KKR, a global investment firm, announced that private credit funds and accounts managed by KKR have purchased a $373 million portfolio of prime auto loans from Synovus Bank.

This investment aligns with KKR’s asset-based finance (ABF) strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, with attractive risk-adjusted returns.

KKR has made 65 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $42 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

“There is an immense opportunity for scaled private capital investment across the ABF space, especially as traditional lenders increasingly focus on optimizing their balance sheets and increasing liquidity,” Avi Korn and Chris Mellia, managing directors at KKR, added in a joint statement.