Asset-based Finance (ABF)

Abry Partners' inaugural collateralized loan obligation (CLO) and first transaction in their Abry Liquid Credit platform launched in August 2025. The fund priced $400 million in issuances and is the first in a programmatic CLO program expected to issue two to three transactions annually, overseen by Mike Ferrante (Head of Abry Liquid Credit).

Abry Partners' second collateralized loan obligation (CLO), priced at $400 million in November 2025, bringing the firm's CLO platform to $800 million across two transactions. The deal attracted 20 unique investors including 15 new to Abry's platform, part of a programmatic issuance strategy targeting 2–3 CLOs annually.

Adams Street Partners' inaugural public collateralized loan obligation (CLO) comprising approximately $350 million in primarily first lien senior secured middle market loans originated by Adams Street's private credit platform. Closed January 2026 with a four-year reinvestment period and Goldman Sachs as sole bookrunner.

Ares SSG Capital Partners VI, L.P. is a credit special situations fund focused on Asia Pacific private markets, managed by Ares SSG Capital Management, the Hong Kong-based Asia credit platform of Ares Management Corporation. The fund held its final close in November 2023 with total commitments of $2.4 billion across the fund and co-investment vehicles, marking one of the largest dedicated Asia credit special situations fundraises in recent years and substantially exceeding its predecessor fund, Ares SSG Capital Partners V, which raised $1.7 billion. The fund employs a flexible, opportunistic credit strategy targeting non-performing loans (NPLs), distressed single-asset situations, and performing private credit opportunities across key Southeast and South Asian markets—including India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Ares SSG's approach targets credit investments with strong downside protection and equity-like return potential, bridging a critical capital gap for large performing businesses underserved by the region's structurally inefficient banking systems and shallow public capital markets. The strategy focuses on private, bespoke credit solutions that provide scale and certainty to borrowers who cannot access international syndicated markets efficiently. Ares Management acquired a controlling interest in SSG Capital Holdings Limited in 2020, rebranding it as Ares SSG Capital Management and integrating it as the firm's flagship Asia credit platform. With a pan-Asian team footprint spanning Hong Kong, Singapore, Mumbai, and other major financial centres, Ares SSG maintains deep local sourcing capabilities and on-the-ground due diligence capacity across the region. The seventh vintage fund in the Ares SSG series raised an additional $400 million in fresh capital in 2025, reflecting sustained investor appetite for Asia credit special situations and validation of the strategy's performance across market cycles. Ares Management Corporation manages over $406 billion in credit assets globally, providing Ares SSG with world-class institutional resources and access to cross-platform expertise.

BSP Debt Fund IV CV is a private credit continuation vehicle managed by Benefit Street Partners (BSP), a leading global alternative credit asset manager with approximately 79 billion US dollars in assets under management and a wholly owned subsidiary of Franklin Templeton Investments. Closed in September 2025, the fund represents the largest single-fund private credit continuation vehicle in market history, providing a structured liquidity solution for limited partners of BSP Debt Fund IV while preserving ongoing exposure to the underlying direct lending portfolio. The vehicle was structured as a GP-led secondaries transaction led by Coller Capital's credit secondaries platform. The continuation vehicle maintains exposure to a diversified portfolio of senior secured, floating-rate loans to U.S. middle market companies, including both sponsor-backed and non-sponsor-backed first lien loans. BSP's direct lending platform targets the U.S. middle market, an underserved segment characterized by limited competition from large-cap lenders, providing financing solutions to companies with EBITDA typically between 10 million and 150 million US dollars. The GP-led continuation vehicle structure allows existing LPs to either roll their interests into the new vehicle or seek liquidity at the time of the transaction, representing the evolution of secondaries techniques from private equity into private credit asset classes. The 2.3 billion US dollar BSP Debt Fund IV CV was described by Coller Capital's Ed Goldstein, Partner and CIO of Coller Credit Secondaries, as 'another significant step in the evolution of the credit secondaries market.' BSP has operated its direct lending platform for over a decade, having closed multiple successive Debt Fund vintages with consistent performance across U.S. middle market credit cycles, maintaining its position as one of the most active and largest dedicated credit managers globally, with operations spanning North America, Europe, and Asia Pacific.

