Canyon ABF Partners, a joint venture of Daiichi Life Insurance and Korea Investment Holdings, is entering the securitization market to make way for $5 billion in capital annual origination capital to specialty lenders and regional banks.
The venture will focus on creating private asset-backed credit solutions using a range of capital structures.
The company has also appointed Jay Kim to lead the group.
Kim has more than 30 years of experience in the industry, having recently served as chief executive officer of ATLAS SP Partners, an investment firm affiliated with Apollo Global Management that specializes in asset-backed and structured credit.
Previously, he led the fixed income and securitized products group at Credit Suisse, according to a company statement.
"Jay has a tremendous reputation as an investor and builder of businesses," according to a statement from Adam Rizkalla, a managing director in Canyon Partners' investment team.
The firm will be flexible and move quickly in acquiring assets and structuring primary and secondary pools of various types of loans, according to an announcement from the company. The underlying assets can include contracts in residential real estate, consumer assets, equipment and esoteric sectors.
"We have expanded our formidable asset-backed credit franchise, and the launch of CAP builds upon this momentum in an on-linear way as we become a more flexible capital provider to a broader swath of the lender universe," according to a statement from Jeff Kivitz, a Canyon Partners investment partner and its chief investment officer.
