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Cadwalader Capital Call Securitization Conference
Date: April 3, 2025
Location: Cadwalader
200 Liberty Street, New York
200 Liberty Street, New York
Cadwalader will be hosting the Capital Call Securitization Conference in our New York office on Thursday, April 3rd from 1:30 PM to 5:30 PM.
This first of its kind event will bring together industry leaders and experts for an afternoon of insightful discussions on the latest market trends and opportunities in the capital call securitization space. We’ll dive into the various traditional securitization structures, explore CRTs, CFOs, and other non-cash securitization structures. We will conclude this event with a roundtable discussion featuring market leaders in this space.
The conference will be followed with a Cocktail Reception from 5:30 PM – 7:30 PM sponsored by Fitch Ratings.
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1:45 PM - 2:00 PM: Welcome Remarks
Partner
Cadwalader
Partner
Cadwalader -
2:00 PM - 2:50 PM: Defining The Deal: Capital Call Securitization Structures
Partner
Cadwalader
Managing Director
Goldman SachsBob BengtsonManaging Director
Goldman Sachs×Bob is head of Credit Structuring and Sales Strats and Alternative Markets Group Distribution in Global Banking & Markets, where he focuses on the structuring and marketing of transactions in structured credit asset classes, including fund finance, real estate, aircraft, reinsurance, infrastructure and hedging trades. Prior to his current role, he led the Municipal Structured Products business, where he was responsible for derivatives and taxable bond structuring and marketing. Previously, Bob worked in creditequity trading and debt capital markets. He joined Goldman Sachs in 1999 as an analyst and was named managing director in 2019.
Bob earned a BS with a concentration in International Finance and Commerce from Georgetown University's School of Foreign Service.
Partner
CadwaladerJoseph BeachPartner
Cadwalader×Joseph Beach represents investment banks, large commercial banks and asset managers in a broad range of securitization and structured finance transactions, focusing primarily on CLOs and leverage on corporate credits.
Joseph's clients include a broad range of investment banks and asset managers in CLO transactions. He has extensive experience with both broadly syndicated and middle market/private credit CLOs utilizing cash flow and static pool structures. He has significant experience in securitizations of Small Business Administration (SBA) 7(a) loan pools. He also represents multiple commercial banks in structured loan financings of middle market/private credit loans, capital call rights, trade receivables, equipment lease receivables and venture debt. He is well-versed in navigating the changing regulatory landscaping governing both U.S. and European securitization transactions.
Joseph is the co-author of “COVID-19 Update: The Paycheck Protection Program and the Secondary Market,” "It’s a Mad, Mad, Madden World," ”Reproposed Credit Risk Retention Requirements for Asset-Backed Securities Transactions," and "Risk Retention for Collateralized Loan Obligations (CLOs): Re-Proposal Fact Sheet."Joseph co-led the Cadwalader team in connection with its representation of Morgan Stanley & Co. LLC in the BlackRock DLF-VIII-L CLO Trust transaction, which was recognized in 2022 by GlobalCapital as “Middle Market CLO Deal of the Year” in its annual U.S. Securitization awards. Earlier, he also advised on the award-winning Ares XXX CLO transaction, which won GlobalCapital's "Deal of the Year."
Joseph is recognized as a leading capital markets lawyer by ILFR1000, Chambers Global, Chambers USA and Who's Who Legal, and was named among the "ones to watch" by the Corporate LiveWire Legal Awards. He is often called upon by leading industry publications for his perspective, and regularly participates in panel discussions with other securitization industry leaders. He was invited to speak at IMN's Conference of CLOs and Leveraged Loans in New York City, the Opal Financial Group's European CLO Summit in Monte Carlo, and the Annual ABS East conference in Miami. Joseph is the former co-chair of the Structured Finance Industry Group’s (SFIG) Bank Securitized Lending & ABCP Committee.
Joseph served as a Captain in the United States Army JAG. During his time in service, he was the Assistant General Counsel for Fiscal and International Law for the United States Army Corps of Engineers.
He received his J.D., magna cum laude, from Duke University School of Law, where he was a member of the Order of the Coif. He received his B.A., cum laude, from Davidson College, and an M.A. in International Relations from Duke University Graduate School. He is admitted to practice in North Carolina.
Partner
CadwaladerTrent LindsayPartner
Cadwalader×Trent E. Lindsay is a partner in the Finance Practice at Cadwalader, Wickersham & Taft, with a focus on fund finance and private equity.
Mr. Lindsay represents lenders as well as borrowers in subscription credit facilities and in other fund finance transactions, including net asset value and hybrid facilities. Parties to these transactions include private equity, credit, venture capital, real estate, infrastructure and other investment funds.
Mr. Lindsay also has substantial experience in mergers and acquisitions.
