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

• Inc. 5000: We’re excited to share that Setpoint has been named to the 2026 Inc. Magazine 5000, ranking No. 344 out of 5,000 of the fastest-growing private companies in America. Interested in being a part of what we’re building? Check out our open roles.

• Capital Conversations at Franklin BBQ — Aug. 26

  Setpoint, Texas Capital and Yendo are bringing together leading capital providers and borrowers for an exclusive evening of legendary BBQ and conversation at Franklin Backyard. Apply to attend.

• 🤝 We're on the road — let's connect:

  • Fortra Newport, August 25-26, Palos Verdes, CA | Meet with us.

  • NPLA Exec Summit, August 27-30, Newport Beach, CA | Meet with us.

💸 Debt Financings & Acquisitions

AI, Infrastructure & Energy

• 5C, a developer and operator of AI data center campuses, closed a $605M debt financing led by Brookfield to accelerate campus development across priority sites. 

• Antora Energy, a battery storage company, raised $550M to expand production of thermal batteries led by Eclipse and G2 Venture Partners. 

• Avantus, a developer, owner, and operator of utility scale solar and storage projects, closed a $1.05B corporate corporate credit facility with a bank consortium. 

• Bain Capital, Tillman Global announce a $1.5B investment in Eaton Fiber, announce a $1.5B investment in Eaton Fiber, an affiliate of Tillman, to accelerate the expansion of Verizon fiber broadband network deployment across the US. 

• Cloud Capital, an investment firm, closed a $520M ABS issuance backed by an 80-megawatt hyperscale data center in Northern Virginia. 

• Eni, an Italian integrated energy company, announced a $2B partnership with Ares and PIMCO. 

• Enpal, a German energy technology and financing platform, closed a €367M securitization collateralized by a portfolio of 11,500 residential solar and heat pump loans originated by Enpal for German homeowners. 

• NextEra Energy, the largest US power utility, announced a partnership with Brookfield to build a $100B data center campus in Kentucky. 

• NVIDIA, an AI chipmaker, announced a partnership with Apollo, BlackRock, Blackstone, Brookfield, GS, and KKR to establish an AI compute infrastructure financing platform to mobilize $500B+ of third-party capital to support AI infrastructure buildout. 

• Summit Royalties, a precious metals royalties business, closed a $50M revolving credit facility with National Bank of Canada. 

• Walden Renewables, a renewable energy developer and IPP, closed a $250M development capital financing facility with Crahill to support development and construction of Walden’s 5 GW platform of utility-scale solar and battery storage projects. 

Aviation, Rail & Transportation

• HALO AirFinance, a JV between GA Gelesis and Tokyo Century, closed its inaugural ABS issuance of $390.2M where proceeds were used to acquire 33 loans with an aggregate remaining balance of $427.2M, secured by 18 aircraft and 15 engines.

Real Estate & Mortgage

• Carrington Mortgage Services, a residential mortgage originator and servicer, acquired Valon Mortgage, adding 810,000 loans to its servicing platform and adopting ValonOS as its core servicing technology. 

• Lone Star Residential, a mortgage acquisition platform owned by Lone Star Funds, closed a $526M Non-QM securitization, its 72nd under the COLT shelf representing over $21B in volume since 2015.  

• TPG, an alternative asset manager, partnered with Redfearn Capital to buy a portfolio of 53 industrial buildings worth $628M.

Auto & Consumer Finance

• Achieve, a consumer finance platform, closed a $261.5M ABS issuance secured by newly originated HELOCs. 

• Aqua, a point of sale finance platform, closed a $328.9M ABS issuance backed by consumer installment contracts on marine, RV, water treatment equipment, and home improvements. 

• Avant, a consumer finance platform, closed a $300M ABS issuance secured by a pool of credit card receivables that WebBank owns and extended to nonprime borrowers. 

• Blackstone, an alternative asset manager, signed an agreement to acquire HSBC’s A$36B Australian home loan portfolio. 

