InsuranceAUM

Episode 392: An Analyst’s View on the Health of the Private Credit Market

Mon, 12 Oct 2026 00:05:00 -0500

Pranay Subedi, Associate Portfolio Manager in Fixed Income at T. Rowe Price, examines the health of the private credit market and how risk has shifted since the Global Financial Crisis. The discussion covers the evolution of BDCs and other private credit vehicles, why credit risk has migrated away from bank balance sheets, and whether today’s system may be more resilient than the pre-GFC framework. The conversation also explores recent volatility in private credit, including redemption pressure in non-traded BDCs, liquidity risk, software exposure, and the potential impact of AI disruption. Pranay explains how he evaluates managers, why underwriting quality and funding structures matter, and what investors should watch as credit losses begin to normalize and the market heads into 2027.

Episode 391: Bull Market for Real Estate Secondaries

Thu, 08 Oct 2026 00:05:00 -0500

Margaret McKnight, Partner and Head of Portfolio Solutions at StepStone Real Estate, and Brendan MacDonald, Partner and Chief Operating Officer at StepStone Real Estate, discuss why the current real estate reset may be creating an attractive opportunity set for secondaries investors. They explore how higher rates have pressured valuations, leverage, liquidity, and transaction activity, while increasing demand for GP-led secondaries, recapitalizations, and other capital solutions. The conversation also covers real estate’s role in portfolio diversification and inflation protection, the impact of debt maturities and aging fund structures, and how StepStone uses global manager relationships, data, and underwriting capabilities to identify opportunities across markets and property types. They also discuss how insurance investors can think about accessing the asset class across different risk and return profiles.

Episode 390: Private Credit: Risks, Opportunities and the Evolution of Capital

Mon, 05 Oct 2026 00:05:00 -0500

David Ross, Managing Director and Head of Private Credit at Northleaf, joins the InsuranceAUM Podcast to discuss the current state of private credit and how investors are navigating a market shaped by volatility, elevated base rates, changing capital flows and new risks associated with artificial intelligence. He explores why underlying portfolio performance remains resilient overall, where pockets of stress are emerging and how investors should evaluate returns on a loss-adjusted basis. David also discusses how Northleaf is assessing AI risk across individual companies and industries, why diversification and selectivity remain critical, and how periods of market dislocation can create opportunities for patient capital. The conversation also examines the evolving relationship between insurers and private credit managers, including the growth of customized mandates, co-investments and bespoke capital partnerships. Looking ahead to 2027, David shares why disciplined underwriting, active risk management and a focus on underlying company fundamentals will remain central to navigating the next phase of the private credit market.

Episode 389: The BSL and Private Credit Convergence Zone: An Evolving Landscape

Thu, 01 Oct 2026 01:39:59 -0500

The lines between broadly syndicated loans and private credit are becoming increasingly blurred as borrowers gain more flexibility in how they access capital. Taylor Boswell, Head of Credit Origination and Research at AGL Credit, explains what is driving that convergence, why larger borrowers can offer attractive through-cycle characteristics, and how portfolio construction can influence long-term credit outcomes. Beyond market convergence, the discussion looks at private credit structures, expected losses, bank and asset manager partnerships, and differentiated sourcing. Taylor also shares AGL Credit’s perspective on AI-related risks across software, data centers, and corporate borrowers, and why disciplined underwriting and active portfolio management remain essential.

Episode 388: Global Real Estate Opportunities for Insurers

Mon, 21 Sep 2026 01:26:15 -0500

Greg Eudicone, Head of Global Real Estate Client Portfolio Management at Barings, discusses how the commercial real estate opportunity set is evolving across geographies, sectors, and the capital structure. He shares Barings’ perspective on why real estate has become a more selective market, with meaningful dispersion across office, multifamily, industrial, retail, and alternative property types. The conversation also explores relative value between real estate debt and equity, opportunities created by bank retrenchment, and the growing role of healthcare, manufactured housing, student housing, and other specialized sectors. Greg also discusses how insurers are approaching real estate credit, the importance of active asset management and origination capabilities, and why disciplined underwriting may matter more as volatility persists.

