Investment Strategy
Asset-Based Lending
At its core our investment strategy centres on asset-based lending (ABL), a sub-sector of the broader private credit market. It is also referred to as asset-backed finance, specialty finance, receivables finance, or lender finance.
We define asset-based lending as any lending against identifiable assets, particularly receivables and other financial assets.
K&P’s ABL platform seeks to identify, underwrite, structure and place a diverse range of opportunities across fintech lenders and portfolios of reperforming and non-performing loans.
Carving Our Niche
12–36
Month facilities
$5–25M
Issuance size
2
Sub-strategies
4
Geographies
Strategy Overview
Bridging the Financing Gap
Our investment strategy bridges the financing gap for growth-stage lenders through secured, asset-backed, short-duration private credit.
We lend against identifiable receivables and other tangible assets, rank senior in the capital structure, and invest for 12 to 36 months. Returns come from contractual interest funded by the cash flows of the underlying assets.
We deploy capital through two strategies within asset-based lending: specialty finance facilities to originators, and the purchase of non-performing and re-performing loan portfolios. Our co-investors access both strategies through Luxembourg-domiciled note issuance.
At a Glance
“
Growth-stage and SME credit accounts for an estimated 60% of financing-gap demand yet receives only 9% of deployed capital. That imbalance creates a structural reward premium, which our asset-based lending platform is built to access.
Ben Rockell
Managing Partner, Kingsbury & Partners
Why NBFIs
Non-bank financial institutions (NBFIs) sit at the centre of our strategy. They operate in the growth-stage segment where we specialise in short-duration, asset-backed private credit, and align closely with our investment model.
01
Immediate cash flow from underlying loan portfolios
02
Secured lending backed by receivables or real-world assets
03
Transparent structures with clear terms, covenants, and exits
04
Macro-resilience, as they often gain market share during downturns
Why NBFIs01
Origination
We back institutions with a repeatable ability to source, price and manage assets at scale. Returns are driven by underwriting discipline and the rigour of the credit process, not by traditional metrics.
Why NBFIs02
Predictable Upside
We define return expectations from the outset, with structured terms and contracted yields. Our focus is on predictability — not speculative, equity-style outcomes. We target yield through contractual interest, secured principal, and defined exit timelines. Where profit-share elements are included, they remain secondary to a strong, standalone base case return.
Why NBFIs03
Downside Protection
Our team manages downside risk by targeting over-collateralisation and limiting investor exposure to non-asset-bearing costs. Credit lines are structured to support revenue-generating activity — not overhead — ensuring efficient deployment and direct recourse to cash-flowing assets. We also maintain active oversight throughout the investment term, monitoring collateral values and enforcing covenant discipline.
Why NBFIs04
Macroeconomic Factors
We build strategies that are resilient across economic cycles — designed to perform in both high-growth and dislocated markets. In periods of rising rates and tightening liquidity, we focus on opportunities where traditional lenders retreat and pricing power strengthens. Non-bank financial institutions often gain market share during these shifts, and we aim to deploy capital when competition is lowest.
Our Strategies
We deploy capital through two strategies within asset-based lending. Both are secured by identifiable assets and short in duration.
Strategy 01
Specialty Finance
We provide secured credit lines to growth-stage non-bank lenders, backed by pools of consumer, SME and real estate credit. Often their first institutional line, it funds loan book growth, and scarce capital at this stage supports the premium.
Strategy 02
Debt Purchase
We buy non-performing and re-performing loan portfolios from sellers that need liquidity, at a discount to face value. Returns come from collections on the loans and from capital appreciation as they re-perform. Exit is by refinance or resale.
Our Structuring Framework
Each facility is documented within a framework that separates investor exposure from the originator and limits risk through agreed terms.
The underlying assets are ring-fenced from the originator, so investors hold a claim over a defined pool of receivables rather than over the originator itself.
Co-Investor Access
Family offices anchor each placement. Kingsbury & Partners co-invests in each transaction alongside them, and may offer participation to our network of other co-investors.
Connect with ushello@kingsburyandpartners.ae
Or connect with us here.
Insights
Our latest thinking on asset-based lending, including our specialty finance and debt purchase opportunities.
Important Information
This website is for professional investors only and is not intended for retail investors. Nothing on it is an offer or solicitation to buy or sell any security, or advice of any kind. Investments are made only on the basis of the relevant offering documents. Private credit investments are illiquid, target returns are not guaranteed, and past performance is not a reliable indicator of future results. Capital is at risk.