Today's illiquid credit markets have seen significant inflows and a panoply of new entrants into the direct lending universe. This session will examine the outlook for illiquid credit and nonbank direct lending with a potentially more favorable regulatory environment on the horizon.

Will the rollback of banking regulations create more competition for direct lenders?
How do illiquid and liquid credit markets compare in value?
Is there too much money chasing too few deals?
What do investors need to know about manager capabilities to make a successful choice?

Moderator
Staci Warden, Executive Director, Center for Financial Markets, Milken Institute

Speakers
Michael Arougheti, Co-Founder, Director and President, Ares Management GP LLC
Mary Katherine DuBose, Co-Head of Asset-Backed Finance and Securities, Wells Fargo Securities
Damien Dwin, Co-Founder and Managing Partner, Brightwood Capital Advisors
Nino Fanlo, Chief Financial Officer and President, SoFi
Terry Harris, Head of Portfolio Management, Global Private Finance, Barings