In an interview, Kevin Genda, senior managing director of Cerberus Capital Management, Michael Coiley, managing director of RAM Capital Resources LLC, and Christopher Calabrese, partner of LBC Credit Partners Inc, talked about hedge funds and private equity firms and their role in the asset-based lender (ABL) industry. Coiley said that the influx of hedge funds and private equity really allows for a more efficient delivery of capital further down the balance sheet. You may see some hedge funds playing in multiple debt tranches or providing a one-stop solution. Calabrese added that although there's been a lot of shake up all the way down the chain, when you get to the ABL market, it has been a net benefit, and it hasn't been negatively impacted at all. But, you know, the subprime mortgage market collapse has changed the way that lenders in the cash-flow space do business.
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