Asset-based finance, long the province of banks, is fast becoming the latest tasty treat in private credit. Its broad range and underlying collateral is making it easy to digest.
“We are generally financing everything in the real economy,” says Dan Pietrzak, global head of private credit at KKR.
“Almost anything that you touch every day creates an eventual stream of contractual cashflows that goes into the asset world,” says Joel Holsinger, partner and co-head of alternative credit at Ares Management, citing auto and student loans, as well as royalties from streaming on Netflix or listening to music, to name a...
