Private Asset-Based Finance: The next evolution in private credit investing
INTERVIEWSERIES
Edwin Wilches, Co-Head of Securitised Products, PGIM Fixed Income
August 2025
As investment in the private credit asset class continues to evolve, private ABF has a key role to play as the next wave of bank disintermediation unfolds. In this exclusive interview, Edwin discusses how asset-based finance distinguishes itself within the broader private credit landscape, the opportunity set the asset class offers investors and how to assess risk and avoid unintended exposures in portfolios.
Watch the full interview which covers:
0:23 - Can you explain the major drivers behind the growing interest in private credit as an asset class?
1:29 - How does asset-based finance distinguish itself within the broader private credit landscape?
3:08 - Some concerns raised by investors in private ABF and (public) ABS is the lack of visibility on underlying credit risks. How do you assess those risks and avoid getting unintended exposures?
4:51 - What trends or opportunities do you see evolving within the asset-based financing space for investors?
6:31 - How can middle-market borrowers benefit from asset-based finance, especially compared to more traditional credit options?
8:21 - What risks should investors stay mindful of when engaging with asset-based finance in the current economic environment?
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Edwin Wilches, Co-Head of Securitised Products, PGIM Fixed Income
Edwin is a Managing Director and Co-Head of PGIM Fixed Income’s Securitised Products team. He is also a portfolio manager for dedicated CLO Tranche portfolios as well other dedicated securitised products funds. Edwin oversees securitised product security selection across the firm’s multi-sector, investment grade, high yield, LDI, money market and general account strategies.
He plays an active leadership role in PGIM’s Racial Equity Initiative via participation in multiple workstreams and is a member of the Latinx Executive Leadership Team for both PGIM and PGIM Fixed Income. Edwin is an active member in multiple trade associations across the US and European markets seeking to represent our client’s best interests and to help promote a functioning market structure.
Prior to assuming his current responsibilities, he was responsible for managing and trading the Firm's investments in CLO tranches, supporting the Dryden CLO platform's business development and investor relations efforts, and analysing off-the-run alternative fixed income opportunities. Earlier, he was a member of PGIM Fixed Income’s CDO analyst team, Business and Product Development Team and Fixed Income Operations team. Edwin joined the Firm in 2003.
He received a BA in Economics from Rutgers University and an MBA from New York University. He holds the Chartered Financial Analyst (CFA) designation.
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