Episode 387: NAV Finance: From Niche to Mainstream

Wed, 16 Sep 2026 00:05:00 -0500

Aryeh “Ari” Landsberg, Managing Director at 17Capital, joins the InsuranceAUM.com Podcast to explore how NAV finance has evolved from a specialized private markets solution into an increasingly mainstream portfolio management tool. He explains the fundamentals of NAV financing, including how lenders provide capital against diversified portfolios of mature private equity investments rather than relying on the performance of a single company. The conversation examines the forces driving greater adoption of NAV finance, from changing liquidity conditions and longer private equity holding periods to the need for flexible capital that can support additional investment in existing portfolio companies. Ari also walks through 17Capital’s underwriting approach, including diversification, seniority, low loan-to-value ratios, fundamental company analysis, and ongoing monitoring of portfolio performance and risk. Ari also discusses where he sees the NAV finance market heading as private credit continues to expand and sponsors hold investments for longer periods. He explains how NAV financing can support add-on acquisitions, talent investment, refinancing, and other strategies intended to maximize portfolio company value, while sharing his perspective on the importance of discipline, collaboration, intellectual curiosity, and adaptability as the market continues to mature.

Episode 386: Growth Equity in Insurance Portfolios

Mon, 14 Sep 2026 00:05:00 -0500

Suzanne Gauron, Managing Director and Head of Capital Solutions for Growth Equity at General Atlantic, joins the InsuranceAUM Podcast to explore the role growth equity can play in institutional and insurance portfolios. She explains how growth equity differs from venture capital and traditional buyouts, focusing on profitable, rapidly growing companies with little or no leverage and returns driven primarily by business performance. The conversation examines how growth equity may provide insurers with exposure to return drivers that differ from the interest rate, credit spread, and leveraged equity risks already common across general accounts. Gauron also discusses where institutions are funding growth equity allocations, including buyout, venture capital, and public equity portfolios, as well as the growing range of investment structures available through commingled funds, funds of one, secondaries, and co-investments. Gauron also shares her perspective on the current private market environment, including prolonged illiquidity, pressure to generate distributions, valuation discounts, and how limited exit activity is creating new opportunities for growth equity investors. She closes the conversation with insights from her career, including the qualities she values in strong teammates and the importance of intellectual curiosity and an ownership mindset.

Episode 385: Private Credit Beyond the Headlines: What Insurance Investors Need to Know

Fri, 11 Sep 2026 05:47:43 -0500

In this episode, Tim Warrick, CFA, Managing Director and Head of Alternative Credit at Principal Asset Management, discusses what insurance investors should know about private credit beyond the headlines. He shares Principal Asset Management’s perspective on the differences across lower, core, and upper middle market direct lending, including how leverage, covenants, liquidity, and borrower characteristics can shape risk and return. The conversation also explores why portfolio construction begins before a loan is originated, how active monitoring and downside testing can support capital preservation, and where Tim sees persistent value across private credit. He also discusses diversification, the role of the illiquidity or “inefficiency” premium, and how the market may continue to evolve as more investors enter the asset class.

Episode 384: Identifying Alpha in Private Markets: A Discussion with Ares' Quantitative Research Group

Tue, 08 Sep 2026 00:05:00 -0500

Avi Turetsky, Partner and Head of the Quantitative Research Group at Ares Management, and Bill Kieser, Principal and Co-Head of Research and Data Science at Ares Management, join the InsuranceAUM Podcast to explore how quantitative research is changing the way institutional investors evaluate private markets. They discuss how investors can look beyond traditional measures like IRR and quartile rankings to better understand alpha, benchmarking, portfolio construction, and relative value across private equity, private credit, real estate, infrastructure, and secondaries. The conversation also examines what Ares’ research suggests about investing during periods of volatility and the potential benefits of taking a more contrarian approach to private market allocations. The discussion also looks ahead to the growing role of AI and machine learning in investment research, including how Ares is using data to identify potential credit risks and where quantitative tools may complement, rather than replace, human investment judgment.