• Edge Focus, a tech-enabled private credit firm focused on consumer assets, closed a growth equity financing led by Atlas Merchant Capital. Edge Focus also closed a new $100M pre-funded consumer loan securitization, EDGEX 2026-INN, backed by a portfolio of unsecured consumer loans. 

• Finn, Germany-based car subscription platform, raised €100M in equity at a €1B+ valuation led by Portage, alongside €40M in debt financing from BC Partners and Runway Growth.

• OneMain, a consumer finance platform, closed a $750M ABS issuance secured by a pool of personal loans. 

• SR Alternative Credit, a private credit fund, closed a $20M senior secured credit facility to a specialty finance company that purchases and services subprime auto receivables. 

• Thrive Financial, a home improvement financing platform, closed its Series A equity financing led by Flintlock Capital, with participation from 1st and Main and Citi SPRINT. 

• Upstart, an AI lending marketplace and consumer finance platform, closed a $4B forward flow agreement with Castlelake over a 24 month period.

Commercial Finance

• Bridge, an AI-powered lending platform, closed a $500M financing partnership with LuminArx who will provide financing to CPG brands and retail suppliers through Bridge’s platform. 

• Funding Circle, a UK-based SME finance platform, closed a £500M funding agreement with Castlelake over a two-year period. 

• Gordon Brothers, an alternative asset manager and service provider, closed its inaugural ABS issuance of $265M secured by a pool of equipment loans and leases. 

• History Capital, an alternative investment firm, closed the acquisition of a portfolio of commercial receivables with financing provided by VerisFi Capital. 

• Increase, an API-first banking infrastructure platform, acquired voting shares in Twin City Bank and renamed it Increase Bank. 

• Pier Asset Manager, an LA-based asset-based credit fund, closed a $15M senior credit facility with a specialty finance company that provides working capital advances to SMBs. 

• Pollen Street, a UK-based private credit firm, closed a €100M facility financing a portfolio of performance receivables owned by Italian Public Administration entities. 

• Wayflyer, a global working capital provider for SMBs, closed a forward flow commitment with Fortress to purchase up to $1.5B of assets over a three year period.

Holding Companies

• Bending Spoons, an Italian acquisition and operating platform for digital platforms and mobile apps, closed a €500M credit facility with HSBC, Intesa Sanpaolo, and BPER Banca with a guarantee by SACE. 

• Thrive Holdings, an AI-enabled holding company, raised over $2B at a $12B valuation from D1, Altimeter, and Softbank  

Insurance

• DOXA, a specialty insurance platform, acquired LimitFi, a capital and credit risk insurance platform. 

• Rivonia Road, an LA-based asset manager, closed a $50M senior secured revolving credit facility with an insurance agency financing platform focused on acquiring rights to future insurance commission receivables.

💰️Platform Growth

Fundraises

• Aperture Investors, an alternative asset manager and part of Generali Investments, announced the expansion of its Litigation Finance Private Credit platform, bringing the platform to $600M in assets and ~$1B in total investment capacity.

• Apollo, an alternative asset manager, raised $850M in a new open-ended fund to acquire manufactured housing communities across the US. 

• Arini Capital Management, a London-based hedge fund, is rolling out its first ABF fund. 

• Blue Owl, an alternative asset manager, closed over €1.6B in commitments for its inaugural European net lease fund. 

• Bridgepoint, a mid-market asset manager, announced a final close of €5.1B for its fourth Direct Lending Fund vintage, BDL IV.  

• Edelweiss Asset Management, an India-based asset manager, is nearing $1B for its latest performing credit fund.

• KKR, a global investment firm, closed $19.2B for KKR Global Infrastructure Investors V to invest in critical infrastructure assets and businesses in North American and Europe. 

• Manulife | Comvest Credit Partners, the private credit platform of Manulife Wealth & Asset Management, raised $5.4B of total investable capital for Comvest Credit Partners VII. 

• Onex, an alternative asset manager, closed on $500M in commitments for a new opportunistic credit fund.

M&A

• PGIM Bayview, Sixth Street announced the acquisition of Castle Trust Bank, from J.C. Flowers. 

• Brookfield, a global investment firm, completed its acquisition of Oaktree. 

