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

• 🆕 Optimize borrowing capacity with Asset Allocator: Most capital users allocate across facilities and manage securitizations manually. This approach doesn’t scale. Setpoint’s Asset Allocator enables you to model multiple scenarios in minutes, giving you back the time required to make better allocation decisions. Watch the video.

• 📈 Private credit needs a new standard: Stu Wall, Setpoint’s Co-Founder & CEO, joined NYSE’s Taking Stock to discuss the technology gap facing the industry, and how to close it with infrastructure that gets borrowers and capital providers operating from the same verified data. Watch the interview.

💸 Debt Financings & Acquisitions

AI, Infrastructure & Energy

• Nvidia, the AI chipmaker, priced a $25B investment-grade bond—its largest-ever debt deal and first since 2021—drawing roughly $85B in orders and including a 30-year tranche maturing in 2056 to help fund the AI infrastructure buildout

• Pathway Power, a renewable energy power producer focused on developing solar, hybrid, and battery energy storage systems, closed a $150M senior secured finance facility with AB CarVal to fund development and construction of US battery storage assets. 

• Super Micro Computer, an AI server maker, announced $7.0B of equity and equity-linked financing to fund components for roughly $39B of recently received AI server orders. 

• USD.AI, an asset-backed financing platform for AI infrastructure operators, closed a $98.1M debt financing to support AI infrastructure buildout with 2,304 GPUs operated by Duos Edge AI and managed by Hydra Host.

Aviation, Rail & Transportation

• Altavair, a commercial aviation leasing and financing platform, closed a $1.4B equity commitment from KKR to expand its partnership beyond two prior aircraft leasing portfolios created in partnership with Altavair. 

• Global Jet Capital, a commercial aircraft finance business, closed a $659M ABS issuance backed by a portfolio of 28 leases and loans across 16 aircraft models.

Real Estate & Mortgage

• Cross River, a technology-focused bank, agreed to purchase up to $250M of crypto-backed loans from Figure through a forward flow agreement, supporting Figure’s crypto-backed lending business that lets borrowers access liquidity against their digital assets without selling them.  

• Guaranteed Rate, a mortgage lender, closed a $360.3M RMBS issuance backed by a pool of prime, jumbo, fixed-rate mortgages. 

• PennyMac, a mortgage REIT, closed a $423M RMBS issuance backed by a pool of mortgages. 

• Unlock, a HEI originator, closed a $358.5M ABS issuance sponsored by D2 Asset Management secured by a pool of 3,546 HEAs.

Auto & Consumer Finance

• Achieve, a consumer finance platform, closed a $151.4M ABS issuance backed by a pool of debt settlement fees. 

• CarMax, a used car retailer, closed a $600M ABS issuance backed by a pool of non-prime auto loans. 

• Current, a consumer fintech platform, closed an $80M Series E at a $1.5B valuation led by Springcoast Partners. 

• Edge Focus, a tech-enabled private credit firm focused on consumer assets, formed a $500M joint venture with a private credit manager to fund auto loan originations

• Elevate, a consumer finance platform, closed a $655M refinancing deal alongside Hudson Cove, extending a longstanding relationship between Elevate and Raven. 

• Octane, a financial platform for recreational purchases, closed a $340M forward flow agreement with Bayview to purchase fixed-rate installment powersports and outdoor power equipment loans.

Commercial Finance

• Fora Financial, a small business finance platform, closed a $130M ABS issuance backed by a pool of small business loan receivables. 

• Funding Circle, an SME lending platform, renewed its lending partnership with Deutsche Bank, extending a £200M arrangement to support small-business loan originations.

• Oxford Finance, a specialty finance platform for small businesses, closed a $400M rated securitization backed by a pool of small business loans.

Esoteric

• Coventry, a financing and acquisition platform of life insurance-linked assets, closed a $250M placement of asset-backed notes to acquire life settlements and related assets.

• Fortitude Re, a global reinsurance company, closed a $500M funding agreement-backed notes (FABN) offering to investors to purchase a previous funding agreement issued by Fortitude Life Insurance & Annuity Company. 

• Jack in the Box, a quick-service restaurant franchise, closed a whole business securitization refinancing. 

• Jimmy John’s, a quick-service restaurant franchise, closed a $585M whole business securitization, its third master trust securitization. 

• Perk, an AI-native travel and spend-management platform, closed a $300M private credit facility led by Neuberger Specialty Finance alongside Blue Owl Capital, Hercules Capital, and Liquidity Group, upsizing and replacing a 2024 $135M facility.

💰️Platform Growth

Fundraises

• Ares raises $12.7B for Pathfinder Fund III at $8.5B in commitments, along with $4B in Pathfinder II commitments that elected to extend the investment period for an additional two years. This marks one of the largest dedicated asset-based finance funds globally. 

• Canyon Partners, a $30B AUM global alternative asset manager, established Canyon ABF Partners, a JV that will provide permanent balance sheet capital with Daiichi Life Insurance Co Ltd. and Korea Investment Holdings Co. to facilitate $5B+ of annual origination capacity, led by Jay Kim, former CEO of ATLAS SP. 

