Key Takeaways
- • Canyon Partners launches Canyon ABF Partners (CAP), a $5bn annual origination platform focused on asset-backed finance, backed by capital from Canyon's management team, Daiichi Life Insurance, and Korea Investment Holdings.
- • Jay Kim, former chief executive of Atlas SP Partners (an Apollo Global Management-affiliated structured credit firm), appointed to lead the new platform.
- • CAP functions as an acquisition and structuring vehicle with flexibility across residential, consumer, equipment, transport, and esoteric asset classes, operating with fewer constraints than traditional limited partner fund structures.
- • The initiative expands Canyon Partners' asset-backed credit franchise under the oversight of Adam Rizkalla and Jonathan Barzideh, reinforcing the Dallas-based manager's $30bn asset base with a non-linear capital provider model.
Summary
Canyon Partners, a Dallas-headquartered alternative investment manager overseeing $30bn in assets, has deepened its commitment to asset-backed finance through the launch of Canyon ABF Partners (CAP), a joint venture platform designed to originate up to $5bn annually in asset-backed credit.
The platform represents a structural expansion of Canyon's existing asset-backed credit franchise, which operates under the leadership of Adam Rizkalla and Jonathan Barzideh. According to Jeff Kivitz, Canyon's chief investment officer, the launch 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." The platform is capitalized by the management team at Canyon Partners alongside institutional investors Daiichi Life Insurance and Korea Investment Holdings, establishing the balance sheet capacity necessary to support the $5bn origination target.
Jay Kim, who previously served as chief executive of Atlas SP Partners—an investment firm affiliated with Apollo Global Management specializing in asset-backed and structured credit—has been appointed to lead CAP. Kim brings experience navigating the alternative credit landscape at a scaled platform.
The CAP structure is designed to operate with reduced constraints relative to conventional limited partner fund vehicles. The platform functions as both an acquisition and structuring vehicle capable of sourcing primary and secondary loan pools across multiple asset classes, including residential mortgages, consumer credit, equipment financing, transportation assets, and non-traditional or esoteric asset categories. This architectural flexibility positions Canyon to capture origination opportunities across a broader spectrum of the lending market than traditional LP-fund structures would permit.
The platform represents a structural expansion of Canyon's existing asset-backed credit franchise, which operates under the leadership of Adam Rizkalla and Jonathan Barzideh. According to Jeff Kivitz, Canyon's chief investment officer, the launch 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." The platform is capitalized by the management team at Canyon Partners alongside institutional investors Daiichi Life Insurance and Korea Investment Holdings, establishing the balance sheet capacity necessary to support the $5bn origination target.
Jay Kim, who previously served as chief executive of Atlas SP Partners—an investment firm affiliated with Apollo Global Management specializing in asset-backed and structured credit—has been appointed to lead CAP. Kim brings experience navigating the alternative credit landscape at a scaled platform.
The CAP structure is designed to operate with reduced constraints relative to conventional limited partner fund vehicles. The platform functions as both an acquisition and structuring vehicle capable of sourcing primary and secondary loan pools across multiple asset classes, including residential mortgages, consumer credit, equipment financing, transportation assets, and non-traditional or esoteric asset categories. This architectural flexibility positions Canyon to capture origination opportunities across a broader spectrum of the lending market than traditional LP-fund structures would permit.
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