Speaking of Alternatives …Let's Talk Asset-Based Financing with Edwin Wilches
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Oct 21, 2025 In this fascinating discussion, Edwin Wilches, Co-Head of Securitised Products at PGIM, unpacks the transformative landscape of Asset-Based Finance (ABF). With his extensive experience, he reveals how ABF is redefining funding in the real economy, driven by regulatory changes and market evolution. Institutional investors are increasingly drawn to ABF for diversification and better yields. Edwin also highlights emerging opportunities in AI infrastructure and data centers, showcasing the growing significance of contractual cash flows in enhancing portfolio returns.
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Career Spark From A Fed Challenge
- Edwin Wilches traced his career from a college Fed challenge to two decades at PGIM working in CLO structuring and securitized products.
- He described loving puzzles and learning as core drivers that kept him engaged in asset management.
Securitization Finances The Real Economy
- Securitized products finance the real economy by securing loans with tangible or contractual assets rather than equity claims.
- ABF is private securitization where teams work directly with originators to structure cash flows, risk, and tenors.
Huge Addressable Market For ABF
- The securitized universe is large: public securitized is about $4 trillion and private ABF could address roughly $10 trillion or more.
- As banks change lending behavior, securitization and ABF become critical alternative funding sources.