Burning questions on credit – Future Standard – 11.21.25

Summary:

Curious about what’s really happening across private credit right now? Join three of Future Standard’s portfolio managers—representing Direct Lending, Junior Credit and Credit Secondaries—for a timely discussion that brings together insights from across the credit spectrum. We’ll break down some of the most pressing questions advisors are asking today, including whether private credit is in a bubble, where relative value exists right now, and the outlook for 2026.

Accepted for 1 CFP / IWI / CFA CE Credit

Speakers:

Andrew Kennedy serves as Managing Director, Head of RIA Channel for Future Standard. In this role, he oversees the development and maintenance of the firm’s relationships with registered investment advisors (RIAs), family offices and other types of investment advisory firms by providing education and support relative to alternative investment strategies managed by Future Standard.

Prior to his current role, Mr. Kennedy served as a member of the Sales team at Future Standard. Before joining the firm in 2012, he worked at Raymond James & Associates as a financial professional.

Mr. Kennedy is a graduate of Pennsylvania State University where he earned a BA in Economics. He holds the Certified Investment Management Analyst (CIMA) designation and Series 7, 24 and 66 licenses.

Nicholas Heilbut is a Managing Director on the Global Credit team at Future Standard. He serves as Portfolio Manager and Director of Research for FS Credit Opportunities Fund, FS Tactical Opportunities Fund, FS Specialty Lending Fund, FS Credit Income Fund and FS Senior Credit Fund.

Prior to joining Future Standard, Mr. Heilbut was a Managing Director at DW Partners,where he focused on investments in stressed and distressed debt. He previously served as the Head of Research for Magnetar’s Event Credit business and the Magnetar Credit Opportunities Fund and was also a member of the Event Driven Investment Committee. Earlier in his career, Mr. Heilbut worked at Serengeti Asset Management, where he was responsible for the firm’s investments in financial institutions, health care, media and sovereign debt. He joined Serengeti from Goldman Sachs, where he was a Vice President in the Special Situations Multi-Strategy Investing Group. Mr. Heilbut began his career as an Associate in Donaldson, Lufkin & Jenrette’s Mortgage Department.

He earned a BA in History (Phi Beta Kappa) from the University of Michigan and an MBA from Columbia Business School.

John Kyles is a Managing Director and serves as Head of Credit Secondaries at Future Standard. Mr. Kyles joined the firm in 2009 and has been working in the private markets since 1997.

Prior to joining Future Standard, Mr. Kyles was a Director at Citigroup in the private equity placements group. In this role, he structured and executed private placements totaling over $6 billion for public and private companies in a variety of industries. While in business school, he was a Park Fellow and a co-founder of BR Ventures, a student managed venture capital fund.

He holds a BA from Bucknell University, a JD from DePaul University College of Law and an MBA from Cornell University.

John Fagan is a Managing Director on the Junior Credit team at Future Standard. Mr. Fagan joined the firm in 2013 and has been working in the private markets since 2006.

Prior to joining Future Standard, Mr. Fagan was an Associate at DLJ Investment Partners at Credit Suisse. Previously, he was an Analyst in the leveraged finance group at Bank of America Securities, working on a variety of leveraged buyout and acquisition finance transactions.

He holds a BS from Vanderbilt University.