Introducing The Data Tapes: Setpoint’s monthly newsletter on private credit and ABS markets

There’s no easy way to stay on top of the latest news in the private credit and ABS markets. To fix that, we’re scratching our own itch and introducing Setpoint’s new monthly credit newsletter. This will be your go-to source for news-worthy bits in private credit and securitization sectors. We'll cover debt financings, platform fundraises, data & charts, market commentary, and occasionally, updates from Setpoint.

💸 New Debt Financings

• Boopos, an small business marketplace that offers embedded acquisition financing, closed a $175M new credit facility with Fortress.

• Consumer Portfolio Services, a specialty finance company focused on consumer auto financing and servicing, renewed a $200M revolving credit facility with Ares.

• Carlyle and KKR jointly acquired $10B of Discover Financial Services’ student loan portfolio.

• Castlelake agreed to purchase up to $1.2B in consumer installment loans from Upstart, a consumer lending platform.

• Parafin, an embedded lending platform, secured a $125M credit facility with SVB to fund small business loan originations distributed through vertical SaaS, marketplaces, and payment processors.

• Denim, an invoice factoring platform for freight brokers, secured a $63M warehouse facility with SVB.

• Lendbuzz, a consumer auto financing platform, closed a new $100M credit facility with MUFG to support loan origination growth.

• Pipe, an embedded small business lending platform, secured a $100M credit facility with Victory Park Capital, potentially upsizing to $200M, to support its Capital-as-a-Service product.

• Sezzle, a consumer buy-now, pay-later lender, closed a $150M senior warehouse facility with Bastion Management.

• Yendo, a secured consumer credit card, secured a $150M credit facility with i80 Group, allowing consumers to access up to $10,000 in revolving credit using their vehicle title as collateral.

💰️Platform Fundraises

• Antares to raise around $6B for third senior loan fund.

• Atalaya Special Opportunities Fund IX raised $1B for asset-based lending.

• Benefit Street closes second special situations fund.

• HPS Investment Partners raises over $21B for Specialty Loan Fund VI.

• Marathon Asset Management and Webster Bank announce a private credit JV to finance sponsor-backed middle market companies.

• MidOcean Partners raises $765M for its third opportunistic credit fund.

• SG Credit Partners launches SG Commercial Finance.

• Sixth Street is raising over $1B from Calpers for a separately managed account dedicated to asset-based finance.

📈 Visuals

📖 What We’re Reading

• Asset-based Financing is the New Star of Private Credit (WSJ)

• Asset-Backed Debt Sales reach $175B in H1’24 (Bloomberg)

• Growth Opportunities: Asset-based Lending (Private Debt Investor)

• Analysis of Brex’s recent $200M securitization from our friend Rohit Mittal (Rohit’s blog)