Bank retrenchment and regulatory capital constraints opened a multi-trillion dollar funding gap across the real economy. Institutional investors with permanent capital bases are increasingly filling this void, offering long-term financing solutions unencumbered by deposit instability. Private credit is entering a new phase of maturity, expanding beyond direct lending into a broader spectrum of asset-based finance. Asset-based finance - lending against or acquiring cash flow streams generated by discrete, tangible, or financial assets - is a compelling diversifier w...