The Data Tapes: September Edition II – Key Moves in ABS and Debt Markets

Welcome to The Data Tapes, your go-to source for the latest in private credit and ABS markets. Twice a month, we deliver bite-sized updates on debt financings, platform fundraises, data insights, market analysis, and the latest from Setpoint.

 🚀 What’s New at Setpoint

• Setpoint CEO Stu Wall sat down with ABL Advisor’s Founder & CEO, Michael A. Toglia, to discuss how technology is reshaping capital markets. Catch the full conversation here.

• Our NYC team celebrated our Series B milestone with a special visit to Times Square, lighting up the Nasdaq tower.

• The Setpoint team will be at the 2024 DealCatalyst U.S. Asset Based Finance Conference in NYC on Sept. 30. Connect with us here.

💸 Debt Financings

• Achieve, a consumer lending platform, announced a $236.35M ABS issuance with a AAA rating backed by Achieve Personal Loans.

• AdaptHealth, an at-home medical supplies and services business, closed a $950M senior secured credit facility with a syndicate of banks led by Regions Bank. 

• Agora Data, a fintech platform providing financing for car dealerships and finance companies, closed a $100M mezzanine credit line with Waterfall to finance originations. 

• Almika, a solar financing and development platform closed a $600M forward flow agreement with Coventry Structured Investments with East West Bank serving as the senior lender.

• Bonside, a financing platform for brick and mortar retailers, announced a $15M initial close of their Flagship Fund led by Kimco to provide growth capital to multi-unit operators. 

• Castlelake announced a sale-purchase agreement with Avolon, a global aviation finance company, for the sale of a $5B, 118-aircraft portfolio held by Castlelake Aviation LTD. 

• Drip Capital, a trade finance platform, closed $90M in debt financing from IFC and East West Bank to finance originations alongside a $23M equity financing from GMO and SMBC.

• Finally, a finance and accounting software platform for SMBs, closed a $150M credit facility to fund charge card receivable originations alongside a $50M Series B from PeakSpan Capital.

• Fundbox, an embedded capital platform for SMBs, closed a new credit facility with Cross River and Waterfall. The new capital raise brings Fundbox’s annual origination capacity to over $2B.

• Green Thumb Industries, a cannabis CPG business, closed a $150M senior secured term loan facility with Valley National Bank. 

• Imprint, an co-brand credit card issuance platform, closed a $300M credit facility with Citi to finance credit card receivables. 

• Nautical Solutions, a provider of offshore supply vessel services, closed a $465M credit facility with Stonebriar Commercial Finance.

• North Bridge ESG, a provider of real estate finance solutions, received a strategic investment from Carlyle that includes a commitment of up to $1B to facilitate origination of C-PACE loans. 

• Octane, a point-of-sale financing platform for powersports and recreational purchases, closed a $500M forward flow facility with AB CarVal.

• Pagaya, a consumer finance and residential real estate platform, announced a $500M consumer loan ABS deal. The company has raised $4.4B across all transactions in 2024 YTD. 

• Unison, a home equity finance platform, announced a minority investment from Carlyle alongside a $300M purchase of newly issued equity-sharing home loans.

💰️Platform Growth

• AllianceBernstein announced the launch of AB CarVal Credit Opportunities Fund, an unlisted, closed-end interval fund investing in public and private credit across the US and Europe. 

• Apollo is in talks to build out a trading desk for private credit loans to build a secondary market.

• Apollo and State Street filed to launch an actively managed ETF that invests in public and private credit.

• BlackRock, Microsoft, and MGX partner on an AI infrastructure fund aiming to raise $30B to invest in data centers and other capital intensive infrastructure tied to AI hyperscalers.  

• Brookfield Asset Management and Castlelake announced the closing of a $1.5B strategic partnership, where Brookfield acquired a 51% stake in Castlelake’s fee-related earnings.

• Cadma Capital Partners, an affiliate of Apollo, formed a JV with Viola Credit to support up to $500M in capacity in asset-backed lending to technology businesses.

• EverBank announced a stock purchase agreement to acquire Sterling Bank & Trust, merging 25 bank branches, $900M of loans, and $2B of deposits into EverBank’s franchise. 

• HPS Investment Partners is discussing a possible IPO that could value the firm at $10B or more.

• Park Square Capital, a European private credit fund, raises a €3.4 billion new fund to finance sponsor-backed businesses in Europe.

• Warburg Pincus closes $4B inaugural capital solutions vehicle for financing businesses with complex needs using a combination of debt, preferred equity, and asset-based finance.

📈 Visuals

📖 What We’re Reading & Listening To

• Changing Faces of Private Credit, from Oaktree’s 2024 Conference

• Fintech Leaders podcast interview with Michael Tannenbaum, from our friend Miguel Armaza

• Private Credit Investor Sentiment survey, from Campbell Lutyens

• Securitized Products Outlook, from Medalist Partners

• State of the US Consumer Through the Lens of Asset-Backed Securities, from DoubleLine

• The Credit Markets Go Dark, a new paper on the growth of non-bank lending and its implications on firm behavior