The Latest in ABS and Debt Markets

Welcome to The Data Tapes—your biweekly snapshot of private credit and ABS markets. In each edition, we bring you concise updates on debt financings, platform fundraises, data insights, market trends, and the latest from Setpoint.

🚀 What’s New at Setpoint

• Save the Date: On Wednesday, June 4, we're teaming up with ClearHaven Capital Management for a Capital Conversations Garden Party during NY Tech Week — a relaxed outdoor happy hour with the ABF community. Request an invite here.

• Last week, we brought together 100+ leaders in private credit at a16z’s NYC HQ for a night of conversation and community, co-hosted with Cross River Bank. See the recap.

• Headed to FinovateSpring? The Setpoint team will be there - reach out to connect in person!

💸 Debt Financings & Acquisitions

• Altriarch Asset Management, Revere Capital partner to provide a $30M senior credit facility to a rent-to-own financing platform in the Midwest US. 

• Apollo committed $220M to a JV with Bullrock Energy Ventures to fund the development of Bullrock’s 500 MW pipeline of community solar energy assets. 

• Aqua Finance, a point of sale finance platform, is preparing to issue a $373.4M ABS deal backed by a portfolio of home improvement, marine, recreational, and vehicle contracts. 

• Aven, a consumer credit card backed by home equity, closed a $142M Series D financing led by Khosla Ventures at a $1B+ valuation. Aven has issued $1.5B+ in credit loans for their Home Card. 

• CleanSpark, a US-based Bitcoin miner, increased its credit facility with Coinbase Prime to $200M to fund expansion. 

• eCapital, a middle-market asset-based lender, renewed and upsized its core factoring facility to $917M with Wells Fargo, bringing total bank facility commitments to over $2.1B.

• Edge Focus, a tech-enabled private credit firm, closed its inaugural ABS transaction of $150M and established the EDGEX shelf. 

• Future Family, a fertility finance platform, closed a $400M financing facility with Clear Haven Capital to support origination growth. 

• GoldState Music, a music rights investment platform, raised $500M including a structured capital facility from Northleaf and Ares to fund portfolio growth. 

• Great Rock Capital, an asset-based commercial finance company, upsized its leverage facility with KeyBank to $700M. 

• Jefferies, a bank, is preparing to sponsor $143.2M in securitized bonds backed by unsecured consumer loans underwritten primarily through income verification. 

• Keystone Private Credit, an asset manager, closed an $80M senior secured credit facility with an unnamed financial services company. 

• Legacy Corporate Lending, an independent asset-based lending platform, upsized its credit facility to $255M with Wells Fargo Capital Finance and a syndicate of banks, to scale originations. 

• Litmus Music, a Carlyle-backed portfolio of music royalties for artists including Katy Perry, Keith Urban, and Benny Blanco, is preparing for a $464M ABS issuance. 

• North Mill Equipment Finance is acquiring Pawnee Leasing Corporation and its affiliated company, Tandem Finance. 

• Plenti Group, an Australian consumer finance company, closed a $330M ABS issuance backed by personal and renewable energy receivables. 

• Prosper, a consumer lending platform, closed a $500M forward flow agreement with Fortress and Edge Focus. 

• Riot Platforms, a Bitcoin mining and digital infrastructure company, closed a $100M credit facility with Coinbase Credit to diversify funding sources and support expansion.  

• SoFi, a consumer finance platform, secured $3.2B in new commitments for a forward flow program with Fortress and Edge Focus.

• Spearmint Energy, a battery storage platform, closed a $250M financing arrangement with East West Bank, Investec, Manulife, and Sugar Creek Capital. 

• Stellantis Financial received preliminary S&P ratings for an upcoming ABS issuance backed by prime auto lease receivables. 

• TradeBridge, a working capital finance platform, closed a new credit facility of up to £70M with Castlelake to support revenue-based financing solutions for pharmacies and dental practices. 

• Ultimate Finance, a UK-based asset-based lending platform, upsized its asset finance securitization facility with Lloyd’s Bank from £100M to £145M.

💰️Platform Growth

• Castlelake, Invictus Capital Partners form a partnership to invest up to $2B in newly-originated residential mortgages. 

• Coller Capital partnered with Barings Portfolio Finance and Ares to raise a $2.4B structured funding vehicle for Coller to invest in private market secondaries. 

• Fortress, Mubadala enter into a strategic partnership where Mubadala will deploy $1B alongside Fortress in a range of private credit, asset-based lending,and real estate strategies.

• KKR, Capital Group won SEC approval to begin selling two credit funds that have asset targets of 60% publicly traded debt and 40% private credit, including direct loans and asset-based credit. 

