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

• Capital Conversations with Fundbox – tonight - Join us and Fundbox for happy hour at Bar Harta in NYC. Space is limited—join the waitlist to see if a spot opens up!

• Fintech Futures finalists: Setpoint is named a finalist for LendTech Start-Up of the Year and Best LendTech Solution at the 2025 FinTech Futures Banking Tech Awards. We’re honored to be recognized as we build the infrastructure powering modern credit. Learn more here.

• We’re hiring: Setpoint is growing fast, with open roles across Sales, Capital Solutions, Engineering, Marketing, and more. Know someone great? Send them our way or reach out directly to Sophie at [email protected].

💸 Debt Financings & Acquisitions

• Abound, a UK-based consumer lending platform, closed a €299.8M financing facility with Deutsche Bank to scale origination growth in the UK consumer finance market. 

• CardWorks, a credit and payments company, closed its acquisition of Ally’s $2.2B credit card portfolio and platform. 

• Carlyle Group, KKR sold $1B in securities backed by a portion of a $10B student loan portfolio acquired by Discover FInancial Services. 

• Chime, a consumer financial technology platform, launched Instant Loans to offer up to $500 in installment loans with a fixed interest rate to existing Chime customers. 

• Coinbase, a crypto wallet and broker-dealer, reintroduces Bitcoin-backed loans in the US, allowing users to borrow against their Bitcoin assets. 

• Credit Acceptance Corporation, an auto finance platform, closed a $400M ABS financing. 

• Crusoe, an AI infrastructure provider, closed a $225M credit facility with Upper90 and a syndicate of lenders including BCI, FS Investments, King Street, Liberty Mutual, and Orix. 

• Dext Capital, an equipment finance platform, surpasses $1B in securitized assets with its latest $489M transaction. 

• Encina Lender Finance, an independent lender finance platform, extended its warehouse commitment to $125M for a non-prime credit card platform. 

• Fidelis, a residential transition loan (RTL) originator, closed a new RTL securitization. 

• Funding Circle, a UK-based SMB lending platform, signed a £700M lending partnership with Bayview over an 18-month period. 

• Holiday Inn Club Vacations, a timeshare property manager, issued a $229.4M ABS secured by a pool of vacation ownership loans. 

• Imprint, a co-brand credit card platform, closed a $500M warehouse facility with Mizuho, Truist, and HSBC. 

• Klarna, a buy now, pay later platform, filed its F-1 ahead of its IPO. FT Partners analyzed it here. 

• Liquidity, a global asset manager focused on growth-stage private credit, closed a $450M credit facility with KeyBank. 

• Mercury, a neobank for small businesses, raised a $300M equity financing led by Sequoia and Coatue at a $3.5B valuation. 

• Mission Lane, a consumer credit card platform, is preparing for a $300M ABS issuance secured by revenue from a pool of retail customers. 

• MoonPay, a crypto infrastructure company, closed a $200M revolving credit facility with Galaxy. 

• MPOWER, a student lending platform for international students, closed a $150M asset-backed warehouse facility with Goldman. 

• Nelnet, a student loan servicing platform, prepares for a $1B ABS issuance backed by private student loans through an origination arrangement with Discover Bank. 

• Oaktree has been buying up around $400M of Sunnova’s debt as the company prepares for creditor negotiations. 

• Pasadena Private Lending, a nonbank lender making owner-guaranteed business loans to middle market companies, closed a $50M term credit facility with SLR Capital Partners. 

• Stack Infrastructure, a data center developer and operator, raised $4B in debt for data center expansion. 

• Tala, global consumer finance platform, closed a $150M debt facility with Neuberger Berman

💰️Platform Growth

• Aegon Asset Management granted approval to offer a private credit strategy to UK defined contribution pension schemes. 

• BC Partners raised $1.4B for its third special opportunities fund to invest specialty finance.

• Brookfield Asset Management acquires a majority stake in Angel Oak Companies, a mortgage lender and investor that manages over $18B.

• Capital Four closes €3B for its Private Debt V fund to invest in first lien financings with PE-sponsored companies in the Nordics. 

• Castlelake raises over $2B for its fifth aviation fund, Castlelake Aviation V, to invest in, finance, and manage aviation assets. 

• Churchill Asset Management closed its third CLO, a $750M transaction. 

• Fortress Investment Group targets $1.5B for its latest asset-based finance fund.

• Freeport Financial closes $2B for its sixth direct lending fund to invest in lower middle market US companies. 

• Lincoln Financial, Bain Capital, Partners Group launch two new private markets funds focused on private credit and royalties. 

• Marathon Asset Management closes $2.7B in commitments for its Opportunistic Credit Fund, MDCF II.

• SDS Capital launches SDS Impact Debt, expecting to finance $1B+ of new affordable housing units over the next 18 months.  

• SVB, Pinegrove Venture Partners announced a JV to deploy a combined $2.5B in venture debt loans to technology companies over the coming years. 

• TCW closes a $400M CLO secured by broadly syndicated first-lien loans. 

📈 Visuals

 🗣️ Market Commentary

• “The amount of dry powder that has been raised in the private credit market, and resulting competition for large deals, means that private lenders are reaching in credit quality to avoid spread compression on an absolute basis and relative to the broadly syndicated market.” - Scott Macklin, Obra Capital on Competitiveness in Direct Middle Market Lending

• “When CECL was implemented in 2020, the allowance for loan and lease losses on bank balance sheets skyrocketed from ~$110B to ~$220B. CECL has a particularly negative impact on lending in asset classes where there are relatively high expected losses over the life of a loan portfolio because a lender needs to take all losses up front as opposed to previously being allowed to amortize those losses over the life of the loan book. Consumer and small business loans are examples of historically cash-profitable loans that are severely impacted by this change.” - Castlelake on Catalysts for Asset-based Private Credit

• “Assets that will define the future—data centers, ports, power grids, the world’s fastest-growing private companies—aren’t available to most investors. They're in private markets, locked behind high walls, with gates that open only for the wealthiest or largest market participants. The reason for the exclusivity has always been risk. Illiquidity. Complexity. That’s why only certain investors are allowed in. But nothing in finance is immutable. Private markets don’t have to be as risky. Or opaque. Or out of reach. Not if the investment industry is willing to innovate—and that’s exactly what we’ve spent the past year doing at BlackRock.” - Larry Fink, BlackRock on Unlocking Private Markets

📖 What We’re Reading & Listening To

• 2025 Credit Outlook: Back to Basics (Carlyle)

• Alternatives Are the “It” Investment (Barron’s)

• Dushyant Mehra, Co-CIO at Hildene Capital, on Trends in Asset-based Lending (ION Analytics)

• Q1 2025 Crestline NAV Finance: 2024 Year in Review & Market Outlook (Crestline Investors)

• Hamilton Lane 2025 Market Overview (Hamilton Lane)

• Macro Markets Podcast: Asset-backed Finance, with Karthik Narayanan (Guggenheim)

• Private Credit: Further Confirmation of Its Staying Power (BlackRock)