Some of the world's biggest pension funds are teaming up with specialist debt fund manager LCM, to finance the customer-lending operations of car-makers, leasing firms and manufacturers, as institutional investors battle with Big Tech to bridge the credit gap left by the banks.

Global financial regulators have tightened banks' capital regulations substantially since the financial crisis, leading them to exit some lending and financing businesses. This has created opportunities for investors, with US alternatives managers like Blackstone and Apollo leading the charge.