Lending Against GPUs, Baseball Cards and Whiskey | Luanna Jiang, Unity Investments

In a PEI Private Credit New York Forum interview, Luanna Jiang of Unity Investments discusses lending against GPUs and esoteric collateral, and outlines protections used in GPU financing. She also covers why family offices pursue direct lending and co-investment, and introduces Unity's ticket sizes and durations.

1. Unity Investments' Luanna Jiang describes GPU financing amid strong deal flow, with technological obsolescence as the central risk.
2. Protections include short duration, aggressive amortisation, residual value insurance and loan terms kept within the life of the underlying contract.
3. Esoteric collateral examples include baseball cards, whiskey collections, jewellery and watches, with domain expertise argued to command a premium.
4. Family offices are described as gaining access to smaller deals and greater transparency, alignment and control through direct lending and co-investment.