Aperture Investors, an alternative asset manager formed in partnership with Generali Group, has launched an asset-based finance (ABF) strategy and hired Castlelake’s Nick Turgeon to lead the new offering.
The strategy, backed by seed capital from Generali Investments, the asset management arm of the Generali Group, is targeting $1bn (£0.75bn) to invest in underpenetrated segments of the ABF market.
It is initially focused on opportunities in North America, with a plan to expand into European credit markets over time.
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Turgeon (pictured) holds the position of global head of ABF and also serves as portfolio manager of the fund.
Most recently, he was a managing director on the specialty finance team at Castlelake, where he spent eight years. Prior to that, he worked in the leveraged finance group at U.S. Bank, managing private equity sponsor transactions.
It is understood that he is adding three ABF professionals to his team in the next two months, from Antares, Blue Owl/Atalaya and Fortress.
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“We’re excited to welcome Nick Turgeon to lead this new strategy at a pivotal time for asset-based finance within the evolving private credit landscape,” said Peter Kraus, chief executive and chairman of Aperture. “Nick brings the right experience to lead this effort, and his appointment reflects our broader commitment to expanding in segments of the private credit market where flexible, well-underwritten capital is in demand.”
Turgeon added: “Aperture offers the right foundation to build a focused asset-based finance strategy at a time when traditional lenders are retrenching and financing needs are becoming more nuanced.
“Our approach is grounded in disciplined investing, with a focus on understanding asset-level fundamentals and structuring capital solutions that are responsive to the needs of originators while maintaining a strong emphasis on risk and alignment.”
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Aperture has been expanding into new areas of alternative credit over the past 12 months, having launched a structured credit strategy in January 2025 and a litigation finance strategy in September 2024. It now manages more than $2.3bn in committed capital across its alternative credit platform.
