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📣 Hear from Stuart Wall at the 2026 Citi SPRINT Summit — Nov. 10: Setpoint Co-Founder & CEO Stuart Wall returns to the opening session, View from the Top, at Citi’s 2026 SPRINT Fintech Lending & Private Credit Summit on Tuesday, Nov 10th, at Citi’s HQ. We’d love to see you there. Register to attend.

🤝 We're on the road — let's connect:

Anthropic, the AI lab behind Claude, secured a $63B financing package for Broadcom compute through a new SPV that will buy Broadcom XPU accelerators and networking gear and lease them to Anthropic, with Bank of America, Citi and Morgan Stanley arranging the ~$43.5B first lien, Blackstone as sole provider of the committed second lien, Broadcom providing residual value support on the senior tranche, and deliveries starting in 2027. Anthropic also filed its S-1. 

IREN, an AI data center operator, closed a $363M equipment financing transaction with Wingspire Equipment Finance to support IREN’s AI compute business. 

Liquid Compute, a company building regulated venues for trading AI infrastructure, closed a $250M prepayment facility for compute arranged with K8 Capital, which enables compute buyers to finance deposits that operators require before capacity is delivered. 

Nebius, an AI neocloud business, closed a $3.5B senior credit facility with Citi to support global capacity build out. 

Pivot Energy, an independent power producer of distributed-scale solar and energy storage, closed a $500M corporate credit facility from Nuveen Energy Infrastructure Capital. 

SpaceX, the space and AI company behind Starlink and Grok, committed to a ~$40B master finance lease for GPUs with an Apollo  to fund NVIDIA Vera Rubin chips for its terrestrial compute buildout, led by Apollo and Goldman Sachs as sole structuring agent with anchor commitments from BlackRock, GSAM and KKR.

BHG, a small business and consumer lending platform, closed a $396.7M ABS issuance backed by a pool of prime consumer loans. 

Carlyle, a global investment firm, announced an agreement to acquire a $7.7B portfolio of unsecured personal loans from Truist’s LightStream business, consisting of primarily fixed-rate, fully amortizing loans from super prime and prime borrowers. 

Consumer Portfolio Services, a consumer auto finance platform, closed a $767.85M ABS issuance backed by a pool of auto loans for used vehicles. 

Foundation Finance, a home improvement finance platform, closed a $353.7M ABS issuance backed by a pool of home improvement loans. 

Happy Money, a consumer finance platform, closed a new lending program with Merrick Bank that will provide up to $500M in funding capacity through 2027. 

Neo Financial, a Canadian neobank, closed a $185M syndicated warehouse facility with ATB Financial as admin agent to support funding capacity for Neo’s credit card receivables.

NextGear Capital, a floorplan finance platform, closed a $350M ABS issuance backed by a pool of floorplan finance loans. 

Thrive Financial, a home improvement financing platform, closed a $150M asset purchase facility with Medalist Partners. 

VIVA Finance, a payroll-linked consumer finance platform, closed a $150M committed credit facility with Viola Credit.

Bizcap, a small business finance platform, closed a $175M credit facility with a US credit fund to scale originations in the US and Canada. 

Channel, an equipment finance and working capital platform, closed a new revolving credit facility with CIBC to bring total committed financing to $135M. 

Finbee, a Lithuania-based SME financing platform, closed an upsize of its senior credit facility with Pollen Street Capital to €55M to scale origination volume. 

Fundfi Merchant Funding, a revenue-based financing platform, closed a new senior credit facility with an institutional asset manager to scale origination volume in the US and Canada.  

Idea Financial, a small business financing platform, closed a JV with MidOcean Partners to provide up to $225M in capital to fund loans of up to $1M to seasoned SMBs. 

Keystone National, a credit fund, closed a $100M senior secured credit facility to an unnamed small business finance company. 

Lovey, a UK-based SME financing platform, closed a £250M senior secured credit facility with Pollen Street Capital to scale origination capacity to UK small and medium businesses.

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.

Sallie Mae, a private student lending platform, announced a three-year strategic partnership with Sixth Street, which committed to buy at least $1.5B of newly originated private education loans annually, including a $600M portfolio of seasoned loans alongside KKR.

Infinity Transportation, a railcar and intermodal equipment lessor, announced its sale to Ares from KKR for $2.9B.

Amundi, a European asset manager, announced the launch of Amundi Senior Private Debt V with an initial closing of €200M.

Arini, an alternative asset manager, announced the final close of Arini Direct Lending Fund I, targeting over $4B in deployment including leverage to originate senior secured loans to borrowers with recurring cash flow profiles. 

Blackstone announced its final close of Blackstone Energy Transition Partners V at $8.7B to build energy companies delivering clean energy. 

Foundation Credit, an alternative asset manager focused on muni and infrastructure credit, announced the final close of Foundation Infrastructure Debt Fund II LP with $540M in commitments. 

