Asset-Backed Finance

Our Approach

We source Asset-Backed Finance (ABF) investments across diversified channels, directly originating opportunities through proprietary platforms and partnerships, as well as participating in primary and secondary markets. We believe our expansive view of the ABF market enables us to assess a wide range of opportunities to improve risk-adjusted return, accounting for structure, asset risk and yield.

The ABF Universe

Commercial Real Estate and Residential Mortgages

Financial Assets

Including Inventory, Receivables and Structured Debt

Hard Assets

Including Transportation and Infrastructure

Consumer Finance

Solutions

ABF solutions can provide a competitive cost of capital to fuel companies’ business plans and diversify their funding sources alongside corporate loans and bonds. Asset-backed securitization is also the lifeblood of consumer credit in the United States, providing financing for cars, credit cards, homes and more.

Securitized Products

Warehouse Financing

Platform Structured Equity

Whole Loans & Assets

Portfolio Finance

Other Private and Bilaterial ABL

Common Characteristics

Financing secured by hard assets, such as trains, planes and infrastructure, or financial assets, such as contractual cash flows and other receivables
Covenants, collateral and other contractual provisions provide downside protection for lenders
Cost-effective capital for issuers that is often more competitively priced than corporate loans or bonds due to its asset-based nature

Private ABF

Perl Haven participates in broadly syndicated asset-backed securitization markets as well as in private direct origination. Issuers may choose Perl Haven for a private ABF solution for:

Price Certainty
Lender Alignment
Relationship Simplicity
Structuring and Rating
Flexibility
Bespoke Solutions

Our ABF Attributes

Broad, Global Relationships
Proprietary Origination
Long-term Alignment
Scaled, Diverse and Stable Capital
Active Across Private and Traditional Markets, Asset Types and Sectors

Our ABF origination businesses specialize in asset types and sectors, lending against commercial planes, automotive fleets, equipment and more. Others focus on trade finance, warehousing and securitization. Deep sector and credit expertise, along with flexible capital, helps these businesses originate attractive financing that can drive economic growth.

Investment Strategies

Asset-Backed

Secured by hard assets and financial assets
Private and public diversified asset-backed financing
Whole loans, whole business securitization
Platform equity
Seeks downside protection through structuring and collateral

Multi-Asset Credit

Multi-sector credit across public and private markets
Targets strong credit fundamentals
Expansive opportunity set with limited overlap to traditional fixed income portfolios
Semi-liquid credit

Opportunistic

Dislocation and event-driven opportunities
Opportunistic hybrid solutions
Active across public and private markets
Seeks outsized alpha generation, low correlation to traditional asset classes over a credit cycle