The Structured Credit Interview
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Fund finance looks beyond the subscription facility
Gibson Dunn's Andrew Hogan, on why creativity, collaboration...
Fund finance began as a relationship product between banks and funds. Today, insurers, non-bank lenders and a wider range of investors are reshaping it, and sponsors are looking well beyond the standard subscription facility. Andrew Hogan, who recently joined Gibson Dunn's fund finance and structured capital platform, sits down with SCI to discuss the defining features of the next decade of ....... The Structured Credit Interview 1 October 2026
US firm targets SRT arranger role
Truist Securities, the investment banking and capital market...
Q. Truist Secs is positioning itself as an SRT arranger. What have you done?
A. As part of our FIG investment banking platform, we have built our banks solutions group to serve as an arranger of SRTs for financial institutions looking to efficiently manage risk and increase credit availability. The new SRT .......
The Structured Credit Interview 17 September 2026
NAV, GP lines and the new fund finance toolkit
Balance Strategic Capital's Emily Rose on serving the lower...
Q: Balance Strategic Capital positions itself as a NAV loan and GP solutions lender. How would you describe the firm's niche within the broader fund finance landscape?
A: Balance Strategic Capital was set up to serve an underserved part of the market, the space traditional high street lenders find difficult to support: alternative private fund managers, particularly in the lower mid-market. We .......
The Structured Credit Interview 16 September 2026
US CLN bank spills the beans
Jalpesh Patel on Ally's growing US auto CLN programme, inves...
Ally Bank, a US$185bn lender based in Charlotte, NC, has become one of the most regular issuers in the US CLN market since its debut in June 2024. Previously GMAC, it has one of the biggest prime auto lending books in the US and has used the the CRT mechanism to defray capital exposure.
Last month, it .......
The Structured Credit Interview 8 September 2026
TPG: Private credit's ABF push gathers pace
T.J. Durkin on TPG's approach to ABF, the growing investor a...
Asset-backed finance has continued to gain momentum this year, with private credit managers and institutional investors looking to build strategies around the asset class. The trend comes as direct lending has become an increasingly competitive landscape, while investors seek greater diversification and more niche exposure.
TPG has been active in ABF since 2008, investing across housing, consumer, .......
The Structured Credit Interview 28 August 2026
The next phase of European back leverage
Mark Drury, partner at Reed Smith on private credit CLOs, re...
Q: Are there any emerging trends or transaction structures that European CLO managers should be paying close attention to?
A: This remains the emergence of private credit CLOs (PCLOs).
Since late 2024, a number of European middle-market PCLOs have been launched and are now warehousing. However, unlike the more mature US middle market CLOs, the European PCLO market .......
The Structured Credit Interview 26 August 2026
Alternative capital driving MA-eligible asset innovation
Ashley Thomas, head of structured finance (UK) at ARC Rating...
Legal & General securitised a portfolio of UK equity release mortgages in December, with Stonehill Credit acting as sponsor and risk retainer on the transaction. Called EQR 1, the deal highlights the role of investment managers as long-term, flexible counterparties to the UK insurance market, providing solutions to support capital optimisation while maintaining strong alignment.
Q: EQR .......
The Structured Credit Interview 30 March 2026
Pockets of US CMBS repay attention
Aperture Investors structured credit head talks risk and return
Vladimir Lemin heads up structured credit for Aperture Investors, an alternative investment manager based in New York with offices in London and Paris.
He recently sat down with US editor Simon Boughey to talk about the direction of travel in .......
The Structured Credit Interview 30 March 2026
Structural protections, prime mortgages and residential ABS
Adam Rizkalla, managing director at Canyon Partners answers SCI's questions
Q: Within residential mortgages today, where does Canyon see the highest risk-adjusted return, and how are factors like conservative underwriting and housing undersupply shaping your expectations for credit performance and prepayment risk?
A: I would say where we see the best opportunity today is in non-agency sectors such as non-qualified mortgages or non-QM, or home equity sectors such .......
The Structured Credit Interview 4 March 2026
Launching into RMBS
Cynergy Bank director of group treasury and FRM Nicholas Fuller speaks to SCI
After the recent close of its first securitisation, Cynergy Bank director of group treasury and FRM Nicholas Fuller sits down with SCI’s Marina Torres to discuss investor processes, new mechanisms and synthetics on the roadmap.
Q: Cynergy Bank completed its first securitisation in December, Lovelace CBP 01, a cash-derecognition RMBS backed by buy-to-let mortgages. What prompted the firm to launch a .......
The Structured Credit Interview 4 February 2026
Credit NAV, the next frontier
Steve Berry, head of credit NAV at NLC Capital Partners answers SCI's questions
NLC Capital Partners recently secured a cornerstone investor for its new NAV lending fund, as SCI reported last month, with a US$1bn first close targeted for H1. Jacob Chilvers speaks to head of credit NAV Steve Berry about the new strategy, fundraising efforts and how the firm will differentiate itself in a crowded ABF marketplace.