* Admitted in North Carolina and Georgia only
Partner
CadwaladerNathan SpanheimerPartner
Cadwalader×Nathan Spanheimer is a partner in the firm's Capital Markets Group. He represents investment banks and other institutional lenders and underwriters in secured commercial lending transactions (both syndicated and bilateral) and CLOs. Nathan has also represented both borrowers and lenders in leveraged finance credit facilities, bankruptcy exit facilities and hedge fund financings.
He received his J.D., with distinction, from The University of Iowa College of Law, and his B.S. in Economics from Duke University. Nathan is admitted to the North Carolina Bar.
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3:00 PM - 3:50 PM: CRTs & CFOs: Synthetic and Other Non-Cash Securitizations
Partner
Cadwalader
Partner
CadwaladerGregg JubinPartner
Cadwalader×Gregg Jubin is a partner in the Capital Markets Group, Managing Partner of the Washington, D.C., office and a member of the firm’s Management Committee. He practices in both Washington and New York. Gregg has 31 years of experience in corporate and finance transactions, with particular emphasis in transactions involving hedge funds and private equity fund of funds, structured funds, collateralized loan obligations, collateralized fund obligations, derivatives, synthetic structured products, and other types of structured products. Gregg represents the managers of hedge funds and private equity fund of funds, collateral managers, investment banking firms, commercial banks, broker dealers, and other financial institutions.
Gregg's practice involves structuring and organizing onshore and offshore hedge funds (including commodity pools, fund of funds, and master/feeder funds), private equity fund of funds and other investment vehicles, developing, negotiating and documenting a wide variety of financial products, and providing advice to clients with respect to compliance with the Commodity Exchange Act, the Investment Company Act, the Investment Advisers Act, the Securities Act of 1933, and other federal and state securities and commodities laws and regulations. Gregg is recognized as a leading lawyer in securitization by Chambers USA and Chambers Global.
Gregg co-led the Cadwalader team in connection with its representation of Morgan Stanley & Co. LLC in the BlackRock DLF-VIII-L CLO Trust transaction, which was recognized in 2022 by GlobalCapital as “Middle Market CLO Deal of the Year” in its annual U.S. Securitization awards.
He received his J.D., magna cum laude, from Syracuse University College of Law, where he was a member of the Law Review and Moot Court Board.
Partner
CadwaladerJed MillerPartner
Cadwalader×Clients say “Jed Miller is very creative and value added to the process. Excellent commercial instincts. Client service is top tier” and “Extremely thoughtful, efficient and no topic is beyond [his] reach.”
Law 360
With over 15 years of experience, Jed focuses his practice on novel and innovative structured financing solutions, with an emphasis on transactions that combine securitizations and derivatives. He regularly represents buy-side and sell-side institutions in connection with:
- Synthetic securitizations, credit-linked notes, credit default swaps (including tranched portfolio CDS), derivative product companies (DPCs) and other credit-risk transfer (CRT) products.
- Cash securitizations of a wide range of asset classes, including fund interests (CFOs and rated feeders), corporate loans, receivables, municipal securities (tender option bonds), commercial and residential mortgages, intellectual property, automobile loans, and distressed and non-performing assets.
- Repackaging and securitization transactions that utilize repurchase transactions or derivatives, such as currency swaps or total returns swaps (TRS), to transform the economic profile of, or achieve leveraged exposure to, repackaged or securitized assets.
- The financing of risk retention interests in securitization transactions.
- Other, more esoteric structured financings, such as “de-wrapping” transactions designed to synthetically terminate monoline insurance policies on legacy securitization exposures.
- The restructuring of distressed securitization products.
Jed is frequently called upon by clients to advise on securities law, UCC, bankruptcy, tax and other legal and regulatory issues. He is an expert on U.S. bank regulatory capital rules (Regulation Q)—in particular, as they relate to capital relief strategies that involve synthetic securitizations, credit default swaps and other financial products—as well as Dodd Frank’s risk retention rules for securitization transactions.
In addition, financial institutions routinely seek Jed’s counsel on contemporary issues facing the structured finance industry. For example, at the outset of the COVID-19 pandemic, he guided major securities dealers through the intricacies of the Federal Reserve’s TALF program. He also advised banking institutions on issues relating to the global LIBOR transition.
Jed authors publications on a variety of topics related to the financial markets and makes frequent speaking appearances at structured finance industry events. Jed was named a “key lawyer” by Legal 500 in Cadwalader’s Tier 1 Derivatives and Structured Products practice, a "Rising Star Partner" by IFLR1000 in the area of Derivatives, and a “Rising Star” by Law360 in the area of Structured Finance. Jed leads the Capital Relief Trade (CRT) team which the Financial Times recently awarded with its highest “standout” honor for its 2024 Innovative Lawyers North American awards, and Structured Credit Investor named Cadwalader as a finalist for its 2023 and 2024 Capital Relief Trades Awards Law Firm of the Year awards.
