Asset-Based Lending in the Modern Private Credit Allocation Framework

We have the pleasure to welcome Matthias Dux, Co-Founder at Avellinia Capital to discuss how asset-backed lending fits within the broader private credit ecosystem. In this interview, we explore how ABL structures work in practice, how lenders underwrite and secure collateralized portfolios, and why this segment has seen strong growth across Europe.We also discuss the advantages of asset-backed lending from both the borrower and investor perspective, the role of diversification for family offices and institutional allocators.Find Matthias Dux on Linkedin: https://www.linkedin.com/in/matthias-dux/Avellinia Website: https://avellinia.com/Timestamps: 00:00 – Introduction & Matthias Dux background03:15 – What asset-backed lending is & how it fits private credit07:35 – How ABL structures work in practice (SPVs, collateral, underwriting)15:30 – Managing risk, depreciation & protecting lender capital24:25 – Why companies choose asset-backed lending over equity or banks31:10 – Why investors and family offices allocate to ABL38:10 – European market opportunities & manager selection44:35 – Dry powder, scalability & deployment in private credit48:55 – Final thoughts & conclusion