Q: How is this .......
The Structured Credit Interview 3 February 2026
Deal efficiency, a one-stop shop
Jesse Miller, founder of Structured Execution, answers SCI's questions
Experienced structured finance and ABF attorney Jesse Miller this month launched Structured Execution, an advisory firm with the mission of supporting industry practitioners in the administration and execution of structured finance platforms. SCI associate editor Jacob Chilvers sat down with him to discuss plans for the business.
Q: What’s your strategic vision for Structured Execution, and who are ....... The Structured Credit Interview 28 January 2026
ABF fund in focus: Davidson Kempner closes second income fund
Firm's partners discuss US$1.1bn vehicle's strategy, investo...
Davidson Kempner has closed its second global ABF fund at over US$1.1bn, exceeding its fundraising target and building on the success of its US$750m predecessor. SCI’s Marina Torres spoke with Chris Krishanthan, partner and head of European and Asian corporates and Patrick Dennis, co-deputy managing partner, about the fund's strategy, investor base, and market positioning.
MT: .......
The Structured Credit Interview 23 January 2026
Steady performance and private market entrants fuel momentum for trade receivables securitisations
Jair Martinez, chief commercial officer at Finacity, speaks...
Q: Can you give us some background on Finacity and what the firms does?
A: Finacity has been operating for about 25 years, since 2001. Our primary offering is facilitating working capital solutions for corporates, primarily through the securitisation of trade receivables. We help bridge a gap that existed in the market where banks struggled to get transparency into .......
The Structured Credit Interview 13 January 2026
Inside Enpal's Golden Ray 2: A blueprint for resilient green ABS
Gregor Burkart, senior vp asset financing at Enpal, answers...
Q: Enpal’s second public ABS transaction, Golden Ray 2, began marketing in November, shortly after announcing a new warehouse with M&G, [and announced initial price talks this week]. The deal introduces a few structural differences compared with your inaugural public ABS. Can you walk us through what’s new?
The Structured Credit Interview 2 December 2025
A: On the asset side, the two main additions are the heat pumps and .......
Cutting through the complexity
Thomas Picton, partner at Paul Hastings, answers SCI's questions on the evolution of the ABF market
Q: You joined Paul Hastings earlier this month, at a time of expansion in the asset-backed finance market. What drew you to the firm's platform specifically?
The Structured Credit Interview 19 November 2025
A: Paul Hastings is preeminent in CLOs in Europe and in the US, and has been for some time. It's also very strong on the other part of the market – such as .......
Digital credit pioneer sees blockchain as natural fit for CLO mechanics
Sam Paderewski co-founder of Grove - incubated by Steakhouse...
Paderewski previously spent five years as an investment analyst at Hildene Capital Management and four years on Citi’s CLO structuring and syndicate team. He shares his insights on the digitalisation of credit markets.
Q: CLOs are already highly structured and data-intensive. Do you see parallels between CLO structuring and the move to bring credit funds on chain?
The Structured Credit Interview 29 October 2025
A: Absolutely. .......
Pemberton's push into NAV financing
Partner Thomas Doyle answers SCI's questions
Pemberton Asset Management recently closed its debut NAV Financing Core Fund I at US$1.7bn, marking a milestone in its expansion into strategic lending solutions. The firm, which has built strong relationships across Europe's sponsor-backed lending market, is now leveraging that connectivity to offer portfolio-level financing and GP-level capital solutions.
Talking to SCI, Thomas Doyle, partner and .......
The Structured Credit Interview 16 October 2025
Inside Aluna Partners' SME lending bet
Co-founders Victor Rivera and Stefano Sciacca tell SCI how A...
As banks retrench and SMEs across Europe and Latin America increasingly struggle to access credit, London-based Aluna Partners is moving fast to fill the gap. Founded in 2021 by Victor Rivera and Stefano Sciacca, the firm targets underserved SMEs through trade receivables and ABF solutions, offering tailored funding structures at a pace that .......
The Structured Credit Interview 1 October 2025
CLOs emerge as private credit's resilient outperformer
IQ-EQ highlights diversification, liquidity, and innovation...
CLOs have continued to prove more resilient than other parts of the private credit market, thanks to structural diversification, liquidity, and the active management style of their managers. For Joanne McEnteggart, global head of debt, capital markets and corporate at IQ-EQ, these factors explain why CLOs have consistently delivered lower default levels and stronger performance, particularly since 2018.
The Structured Credit Interview 24 September 2025
Art Capital's AJ Storton on the future of back leverage
New Art Capital partner shares why he's betting on back leve...
Newly appointed Art Capital partner AJ Storton tells SCI what drew him to the firm, why back leverage is attracting fresh attention from both lenders and borrowers, and how regulatory shifts such as Basel IV are reshaping opportunities across capital markets.
Q: Why did you decide to join Art Capital now? What attracted you to .......
The Structured Credit Interview 15 September 2025