Strategy in Focus: Asset-backed lending

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Investor interest in asset-backed lending is increasing. In this report we consider the landscape of ABL strategies, including the range of loans available and their risk/return profiles

Market participants have different opinions on which loans fit within the category, meaning there may be a wide range of risk/return profiles for LPs in private ABL funds
As of Q1 2025, $5.5bn was raised for private ABL funds tracked by Preqin. This pace of fundraising puts 2025 on track to be the largest year ever for ABL fundraising
Deal sourcing for ABL strategies is fundamentally different than for direct lending strategies, posing a new challenge for GPs