Alternative Credit targets investments that benefit from asset security, covenants, cash flow velocity and other features designed to capture value and minimize risk to principal.

First Eagle Investments (“First Eagle”) today announced that it has completed the previously announced acquisition of leading alternative credit manager Napier Park Global Capital (“Napier Park”).

Alternative credit, also known as asset-based finance (ABF), is a rapidly growing subsector of private credit focused on generating income from pools of asset-backed collateral.

This section of the brief focuses on private market alternative credit, including corporate and real estate direct lending and more esoteric classes of alternative credit and debt.

Dec 6, 2025 · Alternative credit describes the financial products and lending processes that exist outside the established infrastructure of the three major credit bureaus and large commercial banks.

Alternative credit is illiquid financing provided to borrowers of capital who cannot access public markets or require non-standard, customized loan terms.

Feb 12, 2024 · Alternative credit, also referred to as private credit or private debt, has emerged as an area of significant interest for investors in recent time, offering attractive returns and distinct …

Jul 11, 2025 · Enter alternative credit, a term that covers private as well as structured credit. What began as a niche corner of finance—focused on direct lending to PE-backed small and mid-sized …

Alternative credit is a broad term that we at First Eagle use to describe non-investment-grade debt facilities, both public and private, outside the scope of core US fixed income, including direct lending …

As a result, many borrowers turn to alternative forms of credit that better fit their goals. The term “alternative credit” refers to credit offered by an entity other than a traditional bank or credit union.