Aperture Investors, an alternative asset manager under the Generali Investments umbrella, has launched its new Asset-Based Finance (ABF) strategy, appointing Nick Turgeon as global head of ABF and portfolio manager. The strategy will debut with substantial seed capital from Generali Investments and is targeting $1 billion in initial assets, with strong interest already reported from third-party institutional investors. 

The strategy will initially focus on ABF opportunities in North America, with plans to expand into Europe as the platform grows. Turgeon brings over a decade of direct experience in structuring, sourcing, and managing ABF investments, including his most recent role as managing director at Castlelake’s specialty finance team. He also previously held roles in leveraged finance at U.S. Bank and began his career in fixed income at Piper Sandler. 

“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,” said Peter Kraus, CEO and Chair of Aperture Investors. 

The ABF strategy complements Aperture’s rapidly expanding alternatives platform, which now manages over $2.3 billion in committed capital across private credit strategies. This includes the firm’s structured credit strategy launched in January 2025 and its litigation finance strategy introduced in September 2024. 

The move comes as competition heats up in the ABF space, with other new entrants like 1823 Partners and AIP Capital–Monroe Capital’s $1 billion aircraft leasing JV signaling broader market interest.  

Founded in 2018 by Kraus—former CEO of AllianceBernstein and co-head of investment management at Goldman Sachs—Aperture Investors now manages $5.2 billion in total AUM and committed capital as of June 30, 2025. 

Pictured: Nick Turgeon