Bayview MSR Opportunity (U.S.) Master Fund, L.P. is a U.S.-domiciled private credit fund managed by Bayview Asset Management, a leading alternative investment manager specializing in mortgage credit and residential finance with approximately $39 billion in assets under management as of December 2025. The fund focuses on mortgage servicing rights (MSRs) and related mortgage credit assets, representing one of the most specialized credit strategies in U.S. structured finance, combining contractual income from mortgage servicing with credit exposure to residential real estate markets. The fund targets returns through ownership and monetization of mortgage servicing rights—contractual rights to receive income in exchange for servicing mortgage loans—combined with investments in agency and non-agency mortgage-backed securities, interest-only and inverse interest-only securities, asset-backed securities, and residential and commercial mortgage credit. The fund employs a master fund structure designed for qualified institutional and accredited investors, providing the operational flexibility to access multiple underlying vehicles and strategies within the MSR and structured mortgage credit universe. Bayview's deep domain expertise in mortgage credit, developed over more than 25 years, provides an informational edge in MSR valuation, prepayment modeling, and credit risk management. The Bayview MSR Opportunity Fund has executed significant transactions, including the ownership and operation of Lakeview Loan Servicing LLC, one of the leading U.S. mortgage servicers, and the all-cash take-private acquisition of Guild Holdings Co. (NYSE: GHLD) in December 2025, a transaction valued at approximately $1.3 billion in equity. Guild Holdings will operate as a privately held independent entity of the MSR Fund. These investments reflect the fund's ability to deploy capital at scale in the mortgage servicing industry and align economic interests with operational control of servicing platforms, enabling full-cycle value creation from origination through servicing and portfolio management.

Crestline Lending Solutions Fund (CLSF) is a perpetual, open-ended private credit vehicle launched by Crestline Investors in October 2025, representing the firm's first perpetual commingled fund structure. Based in Fort Worth, Texas, Crestline Investors is a multi-strategy alternative investment manager with over two decades of experience spanning credit, structured products, and hedge fund-of-funds strategies. CLSF was designed to offer institutional investors and qualified purchasers ongoing access to Crestline's direct lending capabilities without the fixed lifecycle constraints of traditional closed-end fund structures. The fund pursues a core and lower middle market direct lending strategy, providing senior secured and unitranche loans to both sponsor-backed and non-sponsor-backed companies across the United States. CLSF focuses on the domestic lower middle market where competition from large direct lenders is more limited and lending terms more lender-friendly. The perpetual structure enables efficient capital deployment and recycling over time, offering investors regular liquidity windows alongside attractive yield generation from a diversified loan book targeting companies with $5 million to $75 million in EBITDA. Crestline's direct lending platform has historically deployed approximately $1.9 billion across 46 transactions annually, demonstrating substantial underwriting capacity. The firm's broader credit capabilities encompassing structured credit, special situations, and public credit provide complementary deal sourcing and analytical support for CLSF's portfolio construction. Prior Crestline credit strategies received the PitchBook Gold Badge for Direct Lending, reflecting the manager's recognized standing in the private credit market and its ability to generate consistent risk-adjusted returns across economic cycles.

Dawson Portfolio Finance 6 LP (PF6) is the sixth flagship portfolio finance fund of Dawson Partners, a Toronto, London, and New York-based global alternative asset manager with over US$25 billion in AUM that specializes in structured liquidity solutions for private markets participants. The portfolio finance strategy provides bespoke capital solutions including preferred equity, structured debt, and portfolio liquidity mechanisms to institutional limited partners and general partners seeking flexible alternatives to traditional secondary sales or standard NAV lending facilities — an approach that preserves optionality for LPs while generating yield-like risk-adjusted returns for the fund's investors. PF6 closed oversubscribed at its US$7.0 billion hard cap on October 23, 2025, raising over US$7.7 billion including affiliated co-investment vehicles, well above the US$6.0 billion original target, making it Dawson's largest fund to date and one of the largest fundraises ever dedicated solely to structured private-markets liquidity solutions. The fund attracted over 100 unique institutional and private wealth investors across 17 countries and 4 continents, including public pension plans such as the Minnesota State Board of Investment, Maryland State Retirement and Pension System, the Los Angeles City Employees' Retirement System, and Fresno County Employees' Retirement Association, reflecting broad global institutional demand for portfolio finance solutions as PE portfolios age and traditional exit routes remain constrained. Kirkland & Ellis served as legal counsel to Dawson on the closing.

