BNP Paribas says asset-based finance is entering the European private-credit arena
Apollo's Atlas SP partnership with BNP Paribas began with a $5bn commitment.
Apollo's Atlas SP partnered with BNP Paribas in 2024 to support asset-backed credit originated by Apollo and Atlas, with an initial commitment of $5bn. Apollo launched a Luxembourg-domiciled dedicated ABF fund in 2026.
Blackstone launched its asset-based credit platform in 2023, combining its asset-based finance and insurance groups into a single unit. It partnered with several banks in 2024 to acquire multiple loan portfolios, and launched the Blackstone ABF ICAV fund in 2025.
BNP Paribas noted that Moody's holds a more cautious view but corroborates the shift from corporate lending into asset-based finance.
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