InsuranceAUM.com Episode 304: Current Asset-Based Private Credit Insights
Jul 10, 2025
Isaiah Toback, Partner and Deputy Co-CIO at Castlelake, specializes in asset-based private credit and shares his insights on the growth of this sector. He discusses key factors like regulatory changes and the rise of non-bank lenders that are reshaping the investment landscape. Isaiah highlights Castlelake's unique strategies in portfolio construction and risk management tailored for insurance investors. He also emphasizes the importance of a low ego team culture and diverse perspectives for success in navigating complex financial environments.
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Isaiah's Career Beginning
- Isaiah Toback started his career in structured credit and finance at a bank, working with Castlelake as a client before joining them over 10 years ago.
- Early collaboration on midlife aircraft securitization helped him build expertise with asset-based investing.
Castlelake's Unique Asset Focus
- Castlelake is a pure-play asset-based investor, focused on asset-level investment strategies since 2005.
- Few firms have been purely dedicated to asset-based markets as long as Castlelake.
Defining Asset-Based Private Credit
- Asset-based private credit (APC) is distinct from general asset-based finance, focusing on private credit lending as an alternative to bank lending.
- APC provides a private market solution post-financial crisis, complementing non-bank lending and securitizations.