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Private Debt Symposium 2026

1/27 - 1/28/2026 Frankfurt am Main

1/27 - 1/28/2026
Duration: 2 Days
Frankfurt am Main, Germany
Scandic Frankfurt Hafenpark

Agenda

For further information, please click on the respective programme item below.

Conference brochure available for download

You can download the conference brochure here.

9:30 am - 10:30 am

Business breakfast and registration

Flexspace Ballroom + Flexspace Gallery


10:30 am - 10:40 am

Opening

Ballroom 2+3


Speaker

Dr. Philipp Bunnenberg Bio
Head of Alternative Markets @ BAI

10:30 am - 10:40 am

Opening

Tree Room


Speaker

Florian Bucher Bio
Referent Alternative Markets @ BAI e.V.

10:40 am - 11:10 am

Fireside-Chat: European Private Debt – Strong Return Potential for Disciplined Investors (GER)

Ballroom 2+3


Moderation

Sascha Specketer Bio
Co-Head of U.K. & Europe, Global Client Group @ Barings

Speaker

Martin Siml Bio
Managing Director, Global Private Finance @ Barings

10:40 am - 11:10 am

NAV financing for private equity managers: value enhancement at fund level - growth capital at GP level (GER)

Tree Room

At the fund level:

  • New core component of the fund management toolbox
  • Increasing the efficiency of capital deployment ("Spend the whole fund - hold nothing back")
  • Value enhancement for LPs through portfolio investments after the investment period
  • Is the drought in private equity returns prompting a re-evaluation of "DPI trades"?

At the GP level:

  • Growth capital for the GP without dilution of GP shares
  • How does it work? What is the collateral?

Speaker

Jürgen Breuer Bio
Partner, Head of NAV Financing & GP Solutions Origination, Europe @ Pemberton Asset Management

11:10 am - 11:35 am

Private debt funds and leverage strategies (GER)

Ballroom 2+3
  • Regulatory restrictions
  • Loan-on loan, repos
  • Challenges in structuring and loan process

Speaker

Dr. Kati Beckmann Bio
Partnerin (im Bereich Private Funds/Finanzierung) @ Greenberg Traurig

11:10 am - 11:35 am

Accessing the Mittelstand: Opportunities and Barriers to Entry in Germany’s Non-Sponsored Direct Lending Market

Tree Room
  • Analysis of the structural factors that make the German non-sponsored direct lending market particularly attractive

  • Consideration of key credit characteristics of the SME sector

  • Requirements and skills that a specialized private credit manager must have in the following areas

    • Origination

    • due diligence

    • Deal structuring

  • Aim: Achieve above-average returns for investors

Speaker

Samuel Duncombe Bio
Operating Partner @ Deutsche Credit
Dr. Nicolaus Loos Bio
Managing Partner, Founder & CIO @ Deutsche Credit

11:35 am - 12:00 pm

Beyond Direct Lending - SRT as a driver of diversification and risk-adjusted returns (GER)

Ballroom 2+3
  • SRT transactions on small/mid-cap corporate loan portfolios: Relevance in the context of the European real & banking economy
  • SRT (SME) compared to direct lending - sectoral, regional and risk/return aspects
  • Functionality and rationale of SRT transactions

Speaker

Joanna Kosek Bio
Partner and Managing Director @ Christofferson Robb & Company

11:35 am - 12:00 pm

LMM - The role of Private Debt as a key source of financing growth

Tree Room

Direct Lenders play an increasingly important role in financing SMEs. Especially in relation to M+A transactions Direct Lenders are often better positioned than banks to provide capital in the amount and flexibility needed for such transactions. As a result the direct lending market in Europe has grown to well over €300bn and is now rivaling the broadly syndicated loan market and high yield bond market in size. We will be discussing current market developments and financing requirements that are shaping this trend.

