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PGIM is the latest asset manager to ink a consumer loan transaction in recent months. Private credit firms, such as Fortress Investment Group, are either buying existing loan portfolios or agreeing to buy future originations. While the deal marks the first time PGIM has acquired consumer loans directly from Affirm, the asset manager has previously purchased Affirm’s asset-backed bonds.
“As we see the pay-over-time industry growing, we believe that Affirm’s assets represent an attractive investment opportunity,” Edwin Wilches, the co-head of securitized products at PGIM Fixed Income, said in the statement.
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