Jed earned his J.D., cum laude, from Case Western Reserve University, and his B.A., magna cum laude, from Oklahoma State University. He is admitted to practice in the State of New York.
Managing Director
Seer CapitalTerry LansonManaging Director
Seer Capital×Terry Lanson is a Managing Director at Seer Capital Management responsible for investments in bank regulatory capital relief transactions. Seer has invested more than $1 billion across more than 50 reg cap transactions. Terry joined Seer in 2008 after two years at Citigroup in London, where he structured and traded esoteric structured credit related assets. He spent 9 years at Deutsche Bank in New York and London, where he was part of the team responsible for Deutsche's market leading balance sheet securitization/reg cap program. He also structured and executed some of the first securitizations in the European markets for auto loans, trade receivables, and Pan-European corporate bonds. Terry holds an undergraduate degree from Harvard College.
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4:00 PM - 4:30 PM : Networking Break
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4:30 PM - 5:20 PM: Capital Call Securitization Market Roundtable Discussion
Partner
Cadwalader
Global Head of Capital Markets
Värde PartnersMissy DolskiGlobal Head of Capital Markets
Värde Partners×Missy Dolski is a Senior Managing Director and Global Head of Fund Finance & Capital Markets. Missy joined Värde in 2017 and is responsible for the firm's fund finance investing business. She is also responsible for managing relationships with key capital markets accounts globally including debt advisory and financing execution needs of the firm’s investment book in both public and private debt markets. Prior to joining Värde, Missy was a Director at Wells Fargo Securities in the Commercial Real Estate Capital Markets & Finance group where she focused on capital markets financing for a variety of non-bank lender clients. Throughout her career she held multiple roles at Wells Fargo within its structured finance, principal investing and corporate credit divisions in New York, London and San Francisco. Missy graduated from the University of Minnesota’s Carlson School of Management with a B.S. in Business Administration and received an M.B.A. with distinction from London Business School.
Managing Director
Standard Chartered BankVicky DuManaging Director
Standard Chartered Bank×Vicky Du is the Global Head, Fund Finance at Standard Chartered, managing a globally integrated team responsible for providing financial sponsors with fund level financing solutions.
Vicky has extensive knowledge and experience in Leveraged Finance, Structured Finance and Capital Markets. Prior to joining Standard Chartered, Vicky worked at Goldman Sachs and GE Capital. Vicky received an MBA from New York University Stern School of Business, and BS in Mathematics and Computer Science from University of Nebraska.
Vicky servers on the Advisory Committee for the Fund Finance Association, and Advisory Council for the Securities Industry and Financial Markets Association.
Partner
NLC Capital MarketsSlade SpaldingPartner
NLC Capital Markets×Slade is responsible for leading and managing GP relationships. Slade has over 17 years of private equity and banking experience.
Prior to co-founding NLC, Slade was Co-Head of Capital Call Financing and the Head of GP Financing at Investec’s Funds Solutions team. Slade was one of the original members to join Investec’s Fund Solutions team and during his time ran and executed over €5.5bn of fund finance transactions globally across 30 fund managers and 45 funds including capital call, secondaries, GP led, NAV, and GP financing.
Slade formed part of the Fund Solution’s investment committee and was instrumental in originating and developing deep client relationships which drove turnover growth by more than 8 times and saw the team increase from 4 to over 20.
Slade started his career in South Africa and moved to the UK in 2008 as part of Investec's treasury team to build out the institutional deposit base.
Slade holds a Bachelor of Information Systems from Bond University and is a Chartered Management Accountant.
Managing Director
Morgan StanleyDavid WassermanManaging Director
Morgan Stanley×David Wasserman joined Morgan Stanley as a Managing Director in 2018 and has 20+ years of structured corporate lending and fund finance experience. Mr. Wasserman currently leads the Global Capital Call business and previously ran the Direct Lender Finance business at Morgan Stanley. Previously, Dave worked at SMBC for 14 years as General Manager in its New York Office with prior experience at Bank of America and PwC. Dave has a B.S. in Applied Mathematical Economics from SUNY Oswego and a MBA in Finance from Rutgers University.
Senior Director
Fitch
Joyce FargasSenior Director
Fitch
×Joyce Fargas is a Senior Director in the Funds & Asset Managers group, based in New York. The Funds group is responsible for Fitch’s coverage of fund finance, private equity securitizations, and various investment vehicles. In her current role, Joyce is responsible for assigning and maintaining ratings, developing rating methodologies and publishing research across sectors. Prior to joining the Funds group, Joyce worked in the Structured Finance and Risk groups at Fitch, primarily covering ABS and Structured Credit.
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5:30 PM - 7:30 PM: Cocktail Networking Reception