• ORIX Aviation Systems, the aircraft leasing subsidiary of ORIX, acquired AerFin, a UK-based aviation part-out and aftermarket company. 

New Vehicles, Hiring & Structured Products

• Canyon Partners, a $30B global alternative investment manager, closed Canyon CLO 2026-2, a $500M CLO.

📈 Visuals

🗣️ Market Commentary

• “The market is also demonstrating the durability of NVIDIA compute economics. One-year H100 rental pricing rose from about $1.70 per GPU-hour in October 2025 to about $2.35 per GPU-hour in March 2026. Cross-provider on-demand median pricing rose from roughly $2.00 per GPU-hour in October 2025 to $2.70 in June 2026. Blackwell capacity commands a premium, with reported B200 cloud rates spanning approximately $5.30 to $7.05 per GPU-hour. That is what makes NVIDIA AI factories different. Their value is not fixed at installation: CUDA continuously improves their output; the installed base remains productive well beyond its initial depreciation period; and the same standard architecture serves a deep, growing global market of AI workloads. These are the characteristics of an investable infrastructure asset: it produces revenue, serves a broad market, improves in performance over time and can be redeployed.” - Jensen Huang, NVIDIA Founder & CEO on Compute as an Investable Asset Class

• “This year, the total capex spend between the hyperscalers on the AI and data center build out, we believe is something around $750B, and next year around $1.25T according to GS and MS. So working with those numbers, the opportunity is then to fund the winners. Having the power in place, having the shell, having the chips, the GPUs, the cooling systems, the transformers, and having it all lit and ready to go with an IG offtake is a wonderful opportunity at these much wider spreads. So if we can buy credit at these much wider spreads to fund the winners, that’s a very positive development.” - Bruce Richards, Managing Partner and Head of CVC Marathon on Hyperscaler and Data Center Credit Opportunities 

• “We are seeing a classic head hunt of the most levered players in the equity and convert market re AI globally.  Hyperscaler and associated credit spreads in IG are wider as they should be (portfolio construction by notional and duration matter in credit because we don’t have the payout that equity does) and debt is being added to compute and power as another constraint on the AI theme.  Govt regulation remains a massive wildcard but a longer cycle isn’t necessary a worse one. I would look for the forced sellers of assets trading at or below contract value with counterparties you feel good about that have positive optionality on growth opportunities.  Think about the impact on spot and next 1-2 year curves for compute, power, and shell - those who are long and don’t need financing + can term out contracts now are materially advantaged.  If this is the whole cycle being elongated and the curve flattened there are a lot of interesting securities to buy from forced sellers.” - Scott Goodwin, Managing Partner and Co-Founder at Diameter on Hyperscaler Credit Spreads and Market Dynamics

📖 What We’re Reading & Listening To

Earnings & Investor Presentations

• Asset Managers: Apollo, Brookfield, Carlyle 

Reading

• 2026 Midyear Credit Outlook: Adoption, Financing, and Investing in the Age of AI (Apollo)

• A Comprehensive Guide to Private Infrastructure (Ares)

• Back to the Future with European Asset-Based Finance (Arini)

• Non-Agency RMBS: Income, Convexity, and a Rebuilt Market (Guggenheim)

• Power Letter (Ribbit Capital)

• Private Credit: Asset-Backed Finance Explained (Victory Park)

• The Quiet Layer Under the Compute Boom (Motive Partners)

• The Silver Bullet | AI Credit: Heads I Win, Tails You Lose (Andromeda Capital Management)

Podcasts & Interviews

• Alec Litowitz, Founder of Magnetar Capital and Qstar Capital (Alpha Exchange)

• Private Credit: Cutting Through the Noise with Peter McNitt from Tannenbaum Capital Group (Asset TV)

• Steve Tananbaum: The Evolution of Credit Investing & AI Opportunities (GS)

• The Compute 100: Chase Lochmiler, CEO of Crusoe (The Compute 100)

• Why Investors Are Looking Beyond Iconic Music Catalogs with Mike Morris from Flexpoint Ford (Trapital)