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Brian Reynolds

Showing 1–3 of 3 transcripts.

  1. Milken Institute1h 1m

    Trash or Treasure? Finding Value in Distressed-Debt Investing

    Richard Cantor, Lauren Scottlieb, Chris Piccillo, Brian Reynolds, Steve Shapiro, Lawrence, John McWhorter, Brian Wright, David Freeman, Christopher Coleman, Chris Hayes, Steve Grove, Steve McCurry, David Levinson, David Rockefeller Jr., Meredith Whitby

    Four leading alternative asset managers from Fundamental Advisors, Solus, Chatham Capital, and Golden Tree convened to analyze distressed opportunities across municipal, energy, and corporate sectors while addressing the complex capital structure of Puerto Rico's debt crisis. Panelists generally cautioned against premature entry into the energy market due to oversupply concerns but identified affordable housing, telecommunications spectrum, and regulated lending as high-potential themes within a credit cycle approaching late-stage maturity. Despite warnings of deteriorating underwriting quality and tightening liquidity, the experts projected a robust distressed landscape over the next two years, emphasizing that cohesive restructuring mechanisms remain critical for achieving value in fragmented high-yield and municipal environments.

  2. Milken Institute59 min

    Mid-Market Private Equity (updated)

    Lauren Leichtman, Brian Reynolds, Ted Virtue, Barry Volpert, Kneeland Youngblood, Adam Sokoloff

    Industry leaders including Lauren Leichman, Ted Virtue, and Barry Volpert convened to analyze the current middle-market landscape, highlighting a surge in refinancing activity and secondary buyouts driven by abundant capital and favorable credit conditions. While mega-funds compete on lower IRR mandates, mid-market firms leverage operational expertise and lower leverage to target distinct valuation gaps, particularly in the $200 million to $1 billion enterprise value range. The panel concluded that despite LP demands for concentration and compliance, the sector is poised for sustained growth through strategic carve-outs, cross-border expansion, and a predicted "harvesting wave" of exits over the next five years.

  3. Milken Institute1h 1m

    Mid-Market Private Equity

    Lauren Leichtman, Brian Reynolds, Ted Virtue, Barry Volpert, Kneeland Youngblood, Adam Sokoloff, Nealon Youngblood

    Representatives from major private equity firms including Levine Leichman, Chatham Capital, MidOcean Partners, Crestview Partners, and Ferros Capital convened to analyze the evolving middle-market landscape, defining target valuations between $25M and $2.4B enterprise value while highlighting a surge in refinancing activity driven by robust capital markets. The panelists identified significant competitive pressures from mega-funds capable of paying higher multiples, prompting mid-market strategies that leverage operational expertise, extended hold periods, and strategic co-investments to secure net IRRs of 18% to 20%. Despite a market shakeout driven by Limited Partner demands for higher returns and larger commitments, the industry outlook remains positive as firms anticipate continued consolidation and sustained demand for lower-multiple, value-creating acquisitions.