All the Credit Credit Markets in Transition: Asset-Based Finance Part II
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Dec 17, 2025 
Oliver Nisenson, with 23 years of experience in asset-based finance from major financial institutions like Blackstone, shares insights into the evolving credit market. He defines asset-based finance and emphasizes the importance of collateral-level cash flow analysis. The conversation covers bottom-up investment strategies, the impact of AI on finance, and what exposures to avoid. Oliver highlights the role of data centers in financing and how private ABF can fit into diversified portfolios, balancing liquidity and negotiation.
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Cash Flows Drive ABF Strategy
- Asset-based finance focuses on predictable contractual cash flows and stable asset values rooted in the real economy.
- Oliver Nisenson emphasizes bottom-up analysis of collateral to measure cash-flow variability across cycles.
Underwrite By Criticality Of Payments
- Assess whether payments are critical to the borrower's operations before underwriting asset-backed deals.
- Prioritize collateral where default would likely force the borrower to give up the asset or lose essential utility.
Strategy Must Pivot With The Cycle
- The team's sector focus evolves with the economic cycle, especially in nascent areas like AI infrastructure.
- Oliver expects to pivot strategy over 3–4 years as ecosystems mature and risk/reward shifts.