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  "notes": "The bubble chart maps 'Non-bank financing penetration' (y-axis) vs 'Approximate historic growth rate' (x-axis).",
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      "text": "1. Approximate five year historic CAGR (2018-2023) for total lending by asset... Source: Oliver Wyman analysis and estimates...",
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      "text": "Degree of securitization. Much like the mortgage-backed and commercial mortgage-backed securitization waves of the 1980s to 2000s, there are significant pools of public securities and conduits backed by assets such as automobiles and credit card receivables.",
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      "text": "And of course, and most fundamentally, returns. And herein lies the big bet, both on the direction of rates but also specific returns by collateral pool. Of course, some subsectors are less interesting.",
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      "text": "Ticket size. Most interest in specialty finance stems from the largest players and some specialists. For many of the large funds, access to scale origination platforms is critical to ensure favorable economics for the often-smaller ticket size opportunities.",
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      "kind": "paragraph",
      "text": "Impact of bank regulations. Much depends on bank regulators. To be clear, this is not limited to just the recalibration of Basel 3 endgame, but also the re-regulation and enhanced supervision of midcap US banks.",
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      "text": "As the Fed and other central banks reappraise the implications of the regional bank runs in 2023, there will no doubt be further tweaks to liquidity buffers, possible pre-positioning of collateral at the window and possible reduction of duration mismatches.",
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      "text": "Insurance regulation is also critical. Insurance companies are buying much of the private asset-based credit. Regulatory perspectives on this may impact the extent to which private credit has further capital to deploy within this market.",
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      "text": "Exhibit 7: Further opportunities for growth?",
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