Speaker

Mikkel Sckerl Bio
Portfolio Manager, Senior Partner @ Capital Four

12:00 pm - 12:50 pm

Panel 3: European Direct Lending Market

Ballroom 2+3


Moderation

Guillermo Pérez Molina Bio
Private Credit Associate @ Alternative Credit Council

Panellists

Malek Ghali Bio
Managing Director, Private Credit (Europe) @ Clearlake Credit
Christian Schaefer Bio
Managing Director Private Credit @ Goldman Sachs
David Schulte Bio
Partner | Head of DACH Private Debt @ CAPZA
Tancrede Terlinden Bio
Partner, Head of Germany @ Park Square Capital

12:00 pm - 12:50 pm

Panel 4: (European) Lower Mid-Market Direct Lending

Tree Room

Espresso Presentation by Sabine Fischer
European Lower Mid-Market Direct Lending

• Insolvency figures increased noticeably in 2024 and 2025, particularly in the smaller company segment. This development is increasingly on investors’ minds, as we observe in our ongoing discussions. There is a wide range of statistics breaking this down by country, size cluster and sector. Rather than going into detail, this will serve as a starting point.

o             Is this trend visible in direct lending portfolios? Based on our reporting platform, we do not observe a material increase in insolvencies or loss events in lower mid-market portfolios, neither in absolute terms nor relative to larger market segments. While default figures tend to be somewhat higher, their interpretability is limited due to differing definitions of “default.”

o             This (hopefully) points to a strong manager selection process as well as effective risk mitigation measures in practice.

o             Several of the sectors affected by elevated insolvency levels

--

In the subsequent panel discussion, the conversation will focus more specifically on the following topics:

o             risk mitigation mechanisms,
o             distressed or underperforming assets within portfolios,
o             situations in which even robust protection mechanisms may no longer be effective,
o             opportunities arising from problem situations,
o             regional and sector-specific differences,
o             potential changes in the competitive landscape among credit funds,
o             trends in documentation, and
o             the outlook for M&A activity and deal quality in 2026 and beyond.

Moderation

Sabine Fischer Bio
Managing Partner @ BB Alternatives

Panellists

Christian Dybdahl-Ovesen Bio
Partner & Investment Professional @ CORDET Capital Partners
Dr. Markus Geiger Bio
Managing Director – Head of Private Debt @ ODDO BHF Asset Management
Eva Halbritter Bio
Partner @ Apera Asset Management by Franklin Templeton
Benjamin Noisser Bio
Portfolio Manager @ Robus Capital

12:50 pm - 2:05 pm

Lunch Break

Restaurant + Flexspace Ballroom


2:05 pm - 2:30 pm

Ratings of private debt structures for investors under the Investment Regulation (GER)

Ballroom 2+3
  • Creditworthiness profiles of private debt-financed companies compared to the overall economy: insights from ten years of rating practice
  • Current default trends in Germany: Evidence from the Creditreform database
  • External ratings in the private debt segment: methodology, special features and practical benefits

Speaker

Dr. Benjamin Mohr Bio
Mitglied der Geschäftsleitung @ Creditreform Rating

2:05 pm - 2:30 pm

Next Generation Infrastructure: Investieren im Lower Mid-Market (GER)

Tree Room
  • New models, new players, new opportunities in an emerging market segment
  • Modernization of the infrastructure market: Accelerated change within the asset class, e.g. due to technological progress and social challenges, offers attractive market opportunities in the infrastructure debt segment
  • Complexity as a success factor: Adjustment of financing forms away from traditional, long-term "project finance" financing and towards more flexibility
  • Promotion of SMEs: importance of supporting small and medium-sized enterprises by providing individualized financing structures

Speaker

Stefan Futschik Bio
Head of Private Debt, Managing Director @ Prime Capital

2:30 pm - 3:15 pm

Panel 5: Niche Strategies – European Hidden Champions

Ballroom 2+3

Espresso lecture: Priscilla Schnepper

  1. Specialist financing gaps & opportunities  - or how to be a market builder [small enterprises, high-growth companies, companies active in strategic sectors, such as (deep) tech, green transition, digitalisation, security and defence, strategic acquisitions]
  2. Addressing European goals and create strategic investment alpha and diversification
  3. Development of a competitive eco-system on LP and GP side beyond the traditional direct lending strategies

    Moderation

    Priscilla Schnepper Bio
    Senior Investment Manager @ European Investment Fund (EIF)

    Panellists

    Olav Carlsen Bio
    Innovation Manager @ Bundesagentur für Sprunginnovationen (SPRIND)
    Luis Felipe Castellanos Bio
    Managing Partner, Private Debt @ Alantra Asset Management
    Börge Grauel Bio
    Head of Private Debt @ YIELCO Investments

