Asset investing is less healthcare and tech and more planes, trains, and automobiles. And among PC firms there is increasingly more of it.

For what Carlyle’s aviation investment arm issuing of $428m in secured notes to purchase 12 aircraft fleet and KKR’s purchase of $7bn of RV loans from BMO shows is that there is a continued transfer of assets that would have been historically financed in the bank market moving into the PC market.

Part of the move is driven by PC firms knowing they need to diversify beyond direct lending, for in that market lenders are slashing pricing, offering looser covenants, or coming up with more imaginative financing solutions as they are in a mad dash to win deals.