The Latest in ABS and Debt Markets

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

🚀 What’s New at Setpoint

• SFR West: Our Co-Founder & President Ben Rubenstein spoke on the financing outlook for 2025, and we had a chance to catch up with partners during the Phoenix Suns vs. Spurs game from our private suite.

• ABS Summit: Our SVP of Capital Solutions Bart Steenbergen shared thoughts on technology in ABS, and we spent the evening at Raya connecting with industry leaders over dinner. Sign up to learn about our next event.

• Next stop: SFVegas 2025: Let us know if you’ll be there—we’d love to meet. Share your info here, and we’ll follow up.

• Austin Inno Fire Awards: We’re honored to be named last night as a finalist among 50 companies making waves in Austin. Read more here.

💸 Debt Financings

• Abacus Life, an asset manager and market maker, closed a $150M debt facility with Sagard and Värde Partners. 

• Affirm, a consumer BNPL platform, secured $736.5M in a new ABS transaction backed by a pool of point-of-sale, unsecured consumer loans. Affirm also agreed to sell a $500M portfolio of consumer loans to PGIM Fixed Income. 

• Ally Financial is exploring sale of its credit card arm, which they added in 2021 through their $750M acquisition of Fair Square Financial. 

• Avolon, a leading global aviation finance company, extended and upsized its revolving credit facility by $1B to $5.8B, supported by a syndicate of 25 banks. 

• Cloud Capital, a data center investment firm, closed a $1.325B ABS issuance backed by four stabilized data center assets in Northern Virginia and Minneapolis. 

• Duetti, a music investment company focused on indie music rights, closed its first ABS transaction, an $80M private issuance secured by a diversified catalog of music rights. In tandem, the company closed a $34M equity financing with Flexpoint Ford, Nyca Partners, and Viola Ventures.

• Fora Financial, a small business lending platform, closed a $200M credit facility with ATLAS SP and Angelo Gordon to scale originations.

• Klarna confidentially files for IPO on November 13th. 

• Leyline Renewable Capital, a provider of debt capital solutions for renewable energy developers, secured a total of $140M in capital from Keystone National Group and a public university foundation. 

• MoneyLion, a consumer finance platform, was acquired by Gen Digital for $1B. 

• R2, a Latin American-based embedded lending business, raised a $50M credit facility extension with CIM alongside a $9M Series A extension from Hi Ventures and Cometa. 

• Regional Management, a consumer finance company, completed a $250M ABS transaction, marking its 11th successful securitization. 

• Splitero, a home equity investment platform, announced a forward flow program with Blue Owl to purchase up to $350M of Splitero’s HEI assets.

💰️Platform Growth

• Amundi is rumored to be interested in acquiring Allianz Global Investors

• BlackRock acquired HPS for $12B in an all-stock deal. The acquisition brings BlackRock’s alternative assets AUM to $600B. 

• Catalyst Investment Partners, one of the largest owners and operators of industrial outdoor storage (IOS) properties, closed two financing financing facilities with banks providing maximum capacity of $260M and seeded with 27 IOS properties. 

• Eldridge Industries launches Eldridge, an asset management and insurance holding company with $74B in AUM. The firm will focus on four strategies: corporate credit, GP solutions, real estate credit, and sports, media, & entertainment. 

• EQT entered into a $3.5B partnership with Blackstone (BXCI) to form a new midstream JV consisting of EQT’s ownership in contracted infrastructure assets. 

• Farsight Partners, a UK-based insurance specialty finance investment firm, finalized an agreement with AB CarVal to source and advise on up to $1B of transactions across Europe and the US. 

• Silver Rock Financial, an LA-based credit fund, has received a minority investment from Mubadala Capital, who has acquired 42% stake in the firm

• Sixth Street is raising at least $4B for its newest fund, focused on credit and equity investments across a variety of sectors including biotech, energy, and sports

• Temasek has set up a private credit platform with an initial portfolio of $7.5B, focused on direct lending and fund investments

• Trinity Capital increased its credit facility with KeyBank to $600M

📈 Visuals

 🗣️ Market Commentary

• “Just in Europe there’s probably $1.8 trillion to be spent on an industrial renaissance emerging as part of an energy transition investment opportunity worth $50 trillion over the coming decade” - Leslie Mapondera, Apollo

• “We have 50 years of data that shows that commercial aviation grows at a multiple to global GDP. What is driving that? It’s really a middle class and expansion of the middle class. In particular, it’s an emerging markets phenomenon. As we have in emerging markets, the middle class is expanding and people have disposable income, we have both the means and the motivation to travel. Aircraft leasing offers visibility to cash flows. You have contractual cash flows attached to a specific asset. Additionally, you have actual operating asset dynamics. These are portable assets, they’re relatively generic in terms of production and layout. It’s very easy to take an aircraft out of an underperforming market and redeploy it in a performing market. And that’s not something that commercial airlines can do. The sector is surprisingly uncorrelated to both the broad market but also to peer investing strategies like real estate, infrastructure, or even commercial aviation itself.  - James McManus, AB CarVal on the aircraft leasing opportunity

• “We’re seeing the evolution of home equity products. There could be $150 to $200 billion of origination per year, with a $2 trillion really addressable market there. We think the credit is pristine at this point. That’s a space where we’re looking to get deployed quickly.” - TJ Durkin, TPG Angelo Gordon on the $2T opportunity in home equity

📖 What We’re Reading & Listening To

• Alternative Lending Monthly Market Update, from FT Partners

• Apollo’s 2025 Economic Outlook, from Torsten Sløk at Apollo

• CoreWeave at $2B in revenue growing 330% YoY, from Sacra Research

• How the Hedge Fund Magnetar is Financing the AI Boom, from Bloomberg Odd Lots Podcast

• Josh Zegen from Madison Realty Capital on Alternative Lending in Real Estate, from Business Breakdowns Podcast

• KKR’s Avi Korn sees $500B of Assets Leaving Banks

• The Rise of Asset-Based Lending, from Nomura

• TPG AG Predicts Home Equity Borrowing Boom, from Bloomberg Credit Edge Podcast

• Wall Street is Betting Billions on Rental Homes as Ownership Slips out of Reach, from WSJ