Credit Exchange with Lisa Lee ABF increases the lending toolkit – Apollo co-head of asset-backed finance Bret Leas
Oct 24, 2025
Bret Leas, co-head of asset-backed finance at Apollo Global Management, shares insights on the dynamic world of private credit. He foresees the market exceeding $40 trillion, spotlighting Europe as a significant opportunity due to its underinvested insurance and narrow banking systems. Leas emphasizes the importance of diligence, warning against rising leverage and weak documentation in both private and public markets. He also discusses the growing war for talent and the innovative uses of asset-based finance that keep emerging in today’s economy.
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Asset-Based Finance Defined And Valuable
- Asset-based financing is lending against a defined pool of assets and cash flows and complements corporate lending as a diversifier.
- Bret Leas says private ABF offers scale, certainty and tailored execution that changes how companies fund themselves.
Demand Outstrips Public Market Capacity
- Massive global infrastructure and deferred capex create vast demand suited to private credit and ABF solutions.
- Leas argues public markets cannot absorb the scale or long-duration capital these projects require.
Banks Versus Long-Term Private Lenders
- Banks are typically transitional lenders, not long-term holders, creating space for firms like Apollo to provide stable capital.
- Leas says certainty of execution and long-term partnership matter more than absolute cheapest price.