Northwind Group, a real estate PE and credit fund, announced the final close of Northwind Debt Fund III with $1B in committed capital to originate senior secured bridge loans across major US gateway markets. 

Town Lane Management, a boutique real estate investment firm, announced a final close of Town Lane Real Estate Opportunities Fund II with $1.9B in commitments to invest across the capital stack in US CRE sectors. 

Ares, PSP Investments announced a new JV to invest up to $2.4B in logistics real estate opportunities in the US. 

Goldman Sachs, a global bank, is rumored to be the leading bidder for Palmer Square Capital Management, a $37B AUM alternative asset manager. 

Peakline Partners (fka Cresset Partners), an alternative asset manager, acquired Kalon Capital, a mid-ticket equipment finance platform.

Castlelake, a global alternative investment firm, closed a $1.1B CRE CLO backed by an initial collateral  pool of 26 commercial properties with an aggregate principal balance of $1.1B of floating-rate senior loans. 

Obra Capital, an alternative asset manager, closed a $403.6M CLO. 

Victory Park, a global asset manager, closed the launch of AltsABF Tokenized Feeder L.P., offering tokenized access to Privacore VPC Asset Backed Credit Fund, through a partnership with Tradeable.

“For [Carlyle] it’s about finding really unique exposures that are less correlated with what’s going on in the world. The recent transaction we announced with Truist where we bought a $7.7B portfolio of super prime consumer loans is an example of that. We’re talking about a pool that was very high quality, most of them were homeowners with low fixed rate mortgages, more insulated from inflation. They had six digit incomes. That was our expression of the K-Shaped economy. AI has become pervasive, there could be a view that if things were to slow down in AI, how would it impact the overall economy. For us in that particular instance, it’s about investing in that upward sloping arm of the K-Shaped economy, which we think will be more resilient even if we face some headwinds. I think we’ve entered a new regime of how asset-intensive businesses are thinking about their balance sheets. Public markets value asset light businesses at higher multiples. So if you can partner with private capital like Carlyle and move the asset-intensive portion of your business off balance sheet and retain the customer, retain the relationships, and earn the fee income, that seems like something the public markets value. And for us in the private markets, we value those assets, that income, that yield. That’s what our investors are looking for. So we think the risk and and the return finds the right homes  “ - Akhil Bansal, Head of Asset Backed Finance at Carlyle on Finding Less Exposed Opportunities to AI and the Truist LightStream Portfolio Acquisition 

“What we are seeing them do in a number of cases is potentially sell liquid corporate bonds in exchange for some of the asset-backed. You have exposure to Microsoft or Meta or so forth, and they are thinking about their exposure to an individual name. When they look at what we are doing in asset-based financing and the additional spread they can earn for the same underlying credit, as well as the support of the physical asset, they think about that as an attractive trait. So we are seeing some of that. But yes, they are mindful of their exposure. One thing that I think will evolve over time is an understanding that the compute itself has value. When you look at the airline business, lending against aircraft is an investment-grade business, not because Spirit Airlines or an emerging market airline has great credit themselves, but it is because of the shortage of commercial aviation in the world. Today, when it comes to compute, be it data centers or chips, people are not putting much value on the underlying assets. They are solely looking at the credit of the counterparties. I think that will evolve over time, which will expand some of the capacity these insurance companies have. But I do think it is fair to say today, right now, there is focus on that. I do think that means a broadening of markets. I do think for us it means pension funds and wealth funds starting to look at the excess spread in the private investment-grade market.” - Jon Gray, President and COO of Blackstone on Insurance LP Demand for Asset-Backed Exposure

“As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers.  SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue. That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.” - Elon Musk on Purported Closing of Debt Markets for Neoclouds

Asset Managers: AllianceBernstein, Ares Capital Corporation, Blackstone, Rithm

Banks: Barclays, Capital One, Fifth Third, KeyCorp, Pinnacle, Truist 

Investor Day: Brookfield Asset Management, Brookfield Corporation

A $300 Billion ‘Debt Wall’ Is Looming Over Private-Equity Backed Companies (WSJ)

Aluminum to Silicon - Part I: Why GPU Neoclouds Run on Airline Economics (Alex Song)

No Signs of AI Payoff Outside the Tech Sector (Apollo)

The Equity Efficient Serial Acquirer (EESA) Manifesto (Will Thorndike)

The Once-Obscure Corner of Commercial Real Estate Now Riding the AI Boom (WSJ)

Compute Scarcity, Higher Rates, and Where We're Investing (Blackstone)

Don Wilson on the GPU Market’s Trillion Dollar Question (Odd Lots)

Marc Stad, Founder of Dragoneer (Stanford Graduate School of Business)

Under the Hood of Asset-Based Finance with Tim Kim & Jason Gelberd of Manulife Comvest (Insurance AUM)

Waterfalls’ Cuby on ABF and the European Consumer (Bloomberg FICC Focus)