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

• Setpoint x Clear Haven: Capital Conversations Garden Party – June 4: Next Wednesday, we’re co-hosting a happy hour with ClearHaven Capital Management during NY Tech Week — bringing together the ABF community for great conversation and connections. Register here. 

• Setpoint at the Private Credit Technology Summit– June 17, NYC:  We’re proud to sponsor this closed-door event bringing together 100 senior leaders shaping the future of private credit. Our CEO & Co-Founder, Stu Wall, will speak alongside GPs, LPs, and innovators rethinking how this $2T+ asset class scales. Apply to attend.

• Setpoint Named Finalist at the Banking Tech Awards USA: We’re honored to be shortlisted for Best LendTech Solution and LendTech Start-Up of the Year at the 2025 Fintech Futures Banking Tech Awards. Winners will be announced tomorrow night at the ceremony in NYC. Learn more.

💸 Debt Financings & Acquisitions

• Agora Data, an auto finance platform, closed its inaugural ABS issuance of $112.1M secured by subprime retail installment loans on new and used vehicles. 

• Amur Equipment Finance, an equipment finance platform, completed its 15th securitization with a $329.25M ABS issuance backed by equipment loans and leases originated through its platform. 

• Apollo acquired the European colocation business developed and managed by STACK Infrastructure in a carve-out transaction. 

• AutoNation, an auto retailer and finance company, closed its inaugural securitization with a $700M ABS issuance secured by a portfolio of auto loans. 

• Cantor Fitzgerald launched a $2B Bitcoin-backed lending initiative by providing financing to crypto firms FalconX and Maple Finance. 

• Castlelake, a global credit asset manager, closed an €850M financing deal inclusive of leverage with NetZero Properties to fund acquisition of multifamily residential properties in Germany. 

• Cherry, a point of sale finance company for the medical industry, issued a $300M ABS deal secured by a pool of loans and installment contracts to finance elective medical procedures. 

• Chime, a consumer neobank and lending platform, filed its S-1. 

• Consumer Portfolio Services, an auto finance platform, closed a $419.95M ABS issuance secured by a pool of auto receivables. 

• Colovore, an owner-operator of data centers for AI infrastructure, closed a $925M debt facility provided by Blackstone. 

• Elanco, an animal health and pharmaceutical company, sold certain future tiered royalties and commercial milestones associated with XDEMVY to Blackstone for $295M in cash.  

• GM Financial, the leasing and financing arm of GM, closed a $956.1M ABS deal secured by a pool of prime auto loan receivables. 

• Hildene Capital, a $17B AUM credit asset manager, closed a $453.9M ABS issuance backed by a pool of non-QM loans originated through Hildene’s relationship with CrossCountry Mortgage. 

• Legacy Group Capital, a real estate lending platform, closed a $180M commitment from LIbreMax to fund loan origination. 

• MPOWER Financing, a student lending platform, closed a $313.2M ABS deal secured by a pool of dollar-denominated, fixed rate loans made to international students at US & Canadian universities. 

• Octane, a financial platform for recreational purchases, closed a $200M whole loan sale with YieldStreet. 

• Oxford Finance, a healthcare financing platform, closed a $390M ABS issuance secured by a pool of real estate, enterprise and leveraged loans to healthcare obligors. 

• Pagaya, a consumer finance and residential real estate platform, secured over $1B in additional funding capacity through an inaugural POS securitization. 

• PK AirFinance, an aviation lending platform, closed its first aircraft loan ABS deal of 2025 with a $729M issuance secured by the proceeds of 114 senior secured aviation loans. 

• Porsche Financial Services, leasing and financing arm of Porsche, closed an $810M ABS issuance secured by a pool of auto leases. 

• Prosper, a consumer finance platform, closed a $500M forward flow commitment with Fortress.

• SunStrong, a solar finance platform, closed a $253.8M ABS issuance secured by a pool of residential solar loans. 

• Tide, a UK-based business financing platform, closed a £100M securitized debt facility from Fasanara Capital to finance originations of their short-term cash flow management product. 

• Upstart, a consumer finance platform, closed a $1.2B forward flow commitment with Fortress. 

• Wingspire, an equipment finance platform, closed a $350M credit facility with Bank of America and Wells Fargo. 

• Wisr, an Australia-based consumer finance platform, closed a $267M credit facility with Barclays to fund origination growth.  

• Zayo, a communications infrastructure provider, closed a $1.53B asset-backed term securitization collateralized by fiber network assets and associated contracts. 

💰️Platform Growth

• Apera Asset Management, a private debt asset manager lending to lower middle market companies in Western Europe, announced a final close of €2.9B for Fund III. 

• Apollo closed its debut secondaries fund, Apollo S3 Equity and Hybrid Solutions Fund I, at $5.4B to provide financing solutions, secondaries, NAV loans, and GP lending to sponsors and investors. 

• Arena Investors closed Arena Special Opportunities Partners Fund III with $1.091B in commitments to invest in opportunistic credit and asset-oriented investments. 

• Beach Point closed $1.25B in commitments for its opportunistic private credit strategies. 