Eldridge Diversified Credit Fund I (EDCF I) is a closed-end private credit vehicle co-launched by Eldridge Industries and Carlyle AlpInvest in January 2026, representing the inaugural fund of Eldridge's diversified credit platform. With approximately $1.5 billion in investable capital assembled through an equity commitment from Carlyle AlpInvest and co-investors combined with a senior debt facility from BNP Paribas, EDCF I targets corporate credit and asset-based equipment origination opportunities across the United States. Legal counsel was provided by Kirkland & Ellis for the fund's formation and close. EDCF I pursues a dual-pronged approach to private credit: traditional corporate credit lending to middle-market and sponsor-backed companies alongside asset-based equipment origination through secondary loan and lease portfolio acquisitions. This hybrid strategy generates risk-adjusted returns by combining the stability of corporate credit with structural protections inherent in asset-backed lending. The fund targets US-domiciled borrowers where equipment financing and corporate lending intersect. As the inaugural vehicle in Eldridge's diversified credit platform, EDCF I reflects the firm's expanding ambitions after years of deploying capital across entertainment, insurance, real estate, and financial services. The partnership with Carlyle AlpInvest, one of the largest PE fund-of-funds managers globally, lends institutional credibility to the platform launch. Eldridge Industries, founded by Todd Boehly, manages approximately $50 billion in assets, providing deal origination infrastructure to source differentiated credit opportunities.

FP Credit Partners II, L.P. is the second opportunistic credit fund managed by Francisco Partners, a leading technology-focused investment firm headquartered in San Francisco, California, with over $50 billion in total assets under management. The fund raised $2.23 billion from institutional investors and is now fully closed, structured as a Cayman Islands limited partnership. FP Credit Partners II represents the second vintage of Francisco Partners' credit investment program, building on the strategy established by the firm's inaugural credit vehicle. FP Credit Partners II employs an opportunistic credit approach focused on the technology and technology-enabled services sector, applying Francisco Partners' deep technical expertise and operational knowledge to credit underwriting and portfolio management. The fund invests across a range of instrument types including senior secured loans, mezzanine debt, structured equity, and convertible notes, addressing financing needs that are underserved by generalist credit investors who lack the sector expertise to accurately price technology-specific risks. Francisco Partners' ability to assess software revenue quality, competitive moat depth, technology stack defensibility, and market positioning provides a material underwriting advantage in identifying credit situations where risk is mispriced relative to potential recovery. FP Credit Partners II closed at $2.23 billion, demonstrating substantial institutional appetite for technology-focused credit strategies and validating Francisco Partners' approach to applying private equity sector expertise to credit investing. The fund is now closed and in the investing and harvesting phase, having deployed capital across a portfolio of technology and technology-enabled businesses globally. The success of FP Credit Partners II directly facilitated the launch of FP Credit Partners III at $3.3 billion — a 48% step-up reflecting strong LP confidence in the franchise. Francisco Partners' broader platform provides credit portfolio companies with access to operational resources, advisory networks, and potential equity paths unavailable through standard credit channels.

FP Credit Partners III, L.P. is the third opportunistic credit fund managed by Francisco Partners, a San Francisco-based technology-focused private equity and credit investment firm managing over $50 billion in assets. The fund closed at $3.3 billion in January 2025, representing a 48% step-up from its predecessor FP Credit Partners II ($2.23 billion) and reflecting growing institutional appetite for technology-focused credit strategies. Structured as a Cayman Islands limited partnership, FP Credit Partners III deploys capital globally across technology and technology-enabled business sectors through flexible credit instruments. FP Credit Partners III leverages Francisco Partners' deep sector expertise across its entire platform to invest in a broad range of credit structures — from traditional senior secured loans and mezzanine debt to flexible capital solutions including convertible notes, structured equity, and hybrid instruments. The fund's opportunistic mandate targets technology, software, and technology-enabled businesses where Francisco Partners' operating networks, sector knowledge, and technical expertise provide a differentiated edge in credit underwriting and portfolio monitoring. This includes complex situations such as stressed credits, growth capital, rescue financing, and sponsor-backed capital solutions where generalist credit providers lack the domain depth to accurately assess software-specific risk factors such as recurring revenue quality, churn dynamics, and competitive moat sustainability. FP Credit Partners III's $3.3 billion close reflects strong LP demand for Francisco Partners' credit franchise, which was established with the firm's inaugural credit vehicle and scaled through FP Credit Partners II. The fund builds on a track record of deploying flexible capital alongside the firm's flagship buyout strategies, giving the credit team proprietary deal flow, operational insight into borrowers, and deep relationships throughout the technology ecosystem. Francisco Partners manages assets across both equity and credit in the technology sector, providing credit portfolio companies with potential equity upgrade paths and operational support resources that are unavailable through traditional lending channels.

