The Data Tapes

Setpoint's Bite-Sized Debt Newsletter: October Edition I

Author

Conor Witt
October 14, 2026

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

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💸 Debt Financings & Acquisitions

AI, Infrastructure & Energy

  • AirTrunk, an Australia-based data center operator, delayed its IPO until 2027 citing higher rates and and market volatility. 

  • Firmus, an Australia-based data center infrastructure and compute capacity provider focused on AI, delayed its IPO stating market volatility. 

  • Lambda, a GPU cloud business, closed a $1B IG-rated, delayed draw term loan to finance the purchase and development of GPU infrastructure. 

  • Lydian Energy, a developer, owner, and operator of energy projects, and Infranity, an infrastructure asset manager, closed a $300M HoldCo credit facility to finance a portfolio of battery storage systems and solar energy projects. 

  • MYEV.com, an EV marketplace, closed a $15M senior credit facility with Pier Asset Management. 

  • Phoenix Power International, an owner and operator of telecom tower infrastructure, closed a $2B debt facility to consolidate debt and finance infrastructure development. 

  • Pivot Energy, an independent power producer of distributed-scale solar and energy storage, closed a $173M term loan facility for a portfolio of solar projects with First Citizens, Huntington Bank, and BankUnited.

  • Power Solutions International, a manufacturer of emission-certified engines and power systems, closed a $220M credit facility with HSBC and other syndicate participants. 

  • Stord, an e-commerce fulfillment platform, closed a $400M credit facility with Citi, JPM, Morgan Stanley, SVB, Citizens, and KeyBank to expand its fulfillment network. 

  • Waymo, an autonomous driving company and infrastructure platform, closed a $5B term loan with a syndicate led by PIMCO, Blackstone, and Sixth Street.

Auto & Consumer Finance

Aviation

  • AIP, an aviation-focused asset manager and Bridgepoint, an alternative asset manager, announce a JV with GFH Bank BSC to build a portfolio of commercial aircraft engines targeting $1B. 

  • Aircastle, a commercial aircraft leasing business, closed a $400M unsecured term loan from Japan Bank for International Cooperation, MUFG, and Mizuho.

Commercial Finance

Litigation Finance

  • Omni Bridgeway, a litigation finance investment firm, raised $1B across Funds 4 and 5, bringing its total AUM to $4.2B.

Real Estate & Mortgage

  • AB CarVal, a global investment manager, in partnership with North River Partners, acquired a $340M portfolio of 10 performing multifamily and single-family, build-to-rent construction loans. 

  • Homeward, a cash-backed real estate financing platform, closed $120M Series D equity financing led by Saluda Grade alongside a $330M asset-backed credit facility. 

  • LendInvest, a UK-based property finance platform, closed its eight securitization secured by a £300M portfolio of UK prime Buy-to-Let mortgages.

  • Polar Asset Management Partners, a Canadian alternative asset manager, closed a $430M uninsured mortgage securitization.  

  • Quantum Development Finance, a UK-based property lender focused on development and bridging, closed a credit facility with Goldman Sachs with commitments up to £500M.

💰️Platform Growth

Fundraises

  • Ares, a global investment manager, raised $4.2B for its inaugural Global Structured Solutions Fund, which aims to partner with managers seeing flexible capital to increase GP fund commits, seed new strategies, and facilitate succession plans. 

  • Audax Private Debt, a provider of financing solutions to middle market businesses, raised $10B for Audax Direct Lending Solutions Fund II. 

  • BC Partners, an alternative asset manager, is reported to be targeting $2B for its fourth special opportunities fund, which provides capital solutions to entrepreneurs and businesses spanning asset-backed financing and liquidity solutions. 

  • Centerbridge, an alternative asset manager, raised $4B for its opportunistic credit fund, Centerbridge Special Credit Partners V, to invest in opportunistic and distressed credit. 

  • Oaktree, a global credit manager owned by Brookfield, announced the final close of Oaktree’s Asset-Backed Finance Fund I with commitments of $2B. 

M&A & Partnerships

New Vehicles, Hiring & Structured Products

  • Arini Capital, a UK-based hedge fund, priced its 11th CLO, Arini European CLO XI, at  €505.6M.

  • Brightwood Capital, a private credit firm for middle-market businesses, closed a $253.55M CLO. 