• Blackstone launches Blackstone Private Multi-Asset Credit and Income Fund (BMACX), its first private multi-asset interval fund accessible through RIAs.

• Blue Owl closes $7B in commitments for Blue Owl Digital Infrastructure Fund III. 

• Brookfield raised nearly $6B for its new real estate fund to invest in distressed CRE assets. 

• Crestline raises $1.7 B for its latest NAV lending fund.

• D.E. Shaw closes $1.3B for Dipoter II fund, its latest private credit investment vehicle. 

• Derby Lane Partners, a new real estate credit investment firm, launches with $1B in capital to invest in senior, floating-rate mortgage loans. 

• MA Financial partnered with Sumitomo Mitsui and Monroe Capital to invest $1.7B in US middle-market corporate borrowers. 

• Man Group is in talks to acquire Bardin Hill, a middle market and special situations credit firm.

• Natixis is seeking partners for a $1.5B private credit fund to expand into direct lending market. 

• PIMCO launched a new private credit fund focused on multi-sector private lending, offering HNWIs across Europe access to a portfolio of diverse asset-based and corporate credits. 

• Revera Energy, an independent energy infrastructure solutions platform, launches with backing by Carlyle Global Infrastructure. 

📈 Visuals

 🗣️ Market Commentary

• “As AI use cases expand, so does the need for investment in the physical and digital systems that support them. More than $1.8 trillion of capital is expected to be deployed by 2030 to meet this growing demand, underscoring the sector's explosive potential. Private markets are playing a key role in financing these large-scale developments—from renewable energy and grid modernization to next generation semiconductor manufacturing.” - Harvey Schwartz, CEO of Carlyle Group on capital requirements to finance the AI ecosystem over the next five years

• “In the next five-plus years, I would love to be talking about a $75 to $100 billion platform…European markets are still somewhat fragmented and there are still some structural impediments for more significant growth, but there’s definitely going to be growth. We are cautiously optimistic that there’ll be some really interesting opportunities, particularly in private credit in Europe.” - José E. Feliciano, Co-founder and Managing Partner of Clearlake Capital

• “If you look at all of the primary asset classes we focus on - primarily sub-IG - high yield leveraged loans, private credit, and BBBs. High yield is about 380 bps over right now. It’s been as low as 260 and as high as 460 - so it’s right in the middle of its range. Loans are wider of that. Those would imply we’re at a very normal state in the credit markets, which I find ironic because this is anything but normal. These are unprecedented economic times. It’s starting to create some desire on the part of large institutional credit holders to get out of this before a fall - that’s where you’re getting credit secondaries. They’ve been pushing their GPs to get liquidity out of the funds. The GPs haven’t done it at the pace LPs would like. And now LPs are taking matters into their own hands and putting credit secondaries out there for folks like [Oaktree] to buy. We’ve seen and done trades at the 50 cents on the dollar range. To date, we haven’t seen forced selling. These have mostly been trades of convenience where they’re trying to clean up a portfolio. I think we’re going to get into more anxious points in time where LPs will want to trade and I think those discounts will go out further [below 50 cents on the dollar].” - Oaktree Co-CEO Robert O’Leary on changing appetite for credit LPs and secondary market observations 

📖 What We’re Reading & Listening To

Quarterly Earnings & Annual Reports

• Annual Reports: Apollo, Ares, BlackRock, Brookfield, Carlyle, KKR 

Reading

• Credit Crossroads: Finding Value in an Era of Uncertainty (Guggenheim)

• Gridlock: Oaktree Credit Quarterly Q1 2025 (Oaktree)

• Private Credit: Dispelling the Myths (Man Group)

• Private Credit Eyes Gap in US Infrastructure as Federal Funding Dips (Bloomberg)

• Private Credit Has a Problem: Too Much Money (WSJ)

• The deal that has spurred Apollo’s plan to remake Wall Street (FT)

• The Growing Role of Private Credit (Apollo)

• Venture Debt Fundraising Slides Despite Private Credit Boom (WSJ)

• Wall Street’s New ‘Shadow Banks’ Are on a Tear. They Want Your Money (WSJ)

Podcasts & Interviews

• 30 Years of Oaktree, a podcast with Howard Marks, Bruce Karsh, and Sheldon Stone (Oaktree)

• Behind the Housing Headlines, a podcast with David Brickman, President of Real Estate at D2 Asset Management (Beyond the Ticker)

• Blue Owl’s Craig Packer answers tough questions about private credit (Credit Exchange)

• Convergence of Public and Private Markets, a podcast with Bruce Richards and Kevin Bliss (Credit Clubhouse)

• Demystifying Asset-Backed Finance, a podcast with Yulia Alekseeva, Head of Consumer ABF at Barings (Barings)

• From CIO to CEO: TCW’s Katie Koch on Running a $200B Asset Manager (Goldman Sachs Exchanges)

• Private Credit’s Golden Era Never Really Ended, a podcast with Michael Zawadzki, Global CIO of Blackstone Credit & Insurance (Credit Exchange)