In February, Bilt struck a deal to move roughly $1.2 billion of credit-card balances with funding arranged by a group including Blue Owl Capital and Stone Point Capital as well as Goldman Sachs and TD, according to people familiar with the deal.

The companies also agreed to fund hundreds of millions of dollars of credit-card balances that Bilt cardholders will incur in the future, the people said.

Consumer debt has become one of the hottest categories in private credit, increasingly sought after by funds and investment arms of insurance companies on the hunt for high-yielding investments.