Canyon Partners has launched an asset-backed finance (ABF) arm as it expands further into the sector, with former Atlas chief executive Jay Kim appointed to lead the platform.
The Dallas-headquartered alternative investment manager, which oversees $30bn (£22.4bn) in assets, has launched Canyon ABF Partners (CAP), a joint venture focused on asset-backed credit.
The platform is backed by capital from Canyon’s management team, Daiichi Life Insurance and Korea Investment Holdings, providing balance sheet capacity to support up to $5bn of annual origination.
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CAP will be led by Kim, the former chief executive of Atlas SP Partners, an Apollo Global Management-affiliated investment firm focused on asset-backed and structured credit.
“Under the leadership of Adam Rizkalla and Jonathan Barzideh [both in charge of Canyon’s asset-backed investing], we have expanded our formidable asset-backed credit franchise, and the launch of CAP builds upon this momentum in a non-linear way as we become a more flexible capital provider to a broader swath of the lender universe,” said Jeff Kivitz, Canyon’s chief investment officer.
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Canyon said the platform is less constrained than a typical limited partner fund, acting as an acquisition and structuring vehicle for primary and secondary pools of loans across residential, consumer, equipment, transport and esoteric asset classes, among others.
Read more: Canyon Partners names new co-head of private credit
