Canyon Partners Launches $5B Asset-Based Finance Platform With Global Backing

Canyon Partners has launched Canyon ABF Partners (CAP), a new asset-based finance platform backed by Dai-ichi Life and Korea Investment Holdings (KIH), providing more than $5 billion in annual origination capacity as demand for private credit solutions continues to expand.

The joint venture is structured as a permanent capital vehicle, with Dai-ichi Life and KIH serving as anchor investors alongside Canyon’s management team. The partners are committing balance sheet capital to support CAP’s lending and investment activities across a broad range of asset-backed sectors.

The launch builds on Canyon’s deepening relationship with Dai-ichi Life, which acquired a 19.9% minority stake in the firm and committed $1.3 billion to its commingled funds in 2024. KIH, a South Korean financial institution active in global alternatives, is leveraging the partnership to expand its asset-based finance capabilities.

“Under the leadership of Adam Rizkalla and Jonathan Barzideh, we have expanded our asset-backed credit franchise, and the launch of CAP builds upon this momentum,” said Jeff Kivitz, CIO of Canyon Partners.

The initiative will be led by Jay Kim, a veteran structured finance executive with more than three decades of experience. Kim previously served as CEO of ATLAS SP Partners, the Apollo-affiliated asset-backed credit platform, and earlier led Credit Suisse’s market-leading Securitized Products Group.

Executives said CAP’s flexible balance sheet structure will enable it to act as a nimble capital provider to specialty lenders and regional banks, offering financing solutions across residential, consumer, equipment and other esoteric asset classes.