• Nomura to buy Macquarie’s US/European distribution business and announced a partnership for private markets distribution. 

• Sculptor Capital raised $900M for Sculptor Tactical Credit Fund to invest in non-tradeable assets across corporate, asset-based, and real estate debt. 

• TPG, Temasek signed an agreement to make a substantial minority investment in Cliffwater. 

• TwentyFour Asset Management launched a new asset-backed finance fund.

• UBS, General Atlantic are rumored to be exploring a private credit partnership. 

• Urban Standard Capital, GCM Grosvenor expanded their partnership to form a $135M JV, enabling Urban Standard to originate over $1B of real estate loans. 

• Witt Lake, a new asset manager investing in asset-based finance, announced its official launch with $1.1B in AUM. 

📈 Visuals

 🗣️ Market Commentary

• “Private credit continues to deliver attractive absolute and risk-adjusted returns. Private credit spreads had begun to stabilize in early 2025 following several quarters of tightening, and recent volatility has led to early signs of upward repricing, reflecting the higher risk environment. In particular, the core mid-market and ABF offer pockets of stronger relative value due to more favourable supply/demand dynamics for lenders.” - David Ross, Managing Director & Head of Private Credit, Northleaf Capital Partners on Opportunities in Private Credit

• “It is fairly low risk to approach existing tenants and offer additional long-term contracted services such as adding batteries or solar power to help a customer reach their clean energy goals, or adding a mobile phone tower at an existing data center site…The enormous need for capital across digital infrastructure and the energy transition is driving so many opportunities.” - Alex Greenbaum, Partner & Head of EQT Active Infrastructure on Bridging the Infrastructure Gap

• “Inflows for the combined credit platform were $113B over the last twelve months, comprising nearly 60% of the firm’s total. One of the most exciting opportunities before us today is in investment grade private credit, where our business grew 35% year over year to $107B. Here we’re focused on financing the real economy, including energy and digital infrastructure, real estate, commercial and consumer finance, fund finance and other types of asset-based credit. Blackstone’s scale and reach in these areas, across both debt and equity, position us extremely well. We’ve also established numerous contractual relationships and forward flow agreements with banks and other originators, and we expect to do more.”  - Jon Gray, President & COO, Blackstone on Catalysts Fueling $62B in Q1 Inflows 

• “Regular-way private debt funds exhibited little or no year-over-year fee compression according to Cliffwater’s most recent fee survey of 68 firms managing over $1.3 trillion in direct lending assets. The average private debt firm claims 23% of the gross-of-fee economics derived from direct lending through management fees and carried interest, a percentage equal to the prior year. While rate levels remain unchanged, absolute fee levels are down slightly year-over-year due to lower yields and a small reduction in leverage levels.” - Stephen Nesbitt (CIO), Jeff Topor (MD), Grant Franklin (VP), Cliffwater on Lack of Fee Compression in Private Credit

📖 What We’re Reading & Listening To

Quarterly Earnings & Annual Reports

• Annual Reports: APO

• Earnings: AXP, BX, FITB, KEY, RITM, STT, TFC

Reading

• Beyond Traditional Fixed Income: Diversifying into Specialty Finance (M&G Investments)

• Blackstone vs BlackRock: The Greatest Wall Street Frenemy Story Ever Told (Barrons)

• European Credit’s Underappreciated Resilience (KKR)

• FT Partners Q1 2025 Quarterly Fintech Insights (FT Partners)

• Global Credit Weekly: A Temporary Reprieve (BlackRock)

• Growth of Asset-based Finance in Private Credit Markets (Mondaq)

• Guggenheim Q2 Fixed-Income Sector Views (Guggenheim)

• Home Remodels are Next Target for Asset-Backed Bond Market (Bloomberg)

• How are US consumers and firms responding ot tariffs? (Apollo)

• Mapping the Market: Why Private Real Estate Lending Is Compelling Now (Brookfield)

• Music Catalog Market Sharing off Shaky 2024 with Revitalized 2025 (Variety)

• NAV Loans Uncovered: Observations from the 17Capital Credit Fund (17Capital)

• Private Credit: When Direct Lending & Asset-based Lending Unite (Manulife Investments)

• Today’s Hot Banking Business is Lending to Lenders (WSJ)

Podcasts & Interviews

• Crayhill’s Mendez Speaks on Defensive ABL Appeal (Bloomberg) 

• Evolution of Private Placement market and Public vs Private High-Grade Debt: Madaline O’Connell, MD at HPS (The HPS Cast)

• M&A Rebound Will Come: Vivek Bantwal, Global Head of Private Credit at GS (Debtwire)