Since 1990, the number of FDIC-insured commercial banks in the United States has dropped from over 12,000 to less than 6,000, with banks increasingly focusing on larger corporate borrowers. Combined with an increased regulatory burden on the banks after the Great Financial Crisis, this development has led to a rise of private debt as a new asset class. Originally investing as mezzanine or special situation lenders, private debt now consists of lenders investing across the entire capital structure while boasting over $800 billion in assets under management.
Chicago is recognized as a center for private debt, with the majority of the largest private debt funds headquartered here. In the third part of CFA Society Chicago’s Capital Market Series, a group of distinguished panelists will discuss this emerging asset class.
If you missed the first two parts of the series on Public Allocations and Private Markets head on over to our Website or YouTube page to watch the replay. You can also read the recaps on the CFA Society Chicago Blog!
Chris Brown, CFA - Managing Principal, Allstate Investments
Phil Kain, CFA - Founder, Rush Street Capital
Zia Uddin, CFA - Partner, Managing Director & Portfolio Manager, Private Credit, Monroe Capital
Moderator: Christian M. Barron, CPA, CFA - Senior Business Development Associate, LQD Business Finance
Members - FREE
Nonmembers - FREE
CFA Institute Qualified Activity: Eligible for 1 credit hour
Zoom login information will be provided in the reminder email closer to the event. Registration closes at 5:00 PM on November 17, 2020.
4:00 pm - 5:00 pm CST: Program
Please log in a few minutes early to test your video and internet connections.
*Distribution of presentation slides is at the discretion of the speaker and may not be available for this event
Chris Brown, CFA, serves as a managing principal at Allstate Investments in their Opportunistic Investing Group. The group provides bespoke, private financing solutions to capital constrained or underserved issuers. Their rigorous investment approach allows them to underwrite the most challenging and complex structures. They look to partner collaboratively with companies, sponsors and other stakeholders to invest across industries in a variety of transaction and security types. They can invest in both debt and equity, through both the primary and secondary markets. Previously he was a partner at SOLIC Capital Management, assisting clients in executing financial and operational restructurings and mergers and acquisitions. During his time there he was a core member of a team responsible for the wind down of a $750 million hedge fund headquartered in New York. Brown’s experience includes managing distressed debt portfolios including sourcing and trading responsibilities. His focus has been identifying value through fundamental credit analysis. Before joining SOLIC (and its predecessor Navigant Capital Advisors) he was a partner at Newberry Capital Management and a Managing Director for Ritchie Capital Management, LLC where he was responsible for stressed and distressed debt. He began his career at the Bank of America. Brown received his Bachelor of Arts in Economics from the University of Michigan and his MBA from University of Chicago. He is a Chartered Financial Analyst (CFA).
Phil Kain, CFA, founded Rush Street Capital in 2014, after a long career in commercial banking and leveraged finance. Kain has over 25 years of professional experience in corporate banking and leveraged lending and is a frequent contributor and speaker in forums, panels, networking events and trade publications in the middle market finance arena. Kain has closed well over 200 middle market transactions during his career. Kain has proven expertise in sourcing and structuring debt for lower middle market companies and private equity firms, specializing in debt restructures and difficult to finance situations. Kain is a CFA charterholder and is a 1990 graduate of the University of Michigan. He resides in Phoenix with his wife and 3 children.
Zia Uddin, CFA, is a partner and the portfolio manager of Monroe Capital’s Private Credit investment vehicles. He works extensively with private equity and independent sponsors and sits on various Board of Directors for Monroe’s investments. He joined the firm in 2007 and is a member of Monroe’s Investment Committee. Uddin has over 25 years of management consulting, corporate finance, turnaround and investing experience. Prior to Monroe, Uddin was a partner and principal with two middle market private equity funds. Prior to that, he was a senior manager at Arthur Andersen LLP where he provided management consulting services to a wide range of clients. Uddin has also had numerous operating roles at middle market companies including COO, CFO and CRO. Uddin earned his M.B.A. from The University of Chicago Graduate School of Business and his B.S. from University of Illinois. He is a CFA charterholder and is a non-practicing CPA.
Christian M. Barron, CPA, CFA, is currently a senior business development associate with LQD Business Finance, a Chicago-based, tech-enabled Private Debt fund. Barron is primarily responsible for executing on LQD’s Specialty Finance roll-up strategy by acquiring other ABL and Factoring Fincos. Barron also originates new debt financing opportunities for the lending platform. Previously, Barron worked for Madison Capital Funding and First Bank of Highland Park in underwriting roles. Barron is an active member of the Society as he is also on the Education Advisory Group, the Professional Development Advisory Group and the Distinguished Speaker Series. This year Barron was awarded AG Member of the year for the Distinguished Speaker Series.
*Special Notes Regarding Fees:
This event is complimentary for both members and nonmembers. Registration online is required and closes at 5:00 PM on November 17, 2020.
CFA Institute CE Qualified Activity:
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.