The policy responses to the 2008 credit crash (resulted) with a bifurcated credit market offering the credit readily at very low interest rates for larger companies but restricted availability of credit for middle market firms.
Philadelphia, PA (PRWEB) October 22, 2013
John Michaelson of Michaelson Capital headlined the Ivy Family Office Network, Philadelphia, PA 2014 Family Office Outlook Forum with a discussion on “Finding Yield in a ZIRP Environment”. The Forum was held on October 16th in Philadelphia, PA.
According to Mr. Michaelson, “The credit markets are still feeling the impact of the policy responses to the 2008 credit crash with a bifurcated credit market offering the ready availability of credit at very low interest rates for larger companies but restricted availability of credit for middle market companies. In part this is a consequence of the collapse of the primary pre 2008 credit providers to middle market companies. These included the alternate banking system of hedge funds, commercial credit companies and investment banks as well as regional and local banks. The infrastructure for providing credit to middle market companies will take time to restore”.
Moreover “We identify these opportunities as ones where companies have no or little existing leverage with high growth potential. Our focus is on that part of the market that is now underserved by the banking sector and is relatively uncorrelated to economic downturns. Our investment is generally in the form of senior secured debt. We look at the enterprise value of a company as well as collateral. We also see opportunities in those European countries that suffered systematic banking failures and where there has been a similar credit pull back.”
Other speakers on the panel included Keith Bachman of Aberdeen Asset Management and Mickey Vetter of Market Access Partners.
Prior to founding Imperium Partners (now Michaelson Capital Partners), John served as President and Chief Executive Officer of Needham Asset Management and as a managing director and member of the board of directors of Needham & Company, a full service broker-dealer specializing in emerging growth companies and their institutional investors.
John holds an M.B.A. with distinction from the Harvard School of Business as well as a B.A. and M.A. from Oxford University. He is the author of Restructuring for Growth, a textbook that outlines growth strategies for private and public companies and of numerous articles on investing and economics. John serves as both a trustee and Chairman of the Investment Committee for The Cooper Union for the Advancement of Science and Art. He was also a member of The Eton College endowment Investment Committee and is a Trustee of the Royal Air Force Museum.
John has written extensively and his latest publication "Is Easy Money Killing Growth?" was published in the Oxford Journal of World Economics in its July-September, 2012 issue.
Michaelson Capital is an innovative specialty finance firm that primarily provides uniquely structured debt capital to middle market public and private growth companies. Their goal is to help ambitious and talented entrepreneurs and management teams build outstanding companies. Their track record of over 100 principal investments makes them an industry leader.
The Ivy Family Office Network Forum provides an ongoing dialogue for family offices to support high-value education and information on trends for family office investing, structure and operational excellence. Attendees gain practical strategies and solutions to achieve both short and long-term objectives. The program features off-the-record, peer-to-peer discussions in a non-commercial setting, in-depth and highly interactive sessions.
About The Ivy Family Office Network
The Ivy Family Office Network, IvyFON, is a leading peer to peer global family office network with several hundred family offices attending events around The Americas within the past 12 months. Some of the more than 1,500 past speakers have included more than half of the top 10 largest asset allocating consultancies, pre-eminent alternative investment funds by return, leading institutional investors by size, best-in-class asset management professionals, family office subject matter experts and world-class family offices.
Premier Speakers have included Fred Nazem, Nick Maounis, John Taylor and many others. Forum sessions are multi-format and cross-disciplinary covering a range of family office centric topics.
IvyFON’s expertise is an outgrowth of one of the United States’ oldest and largest alternative investment networks, the IvyPlus network. IvyPlus originated as a peer to peer private equity, real estate and hedge fund network consisting of Ivy League and comparable school alumni as well as meritorious participants in the program. The group includes New York City and Los Angeles deal networks across multiple disciplines including private equity, health care and real estate. More than 12,000 investment, family office and institutional investment professionals have attended forums globally.
For more information on Michaelson Capital contact Erin Burkett at eburkett(at)michaelsoncapital(dot)com or at 646-957-9992. For more information on the Ivy Family Office Network, contact Marty Secada at 646-290-8114 or at ivyfon.com/contact.html.