The Data Tapes: August Highlights in Private Credit and ABS Markets

Welcome to The Data Tapes. Stay in tune with the latest in private credit and ABS markets. We're bringing you bi-monthly, bite-sized coverage on debt financings, platform fundraises, data & charts, market commentary, and updates from Setpoint.

💸 Debt Financings

• 160 Driving Academy, the largest commercial driver training school in the US, announced a $100M credit investment from Lafayette Square and Upper90 for new school expansions.

• Andover Storage Lending, a financing platform for self-storage sponsors, announced an exclusive partnership with TPG Angelo Gordon to finance single assets and self-storage portfolios.

• Avantus, a developer of solar storage projects, closed a $522M development facility with KKR and Sumitomo Mitsui Banking to finance expansion of new projects.

• Car Capital, a financing platform for independent and franchise auto dealerships, closed a $70M warehouse facility with Westlake Capital Finance and Medalist to fund originations.

• CyrusOne, a data center operator owned by KKR, closed a $7.9B warehouse credit facility with Morgan Stanley, TD Securities, and KKR to finance development projects in the US.

• Digitt, a Mexico-based consumer credit card refinancing platform for prime borrowers, closed a $50M credit facility with CoVenture to expand origination growth.

• Future Family, a fertility financing platform, closed a $68M asset sale with Clear Haven Capital Management.

• nFusion Capital Finance, a commercial finance company for SMBs, closed a $75M credit facility with Synovus Bank, TAB Bank, and Zions Bank to fund origination growth.

• goeasy, a leading consumer lending platform in Canada for non-prime borrowers, closed a $550M credit facility with a bank syndicate including BMO, RBC, and CIBC.

• GreatAmerica Financial Services, a commercial equipment financing lender, closed its 25th securitization with a $642M privately placed issuance. They have issued $10.5B in total.

• Iron Horse Credit, an inventory and PO financing platform, closed a $40M senior credit facility from Forbright Bank and MA Asset Management.

• Oportun, a consumer finance platform that has originated over $18B in loans since inception, closed a $245M warehouse facility with Deutsche Bank and Jefferies.

• Propel Holdings, a Canadian consumer lending platform, closed an $80M upsize to its existing credit facility with Bastion Management and Hudson Cove.

• Rocket Mortgage issued new RMBS notes (RCKT Mortgage Trust 2024-CES5) supported by 7,427 second lien loans with a balance of $599.97M.

• Stori, a consumer neobank and credit platform in Mexico, closed a $107M credit facility from Goldman Sachs and Davidson Kempner, alongside a $105M equity round.

• Stratus Financial, a consumer finance platform for aviation education and training, closed a $50M forward flow facility with Monachil Capital Partners.

• Vernace, a lease-to-own platform for consumer goods and equipment, closed a $20M senior credit facility with Bastion Management to finance originations.

💰️Platform Growth

• Anchorage Capital is raising $1B for its Anchorage Credit Opportunities IX fund.

• Ares closes $34B for Senior Direct Lending Fund III.

• AXA IM Prime buys a 20% stake in Rivage, a French private credit firm managing €7.7B.

• Blackstone is doubling down on private credit outside the US.

• Castlelake is exploring a $1B sale of Concora Credit, a consumer lending platform for non-prime borrowers.

• Cliffwater Enhanced Lending Fund closed a $1.175B senior secured revolving facility with PNC Bank and Barings.

• Crestline is exploring strategic options, including a potential sale.

• LibreMax Capital entered a distribution partnership with iCapital.

• P10 expanded its existing credit capacity to $500M with a syndicate of banks, including JPM, KeyBanc Capital Markets, and Texas Capital Bank.

• TPG Twin Brook Capital Partners raises $3.9B for its fifth fund.

• Trinity Capital amended its credit facility with KeyBank to $440M in commitments.

📈 Visuals

🗣️ Commentary

• “Blackstone is positioning itself to be the largest financial investor in AI infrastructure in the world,...Our portfolio today consists of $55 billion of data centers, including facilities under construction, along with over $70 billion in prospective pipeline development.” - Steve Schwarzman, co-founder and CEO of Blackstone

• “Deployment is up, monetizations are up, capital markets revenues are up, yield pipelines are up and visibility is high. Unless something happens to disrupt this momentum, we expect to see increased activity in the second half of this year relative to the first. Our private credit business is now over $100 billion, and we continue to see attractive investing opportunities in asset-based finance, Asia credit, opportunistic investing and junior debt, amongst other areas.” - Scott Nuttall, KKR CEO

📖 What We’re Reading

• Asset Based Finance: Private Credit’s Diversifier from AB CarVal

• Blue Owl’s CEO contends golden age is the wrong framing for private credit boom, from Pensions & Investments

• Oaktree’s quarterly market commentary on Performing Credit 2Q2024

• Oliver Wyman on private credit’s next act, asset-based lending

 🚀 What’s New at Setpoint

• Setpoint Facilitates Diligence for $209 Million Landmark Rated Securitization of Residential Transition Loans

• Feature Launch: Accelerate Capital Deployment with Setpoint's Automated Borrower Approval Workflow