• Gravis Capital Management, a UK-based asset manager that invests in physical infrastructure, renewable energy, and real estate, is looking to launch a €1bn closed-ended ABF fund targeting mid-market infrastructure debt transactions. 

• HSBC Asset Management closed a $1B for its first vintage NAV Financing Partnership strategy. 

• Hunter Point raised $4.3B for its GP Financing Solutions platform to provide NAV loans and preferred solutions to private equity, private credit, and alternative investment firms. 

• Kinnerton Hill Capital, a UK-based alternative asset manager focused on capital solutions for European middle market borrowers, received a $150M investment from Stable Asset Management. 

• Trimontium, an alternative asset manager focused on flexible capital solutions, launched with $1.5B in AUM to originate tailored financing solutions across the capital structure.

M&A

• Wafra, a $30B AUM asset manager, acquired Navitas Credit Corp from United Community Bank for $1.9B to expand its presence in specialty finance and equipment finance.

New Vehicles & Structured Products

• Blackstone launched SablePoint Credit Strategies, a new asset-based lending platform led by James Garlick, former co-founder of Wingspire, to source, structure, and manage senior secured asset-based and first-out credit facilities for corporate borrowers. 

• Blackstone announced a partnership with Nippon Life Insurance Company where they will provide investment management services in private credit and real estate. 

• Carlyle Global Credit closed a single-asset CV with Content Partners LLC, a leading owner of studio-distributed films, TV programming, and related participations. 

• Comvest Credit Partners closed a $428M private credit CLO backed by a diversified pool of senior secured loans originated and managed by Comvest. 

• Schroders Capital hired Bob Paterson as head of European asset-based finance and SRT investments on its private debt and credit alternatives team. 

• Veld Capital, a European asset manager, closed a €355 million private credit CV with Blue Owl to acquire a portfolio of asset-backed finance assets in Europe.

📈 Visuals

🗣️ Market Commentary

• “These numbers imply that the remaining pool that could plausibly migrate from traditional intermediaries to the asset management industry is roughly $9 trillion – $10 trillion. In practice, however, the addressable market is likely smaller. We expect banks will continue to retain high quality loans, particularly given recent regulatory relief. In addition, some assets remain operationally difficult to transfer. Therefore, based on our research and calculations, a more realistic long-run private credit opportunity or TAM is probably closer to $6 trillion – $8 trillion.” - Lofti Karoui, MD at PIMCO on the Market Opportunity for Asset-Based Finance

• "Five or ten years ago, there was virtually no new issuance in the digital infrastructure space, but today, we're seeing it grow quite rapidly, especially as we hear about data centers or fiber financing. Much of this was done privately, and at a much smaller scale, where today, the ABF market has been a leader in terms of the financing for these asset classes. They're very predictable cash flows that the ABF market can underwrite, and we have seen quite a bit of issuance come into the liquid side of the market in the CUSIP business where we have been participating." - Xavier Dailly, MD at TPG Angelo Gordon on Asset-Based Opportunities in Digital Infrastructure

• “The aviation market is struggling with a deeper structural issue: there simply aren’t enough aircraft to keep up with rising demand for travel. Aircraft production began to decline in 2019, creating an estimated gap of 5,000 to 8,000 aircraft. And because aircraft are highly engineered assets, manufacturers have been unable to quickly add capacity to replace that lost production. We expect the gap to persist for years. This matters because aviation demand has grown more swiftly than global gross domestic product—roughly 1.5 to 1.7 times faster over long periods, according to the International Air Transport Association. When hostilities in the region end, we expect that demand to rebound swiftly.” - James McManus, Vice President & MD at AB CarVal and Brian Resnick, Senior Investment Strategist at Alliance Bernstein on Global Aviation Leasing Catalysts

📖 What We’re Reading & Listening To

Reading

• Asset-Based Finance: A Growing Frontier for Private Credit (TPG Angelo Gordon)

• Banks seek to offload risk to avoid ‘choking’ on data centre debt (FT)

• Figure Kiavi Transaction Investor Presentation (Figure)

• Financing the AI Infrastructure Boom: Emerging Litigation Risks in AI Data Centers (Quinn Emanuel)

• Global ABS Special Report - June 2026 (GlobalCapital)

• How Large Is Private Credit’s Total Addressable Market, Really? (PIMCO)

• KKR Mid-Year Outlook 2026 (KKR)

• McKinsey Global Private Markets Report 2026 (McKinsey)

Podcasts & Interviews

• Alex Sacerdote - How to Invest Through Technology Cycles (Invest Like the Best)

• Carmen Li’s Plan to Build a Futures Market for Compute (Odd Lots)

• Catching Up with Power Investors Howard Marks and Bruce Flatt (Barron’s)

• The SpaceX IPO, Fable 5, AI Capex Update, & Market Check w/ Gavin Baker, Andrew Fox & Clark Tang (BG2)