TPG

2026 Asset Based Finance Outlook: Stability Beneath the Noise

2026 is shaping up to be another dynamic year for asset based finance (ABF) markets, as record public issuance, generally resilient credit fundamentals, the disruptive force of AI, and policy dynamics converge to reshape risk and opportunity. Despite isolated idiosyncratic shocks, ABF market fundamentals proved resilient in 2025. Credit performance has remained stable across most sectors, investor demand stayed strong, and spreads tightened into year-end.

TPG Rise Climate: Separating Signal from Noise

Over the last decade, energy transition investing was shaped to a large degree by policy and climate priorities. In the next, it will be driven by market forces and a reordering of energy sector economics, with distinct winners and losers. The transition is accelerating rapidly, and momentum is building globally.

The Misunderstanding of Below- Investment Grade Risk in Net Lease

Because of the extremely low default rates in investment grade corporate credit (weighted average annual default rate of less than 0.50% since 1981), investors often assume that all investment grade strategies are less risky than their below-investment grade counterparts.

Resilient Lending Structures in an Uncertain Market: Navigating the Rise of Payment-in-Kind (“PIK”)

With its increasing prevalence across private credit, payment-in-kind (“PIK”) financing - which allows borrowers to defer cash interest payments while increasing their loan balance - has come into the spotlight. While the concept of PIK is not new, its presence within loan structures in the direct lending market has increased considerably in recent years.

Resilient Lending Structures in an Uncertain Market: Key Investment Practices

The direct lending market is now $1.4 trillion, as large as the US leveraged loan market, and is expanding as a result of bank retrenchment over the past decade, successful fundraising and sustained conviction in the asset class from both new and existing investors.

The State of GP-Led Secondaries with Matt Jones, Co-Managing Partner of TPG GP Solutions

Matt Jones of TPG joins the podcast to discuss the evolution, structure, and risk-return dynamics of GP-led secondaries in today’s private markets.

Secondaries in 2025: The Rise of Single-Asset Specialists

The private equity secondaries market has evolved from a niche liquidity tool to a distinct pillar of the private equity market.

Asset-Based Credit in 2025: Powering Ahead

In 2025, we expect Asset-Based Credit (ABC) markets to power ahead, supported by the resilience of the US consumer and the continued strength of the US economy. Strong fundamentals should enable attractive risk-adjusted returns for many parts of the Asset-Based Credit complex at a moment of historically tight spreads across corporate credit markets. This comes at a time of growing recognition of the importance of ABC as a valuable diversifier for existing credit exposures and a permanent pillar of the broader private credit ecosystem.

Net Lease: An All-Weather, Cycle-Agnostic Approach

The start of the Fed’s easing cycle has raised the prospect of a recovery in commercial real estate (CRE) markets after a challenging period of elevated financing costs and pressure on valuations. But while there are signs of a nascent recovery for some of the more challenged parts of commercial real estate markets, there are still risks on the horizon as economic growth looks set to moderate and inflation concerns could persist heading into 2025.

Asset-Based Credit (ABC): Easy As 1-2-3

Asset-based credit (ABC) represents the next phase in the evolution of private credit markets. But what is ABC really all about? While the space can appear intimidating, we think asset-based credit is a powerful tool for private credit allocators that’s particularly worthy of consideration today.

The Future of Real Estate Debt: Uncovering Hidden Investment Opportunities

Exploring real estate credit opportunities and market trends, with insights on how insurers can navigate evolving dynamics in asset-backed lending.

The Advantages of Disciplined Lower Middle Market Direct Lending

The growth of private credit and direct lending as an asset class has coincided with an expansion in the total addressable market of borrowers and the increased accessibility of opportunities to lend to companies of all sizes, including those across the Upper Middle Market (defined as companies with >$50M in annual EBITDA), Core Middle Market ($25-$50M), and Lower Middle Market (<$25M).

Insurance Perspectives: Alternatives In Focus

The long-standing partnership between insurance and alternatives asset management has reached an inflection point—with new partnership constructs and innovative avenues of growth taking hold.

TPG INSIGHTS - Private Credit: Opportunity & Innovation

The rapid rise of private credit has been nothing short of astonishing. More than a decade in the making, the seismic forces contributing to private credit’s ascent, including pricey public market valuations, investors’ desire for structure and control, and continued bank deleveraging, only look set to deepen ahead.

Net Lease: The Intersection of Credit and Real Estate

Sharon Kilmer is a Managing Director on TPG Angelo Gordon’s Net Lease Real Estate team, specializing in mission-critical industrial properties.

TPG Angelo Gordon Strategies

Due Dilly Episode 1: Private Structured Credit with TJ Durkin of Angelo Gordon

Introducing Due Dilly: a podcast diving into the complexities of private structured credit in insurance asset management.

Direct Lending Masterclass with Trevor Clark, Managing Partner at Twin Brook Capital Partners

Direct Lending Masterclass: Dive into direct lending with expert insights, strategies, and trends to sharpen your skills in targeting lower-middle markets.

Private Structured Credit Masterclass with TJ Durkin of Angelo Gordon

Join host Stewart Foley on the InsuranceAUM.com Podcast as we explore structured credit opportunities, including ABS, mortgages, and specialty finance, for insurance asset managers.