Overview

Private credit is entering a new phase of market maturity, driven by the convergence of public and private credit markets, the expansion of private investment-grade strategies, and the continued evolution of direct lending. As market participants adapt to changing capital structures, investor expectations, rigorous due diligence, disciplined portfolio construction, and a deeper understanding of liquidity risk have become increasingly important to generating sustainable performance for LP’s.

This session will examine how structural market shifts are influencing underwriting standards, valuation methodologies, portfolio resilience, and investment opportunities. The discussion will provide practical insights into navigating today's increasingly interconnected credit markets.

KEY TOPICS:

• The changing direct lending landscape: Competitive dynamics, larger syndicated transactions, sponsor behavior, covenant structures, and the influence of alternative capital providers.
• Due diligence in a more complex market: Evaluating credit quality, downside protection, documentation, governance, and operational risk throughout the investment lifecycle.
• Public-private market convergence: Implications for pricing efficiency, credit spreads, capital formation, and relative value across public and private credit markets.
• The evolution of private investment-grade credit: Growth drivers, market structure, issuer characteristics, and the expanding role of institutional investors.
• AI and Private Credit: Sector Winners, Risks and Opportunities

The session will run for one hour, followed by networking and drinks.

Speakers

Robert Kostow
Managing Director, HPS Investment Partners

Mr. Kostow is a Managing Director at HPS Investment Partners. Prior to joining HPS in 2018, Mr. Kostow spent six years as a Principal at TPG Sixth Street Partners (“TSSP”), the credit investment arm of TPG Capital. Prior to TSSP, Mr. Kostow was a Director at Alvarez & Marsal. Prior to Alvarez & Marsal, Mr. Kostow held roles at Pacific Media Capital and Wells Fargo Foothill (n/k/a Wells Fargo Capital Finance).  

Mr. Kostow is a CFA Charterholder and holds a BA in Political Science from Emory University.

Matthew Lemash
Vice President, HPS Investment Partners

Mr. Lemash is a Vice President leading the Private High Grade Strategy team at HPS Investment Partners, where he previously supported the Direct Lending platform. Prior to joining HPS in 2021, Mr. Lemash was an Alternative Credit Strategist at PIMCO. 

Mr. Lemash holds a BS in Finance and Economics from Northeastern University.

About HPS

Founded in 2007, HPS Investment Partners (HPS) is a leading global credit investment manager with capabilities across the capital structure. HPS’s differentiated origination platform, which spans non-sponsor and sponsor channels, underpinned by a scaled and flexible capital base, offers companies a wide range of bespoke financing solutions. HPS has nearly 800 employees, including 250 investment professionals, across 14 global offices.

On July 1 2025, BlackRock announced the completion of its acquisition of HPS.

Registration 

MEMBERS:
Early Bird Rate - $75
until Sep 10

Regular Rate - $95
from Sep 11

NON-MEMBERS:
Registration opens Aug 21
Early Bird Rate - $95
until Sep 10

Regular Rate - $115
from Sep 11

Arrival refreshments and post-session drinks included.

Details

WHEN

WHERE

The Vancouver Club
915 West Hastings, Vancouver