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.

💸 Debt Financings & Acquisitions

• Barings Capital Solutions acquires a $200M+ portfolio of commercial passenger aircraft through its partnership with Genesis, an aircraft lessor wholly owned by Barings. 

• Canal Road Group (CRG), an alternative asset manager, closed a $250M credit facility from SMBC to provide back leverage on CRG’s credit portfolio. 

• Capital Southwest, a BDC providing financing to middle market businesses, increased its credit facility commitments to $510M with a bank syndicate. 

• CCA Financial, an equipment leasing platform, acquired the equipment lease portfolio and related IP from Macquarie Equipment Finance, a Toronto-based equipment leasing subsidiary of Macquarie. 

• Credit Acceptance, a consumer auto lending platform, is going to market with a $500.18M ABS issuance secured by a pool of retail non-prime auto loan contracts. 

• Esquire Financial Holdings, a financial services company, announced a sourcing JV agreement with Fortress, who will provide capital to expand lending solutions to contingency fee law firms. 

• Fora Financial, a small business lending platform, closed $16M in new unsecured corporate notes and extended maturity of $10M in existing notes to support growth. 

• Funding Circle, a leading SME finance platform in the UK, expanded a partnership to £1B with Bayview for its Term Lending product across different credit facilities with JPMorgan and Citi. 

• Hum Capital, a tech-enabled credit platform for lower middle market businesses, closed a $200M debt facility with Synovus Bank and InterVest.

• Morgan Properties, a private multi-family apartment owner, purchased 11 multifamily properties in the Midwest US for $501M. 

• Newtek, an SBA lender, issued a $184M ABS secured by a pool of small business loans. 

• nFusion Capital, a commercial finance platform, increased its credit facility with Synovus to $125M, with TAB Bank and Zions Bank as co-lenders. 

• Octane, a financial platform for recreational purchases, closed a $700M forward flow deal with New York Life, Metlife, and Equitable. 

• Onset Financial, an equipment leasing platform, acquired Channel to form one of the largest independent equipment finance lenders. 

• Pagaya, a consumer finance and residential real estate platform, is issuing a $295M ABS secured by a pool of of auto loans. 

• Phoenix Service Partners, a gas compression service provider, closed a $150M credit facility with First Horizon Bank, Texas Capital, and others. 

• Summit Ridge Energy, a commercial solar platform, raised $400M in a JV with funds managed by Apollo to jointly own and operate a portfolio of solar assets across Illinois. 

• Tapcheck, an earned wage access platform, closed a $200M credit facility with Victory Park Capital alongside a $25M Series A extension with PeakSpan. 

• Targeted Lending Co, an equipment finance platform, expanded its credit facility with Wells Fargo Capital Finance to $75M.

• TierPoint, an enterprise data center company, completed a $500M ABS issuance. 

• Turbine, a liquidity platform providing credit facilities to venture capital investors, closed a $100M warehouse facility with SVB alongside a $13M Series A from Alpha Edison, TTV, and Fin Capital.

💰️Platform Growth

• AlpInvest Partners raised over $4B for its portfolio finance platform.

• Andros Capital closes Andros Energy Capital III LP at a $1B hard cap to invest in private equity, credit, and direct asset-level investments across the energy value chain. 

• Ares Commercial Finance launched a Healthcare-focused asset-based lending platform. 

• Bayview launched new Fund Finance investment business.

• CC Capital, Westaim announce completion of their acquisition that brings together Westaim, Arena Investors, and Ceres Life. 

• Coller Capital acquires $1.6B senior direct lending portfolio from American National, the largest LP-led credit secondaries transaction in direct lending to date. 

• Crayhill Capital closes its Crayhill Principal Strategies Fund III with $1.31B in commitments to provide capital solutions to specialty finance platforms and other asset-heavy companies across sectors.

• Crescent Capital closes third European Specialty Lending Fund at Approximately €3B.

