Abacus Taps KKR, Varde Vets to Disrupt $20T Asset Finance Market

ORLANDO, Fla. – January 06, 2026 – Abacus Global Management (NYSE: ABX) today announced a major strategic push into the burgeoning asset-based finance (ABF) market, a sector valued at over $20 trillion. The alternative asset manager is launching a new ABF strategy, poaching top talent from industry giants KKR and Varde Partners to lead the charge.

The initiative will be spearheaded by Monty Cook, Abacus's new Head of Private Credit and the former Head of Asset-Based Finance for North America at Varde Partners, and Elena Plesco, who recently joined as Chief Capital Officer after serving as Co-Head of Specialty Finance at KKR. The move signals Abacus's intent to leverage its deep expertise in insurance analytics and actuarial modeling to carve out a unique position in a highly competitive field.

"This strategy represents the natural evolution of our platform," said Jay Jackson, Chairman and Chief Executive Officer of Abacus. "We have spent more than 20 years building institutional-grade capabilities in insurance analytics, actuarial modeling, and specialty asset servicing. By combining that infrastructure with Monty and Elena's proven track record in asset-based finance, we are positioned to deliver differentiated solutions in a market that continues to see significant institutional demand."

Assembling a Powerhouse Team

The credibility of the new venture hinges significantly on its leadership. Cook and Plesco bring a combined four decades of experience and, crucially, a ten-year history of collaboration and co-investment while at their respective previous firms. This existing synergy is a key asset as they aim to quickly scale the new platform.

Mr. Cook's tenure at Varde Partners involved managing a diversified portfolio of asset-based finance investments. His extensive resume also includes senior roles at THL Credit, First Eagle Alternative Credit, Deutsche Bank, Merrill Lynch, and J.P. Morgan, giving him a panoramic view of the credit landscape.

Ms. Plesco spent nearly a decade at KKR, where she was instrumental in originating, structuring, and managing multi-billion-dollar portfolios of asset-backed investments. Her experience notably includes managing a joint venture between KKR and Abacus, giving her pre-existing familiarity with the firm's capabilities. Before KKR, she worked in J.P. Morgan's investment banking division.

"Monty and I have worked together for over a decade, and we've seen firsthand how institutional demand for asset-based finance has grown," Ms. Plesco stated. "What excites us about building this strategy at Abacus is the combination of our origination network with the firm's deep insurance expertise and data analytics capabilities. That combination is difficult to replicate."

Navigating the Crowded Waters of Private Credit

Abacus is entering a market that is both massive and increasingly crowded. The ABF space, a cornerstone of the private credit universe, has attracted a flood of capital as institutional investors seek stable, income-generating assets with low correlation to volatile public markets. This demand has been supercharged by the retrenchment of traditional banks, which have pulled back from certain types of lending due to stricter post-financial crisis regulations like Basel III and Basel IV.

This has created a significant void that alternative asset managers are rushing to fill. Major players like KKR, Apollo Global Management, PIMCO, and Oaktree Capital have all launched or expanded their own multi-billion-dollar ABF strategies. Research shows that a majority of private credit investors plan to prioritize asset-based lending strategies in the coming year, and nearly half of major insurers are looking to increase their allocations to the sector.

In this environment, a generic approach is unlikely to succeed. The key to capturing market share lies in specialization, proprietary deal flow, and a distinct underwriting advantage.

The Secret Weapon: Data-Driven Underwriting

Abacus believes its competitive edge lies in its 'secret weapon': a sophisticated infrastructure of proprietary data analytics and actuarial models developed over two decades. The firm built its reputation in the niche market of longevity-based assets, using vast mortality datasets and underwriting models to accurately price and manage life insurance policies as an asset class.

Now, the company plans to deploy that same analytical engine across the much broader ABF landscape. The new strategy will target a wide array of asset classes, including consumer credit, equipment finance, receivables, and intellectual property rights. However, its true differentiation will come from its ability to source, structure, and evaluate complex, insurance-centric opportunities such as specialty insurance solutions, policy-backed lending, and insurance carrier financing.

"Asset-based finance offers investors something increasingly rare: stable, contractual cash flows with structural downside protection and minimal correlation to traditional markets," said Mr. Cook. "We see a significant opportunity to deliver these characteristics to institutional investors while leveraging Abacus's established infrastructure."

A Strategy for Stability and Growth

The investment strategy is designed to appeal to risk-conscious institutional investors, particularly the insurance carriers that form Abacus's core client base. The firm is targeting net risk-adjusted returns of 11–13% with an average investment duration of three to five years. A key pillar of the approach is a focus on downside protection, with a goal of placing approximately 65% of the portfolio in holdings with 'investment grade-like characteristics'—investments secured by strong collateral and structural protections.

For Abacus, the launch is more than just a new product; it's a strategic imperative. The move diversifies its platform beyond longevity assets and creates a new, scalable source of fee-related earnings. It allows the firm to deepen its relationships with insurance clients by offering a product perfectly suited to their balance sheets, which require predictable, long-duration cash flows to match their liabilities.

As Mr. Jackson concluded, "This strategy is a natural extension of what we do, as life insurance policies represent only one facet of asset-based finance. We are applying the same origination discipline, institutional distribution capabilities, and analytical rigor that have driven our success in longevity-based assets to an adjacent market with substantial unmet demand."