Investment giant KKR said on Wednesday it had raised $6.5 billion to provide asset-backed financing, as companies and investors seek out credit alternatives beyond traditional loans. Asset-backed financing refers to loans backed by assets such as mortgages or royalties that have predictable cash flows.

KKR (KKR) completed a $6.5B fundraise focused on investing in privately originated and negotiated credit investments backed by large, diversified pools of financial and hard assets, the company said on Wednesday.