Aperture Investors is launching a new asset-backed finance strategy, with plans to raise $1bn for the fund over an 18-month fundraising period beginning in September, according to a report by Bloomberg.
The strategy, seeded by Generali Investments, will focus initially on North American asset-based lending, with a planned expansion into Europe. Target assets include consumer, commercial, and esoteric credit exposures, such as credit card receivables, installment and auto loans, small business lending, and royalty streams.
The fund will pursue deal sizes ranging from under $40m to over $500m, with potential for investment-grade ratings across certain segments.
Private credit firms have increasingly turned to asset-backed finance amid a slowdown in traditional buyout activity and tighter bank lending conditions. The strategy offers diversified exposure to income-generating credit assets and is seen as a growing area of opportunity as institutional investors seek yield outside of direct lending.
Nick Turgeon, formerly a Managing Director at Castlelake, has joined Aperture as Global Head of Asset-Based Finance to lead the initiative.
Aperture Investors, launched in partnership with the Generali Group, managed approximately $4.5bn in AUM as of 30 June.