    2:30 pm - 3:15 pm

    Panel 6: Real Assets

    Tree Room

    Espresso lecture: Abhishek Gupta

    Gaining Clearer Insight into Infrastructure Debt Investments

    • Infrastructure debt plays a growing role in portfolios, yet market visibility remains limited
    • Using evidence from completed transactions provides a more reliable view than static or proxy-based approaches
    • Improved visibility supports more consistent valuation, benchmarking, and risk awareness across the asset class

    Moderation

    Abhishek Gupta Bio
    Head of Business @ Scientific Infra & Private Assets (SIPA)

    Panellists

    Rouzbeh Amini Bio
    Head of Infrastructure Origination @ Ampega Asset Management
    Angus Davidson Bio
    Head of Infrastructure Debt Asia @ AEW
    Alberto Ponti Bio
    Senior Partner and Head of Strategy and Business Development @ F2i Sgr
    Denis Prouteau Bio
    Chief Investment Officer Private Debt @ AEW

    3:15 pm - 3:40 pm

    Current risks for lenders of large buy-outs - what you might want to know (GER)

    Ballroom 2+3
    • Playing the Financial Equivalent of Game of Thrones (WSJ): What are Liability Management Exercises (LMEs)?
    • How LMEs threaten creditors and how legal and commercial due diligence should protect investors
    • Why reputation and stakeholder analysis are now particularly important

    Speaker

    Chrysanth Herr Bio
    Partner, Investment Advisory Professional @ Triton

    3:15 pm - 3:40 pm

    Real Estate Debt: Does the focus on the loan-to-value ratio convey a false sense of security?

    Tree Room

    Reliance on a small number of quantitative credit metric can give a dangerous and false sense of security. In this presentation we explore the pitfalls and propose at least one alternative method of analysis for real estate credit underwriting. 

    Speaker

    Vincent Nobel Bio
    Head of Asset-Based Lending @ Federated Hermes

    3:40 pm - 4:05 pm

    Fireside chat: Review of direct lending in 2025 and outlook for 2026

    Ballroom 2+3
    1. Private Credit: A review of 2025 and an outlook on market dynamics in the year ahead
    2. Geographical focus: Opportunities in North America and Europe
    3. Investment opportunities in the sponsor and non-sponsor space
    4. Developments in credit documentation

    Moderation

    Nedelina Lazarova Bio
    Head of Private Debt @ HQ Trust

    Speaker

    Karsten Hampel Bio
    Executive Director @ HPS Investment Partners

    3:40 pm - 4:05 pm

    A Burden or Loan-to-Own – Investing Smartly in Distressed Real Estate (GER)

    Tree Room

    The opportunities to invest in real estate debt are now becoming real in Germany. While seems to be still a lot of room for Standstill, the pressure and impatience from regulatory and other stakeholders increases. We will discuss the commercial opportunities and what creditors try to achieve - within the framework of legal considerations.

    Speaker

    Dr. Ruprecht Hellauer Bio
    Geschäftsführer @ Albulus Advisors Germany
    Cornelia Thaler Bio
    Partner, Real Estate @ Willkie Farr & Gallagher LLP

    4:05 pm - 4:25 pm

    Coffee Break

    Flexspace Ballroom + Flexspace Gallery


    4:25 pm - 5:10 pm

    Investor Panel 2

    Ballroom 2+3

    Private debt under pressure? The LP perspective

    Moderation

    Manuela M. Fröhlich Bio
    Mitgründerin @ Fondsfrauen

    Panellists

    Agnes Froehlich Bio
    Senior Portfoliomanagerin Private Markets @ Kirchliche Zusatzversorgungskasse des Verbandes der Diözesen Deutschlands (KZVK)
    Jens Schneider Bio
    Leiter Kapitalanlagen @ HanseMerkur Trust AG
    Stefan Schütte Bio
    Head of Fixed Income & Private Debt @ Versorgungsanstalt des Bundes und der Länder (VBL)

    5:10 pm - 5:15 pm

    Closing words

    Ballroom 2+3


    Speaker

    Dr. Philipp Bunnenberg Bio
    Head of Alternative Markets @ BAI

    Conference brochure available for download

    You can download the conference brochure here.