Hayfin Emerald CLO IX DAC is a European collateralised loan obligation (CLO) managed by Hayfin Emerald Management LLP, part of Hayfin Capital Management's established European CLO platform. The vehicle was originally priced at €392.8 million in March 2022 with Moody's assigning ratings to eight classes of debt across the note tranches, providing investment-grade rated exposure from the senior AAA tranche through to subordinated mezzanine notes. In 2025, Hayfin completed a reset of the structure at approximately €400 million—the sixth CLO reset the firm executed in 2025—extending the reinvestment period and optimising the capital structure for the prevailing market environment. Hayfin Emerald CLO IX invests in a broadly diversified portfolio of senior secured European leveraged loans, with a reinvestment period enabling active portfolio management through secondary loan purchases and opportunistic primary market participation. The fund employs Hayfin's disciplined credit selection methodology, combining deep fundamental analysis of corporate borrowers with rigorous structural protections including overcollateralisation tests, interest coverage tests, and sector concentration limits. The CLO structure is designed to provide stable income to noteholders while actively managing portfolio quality and credit risk across European leveraged finance markets. Hayfin Emerald CLO IX is part of Hayfin's landmark Emerald series—the European CLO franchise that achieved its tenth new issuance milestone as one of Europe's most prolific CLO managers. Hayfin Capital Management oversees a broad credit platform that includes direct lending, real estate debt, and liquid credit strategies, with the Emerald CLO franchise providing institutional investors with diversified access to the European leveraged loan market. The 2025 reset of Emerald IX reflects both favourable market conditions and the platform's demonstrated ability to access CLO capital markets efficiently across market cycles.

Hayfin US XIV, LTD. is a US collateralised loan obligation (CLO) managed by Hayfin Capital Management, Europe's leading alternative asset management platform with transatlantic investment capabilities. Originally priced in July 2021 and subsequently reset on October 20, 2025, the CLO has a post-reset size of $492.27 million. The vehicle invests in a diversified portfolio of primarily US senior-secured leveraged loans and carries a 5-year reinvestment period and a 2-year non-call period. The October 2025 reset was arranged by Jefferies. Hayfin US XIV forms part of Hayfin's US CLO series — designated by sequential Roman numerals — which complements the firm's European Emerald CLO platform. The vehicle provides CLO equity and debt investors with structured exposure to North American leveraged loan markets, with the underlying portfolio consisting primarily of first-lien, senior-secured corporate loans to North American leveraged buyout and corporate borrowers. The LTD. corporate form reflects the offshore special purpose vehicle structure typical of US CLO issuances. Hayfin Capital Management was established in 2009 and manages a global CLO platform with over $8.4 billion in assets under management as of mid-2025. The firm is headquartered at 65 Davies Street, London, W1K 5JL, and operates transatlantic investment strategies across European and US leveraged credit markets. Hayfin's CLO platform serves a global institutional investor base including insurance companies, pension funds, and fixed-income asset managers seeking senior-secured credit exposure to US and European leveraged loan markets.

KKR Asset‑Based Finance Partners II is a global debt fund launched in mid‑2025 with approximately $5.6 billion in capital raised. It is dedicated to originating and negotiating credit investments backed by diversified financial and hard assets, offering investors predictable collateral‑based cash flows with downside protection and attractive yields. The strategy builds on KKR’s ABF platform launched in 2016—having deployed over $6 billion across more than 54 transactions and managing roughly $75 billion in ABF assets as of mid‑2025. The fund is structured to serve institutional investors including pensions, sovereign wealth funds, insurers, asset managers, family offices, and includes KKR’s own commitment. Targeting four core verticals—consumer and mortgage finance, hard assets, SMEs, and contractual cashflows like royalties and lease receivables—the fund focuses on industries such as aviation, real estate, automotive finance, mortgages, and equipment leasing. With a global mandate, the fund operates across the United States, Luxembourg, Ireland, Canada and key international markets, offering structured credit solutions at scale to fill gaps left by traditional lenders amid bank deleveraging.