• CVC rumored to be exploring an acquisition of Golub Capital. 

• First Eagle launched First Eagle Private Credit Fund, a non-exchange-traded BDC lending to middle market borrowers with $5-50M in EBITDA. 

• Janus Henderson announced a partnership with Guardian Life to manage $45B of its bond portfolio, while Guardian agreed to invest up to $400M to seed new initiatives at Janus. 

• Pantheon closed $5.2B for Pantheon Senior Debt III to purchase secondary portfolios of senior secured, floating rate, sponsor-backed investments across LP interests and GP opportunities. 

• Wellington, Vanguard, and Blackstone announced a strategic alliance to develop multi-asset solutions across public and private assets. 

• Wendel Group completes its previously announced transaction with Axa IM Prime to acquire a 75% stake in Monroe Capital. 

📈 Visuals

 🗣️ Market Commentary

• “Many of these [Dodd-Frank] rules incent capital and even companies to be private as opposed to public. Financial risks have grown dramatically outside of the banking system, where there may not be the same liquidity or transparency. We have created large and sometimes leveraged arbitrage opportunities. Similar products now have completely different rules and requirements. The chart above shows the extraordinary growth in nonbank institutions and in private credit and private companies. Additionally, we have not adequately understood how the extensive changes that regulations had on loans and liquidity affected money supply and monetary policy and, therefore, the growth of the economy. Banks used to lend out nearly 100% of their deposits, and now they lend approximately 70%. Before the great financial crisis, banks had less than 15% of their assets held as liquid assets, and they now hold over 30%. If all these rules ended up being properly modified, JPMorganChase would be in a position to extend, over time, hundreds of billions of dollars in extra lending annually. Many other banks would be in the same position.” - Jamie Dimon, JPM CEO on perverse impacts of Dodd-Frank 

• “As production of these loans has begun to increase, we have already seen a rapid shift away from banks to non-bank originators…non-bank originators do not operate with large amounts of capital,” which can provide an opening for private funding, the firm added.” - Ellington Management on the private credit opportunities in residential real estate

• “Based on recent ABF deal flow with unleveraged spread of 300–450 bps, we estimate the current incremental spread of private over public ABS markets at 240 bps. In direct lending, the credit spreads of recently originated deals range from 425 to 550 bps, which is low versus historical levels, as spreads have materially tightened over the past two years. Using leveraged loans rated B as comparison, we estimate an average private market spread pickup of 70 bps for corporate direct lending.” - Kristofer Kraus, Fabian Dienemann, Kyle McCarthy, German Ramirez at PIMCO

📖 What We’re Reading & Listening To

Quarterly Earnings & Annual Reports

• Annual Letters & Reports: Ares, Carlyle, JPMorgan

• Bank Earnings: BAC, C, GS, JPM, MS, PNC, USB, WFC

Reading

• Ares Global Credit Monitor - First Quarter 2025 (Ares)

• 2025 Credit Outlook: Back to Basics (Carlyle)

• Global Credit Quarterly: 2Q2025 (BlackRock)

• Nobody Knows (Yet Again) (Howard Marks, Oaktree)

• Private Credit Is Coming for the Residential Mortgage Market (Bloomberg)

• Private Credit Swoops In As Market Chaos Rattles Bank Debt Deals (Bloomberg)

Podcasts & Interviews

• Janus Is Skeptical of Private Credit’s Push into ETFs, a podcast with Janus’s head of US Securitized Products John Kerschner (Bloomberg Credit Edge)

• Navigating Private Credit, a podcast with Howard Marks (Capital Allocators)

• Off the Beaten Path, a podcast with Oaktree’s Matt Wilson, Christina Lee, and Jennifer Marques (Oaktree)

• Tariffs Will Materially Impact Credit, Raise Financing Costs, a podcast with Napier Park’s John Dorfman (Debtwire) 

• The Absolute Return Revival, a podcast with Davidson Kempner’s Tony Yoseloff (Masters in Business)