need to record their name under your reservation.

Non-members: If you are not coming along with a member of the SAI under the buddy system, there is a charge of €50 to attend.

Cancellation Policy available here.

Cost (non-members)
€50.00
Event Type
CPD Event
Event format
Live event
Speakers/Presenters
John Caslin: John Caslin is Director Investment Management and Innovation at the Carne Group. He is a member of the investment committee of the boards of Carne Global Fund Managers (Ireland) Limited and Carne Global Fund Managers (Luxembourg) S.A. which review and, if thought fit, approve investments in pri-vate debt, real estate, and private equity. He is the chairperson of the Society’s Banking and Aviation Finance Committee. John has served as a director of iShares plc, an index and exchange traded fund (‘ETF’) manager; a director of Alder Capital, a systematic, target-risk currency and equity fund manager; and as a member of the investment committee of the board of Eagle Star Life (now Zurich).

Eadbhard O’Callaghan: Eadbhard O’Callaghan is a Global Business (Bachelor of Business Studies) student at Trinity College Dublin. In the summer of 2023, he completed an internship with the Carne Group in Dublin working closely with John Caslin. He is a Junior Analyst at the Trinity Student Managed Fund (“SMF”) which is a real-life financial portfolio, managed by a team of undergraduate and postgraduate students under the guidance of an advisory board of investment industry experts. Eadbhard’s primary duty is to perform in-depth financial modelling and research on candidate companies for investment and deliver presentations on the busi-ness case to the SMF leadership team.
File attachments
Date Attachment Size
23/01/2024 Private Debt Paper 2.08 MB Download