  • Clearlake Capital, an alternative asset manager, raised a $1B collateralized fund obligation backed by stakes in several of its funds. 

  • CVC Credit, a global asset manager, priced a new €400M European CLO. 

  • Kartesia, a European private credit firm, priced its first European BSL CLO, Kartesio CLO I, raising €459M. 

  • Symetra Investment Management, an alternative investment firm, closed a $459M CLO backed by a portfolio of senior secured loans.

📈 Visuals

🗣️ Market Commentary

  • “We’re focused on areas of the ABF market where there are higher barriers to entry. It’s harder for capital to flow in. So for us, things like equipment finance, sports media royalties, producing oil wells, and even in niche areas like lending to farmers secured by their crops, have been some of the focus areas where we think there are more durable returns. Our view [on the next-leg of growth for ABF], is that it’s going to be driven by how public equity markets value companies. When you look at how public equity markets value companies, they value capital light, high cash flow businesses with the highest multiples. So if you’re an asset-heavy leasing business, you’re an asset heavy finance business, or a corporate with lots of assets on your balance sheet, it actually makes a lot of sense to partner with a private ABF manager, move those assets into the private markets, keep the control of your customer because that may improve your public equity valuation, and that’s what we think is going to be the driver. And we think that’s secular. It’s just about how public markets value companies and we don’t  think that’s changing.” - Akhil Bansal, Head of Asset-Backed Finance at Carlyle on Competition in Asset-Based Credit and Catalysts for Market Growth 

  • “Elevated interest rates have a severe impact on corporate cash flows, exacerbating an existing theme of dispersion between weaker and stronger borrowers. For weaker borrowers, cash flow is already under pressure, with around 10% of senior loans now having cash flow coverage below 1x.10 The problem may be particularly acute in debt dating back to 2021–2022 LBOs, which were conducted at extremely low interest rates and often very high multiples.The “organic” solution to an overleveraged balance sheet is either declining debt costs or growing earnings. Many companies relied on the former, but rate cuts have not arrived—and it appears they won’t anytime soon—and this could be amplified by rising spreads as the market reprices credit risk. That leaves the option of growing revenue, which is itself often constrained by cash flows being directed to servicing debt rather than business enhancement, and potentially also by lower spending from consumers with reduced disposal income. Therefore, as interest expense continues to erode cash flow, many weaker borrowers will need some kind of rescue loan or capital solution. The mainstream credit markets will not meet this need, leaving borrowers to seek customized private capital that can be delivered with speed and certainty.” - Robert O’Leary, Oaktree Co-CEO and Armen Panossian, Oaktree Co-CEO on Heightened Burden on Borrowers in a Rising Rate Regime 

  • “You’ve had all this equity that’s been raised over the last four or five years for energy transition,” he said. “But for companies to have proper profitability they need the leverage, they need the debt. The whole reason we have this $100 billion target is that we think we can generate outperformance…With a big thematic mega-trend like this, there’s going to be opportunity in multiple areas. As big as data center development and buildout is, climate transition is much bigger.” - Peter Cashion, MD, Sustainable Investments at CalPERS on Thesis for Leaning into Private Credit Allocations to Energy

📖 What We’re Reading & Listening To

Earnings & Investor Presentations
Reading

  • 2026 KKR Insurance CIO Survey (KKR)

  • Credit Quarterly: New terms (Brookfield)

  • Eye on the Market: US Economy and Iran War Tracker (Michael Cembalest)

  • How Working Capital Partners Is Turning Athlete Contracts Into Private Credit (Tanish Arora)

  • In Brief: Let There Be Compute! (KKR)

  • In The Gaps: Fall 2026 (Ares Alternative Credit)

  • The Sleepy Insurance Product That Came to Power Private Credit’s Ascent (WSJ)

  • The Staggering Costs of a Single AI Data Center (Bloomberg)

  • Public Markets Update Deck and Replay (Coatue)

Podcasts & Interviews

  • Bringing AI to the Real Economy | Alexander Taubman (David Senra)

  • Channeling Rage, Rolling Calls, and Building an Entertainment Empire | Ari Emanuel (David Senra)

  • Chris Hentemann, Founder & CIO, 400 Capital (Alpha Exchange)

  • David Vélez - Building Nubank and the Future of Global Banking (Invest Like the Best)

  • Magnetar Scours $600B Stressed Debt Pile for Bond, Loan Value (Credit Edge)