Episode 383: Evolution of Direct Lending: Relationship Based Lending Drives Relative Value

Mon, 24 Aug 2026 00:05:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Gavin Baiera, Senior Managing Director and Head of Performing Credit at Centerbridge, and David Marks, Executive Vice President at Wells Fargo Commercial Banking, to explore the evolution of direct lending and why relationship-based lending may offer a differentiated source of relative value. Gavin and David discuss how lending to founder and family owned businesses differs from traditional sponsor backed transactions, with a focus on leverage, covenant structures, borrower behavior, and long standing banking relationships. They also explore how pairing commercial banking relationships with private credit underwriting can open access to a broader range of non sponsored opportunities, support greater diversification, and help investors evaluate risks related to liquidity, AI exposure, and shifting credit conditions.

Episode 382: Portfolio Management in Action: Turning Insight Into Performance

Thu, 13 Aug 2026 00:05:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA sits down with Tom Milewski, Managing Director and Head of Portfolio Management at Deerpath Capital, to discuss why active portfolio management can be just as important as underwriting in private credit. Tom explains how managers can use monthly financials, borrower-specific KPIs, dashboards, and early warning triggers to identify developing risks, learn from portfolio trends, and make more informed investment decisions. They also explore where outcomes begin to diverge between private credit managers, the difference between covenant-light, covenant-loose, and meaningful covenant structures, and why reacting early to signs of stress can help preserve value. Tom also shares what insurance investors should consider when evaluating a private credit manager’s approach to portfolio oversight, including how managers apply lessons learned and adjust their strategies over the life of an investment.

Episode 381: Demand, Dispersion, and AI: Where Credit Researchers Are Finding Conviction

Mon, 10 Aug 2026 05:11:38 -0500

In this episode of the Insuranceaum.com podcast, host Stewart Foley, CFA, sits down with Bixby Stewart, Head of US Investment Grade Credit Research for Invesco Fixed Income, to explore where credit investors are finding conviction amid tight spreads, strong institutional demand, and a historic wave of AI-related capital investment. Bixby explains why today’s investment-grade market may deserve its historically tight valuations, highlighting stronger credit quality, attractive yields, improved liquidity, and persistent demand from insurers, pensions, and other institutional investors. He also discusses relative value across banks, technology, utilities, energy, and private credit, while examining the risks surrounding hyperscaler issuance, AI monetization, market concentration, and the need for disciplined security selection in a bond picker’s market.

Episode 380: Private Market Priorities for Insurance Investors

Thu, 06 Aug 2026 00:05:00 -0500

In this episode of the Insuranceaum.com podcast, host Stewart Foley, CFA, is joined by Sidd Chakravarty, Vice President of Investments at CoAction Global, to explore the private market priorities insurance investors should be watching as they prepare for 2027. Sidd discusses the growing role of asset-based finance, opportunities across non-agency mortgages and digital infrastructure, and the many ways insurers can gain exposure to the financing needs created by artificial intelligence. The conversation also examines portfolio construction in a “normal for longer” interest-rate environment, spread compression, emerging risks within private credit and the importance of understanding exactly what sits beneath each investment. Sidd shares his perspective on manager selection, insurance-specific expertise, regulatory developments and the value of peer networks as allocators navigate an increasingly complex investment landscape.

Episode 379: Insurance Investing in Railcar Leasing

Tue, 04 Aug 2026 00:05:00 -0500

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, speaks with Ross Sylvester of Napier Park Global Capital and Katie Cowan of First Eagle Investments about insurance investing in railcar leasing. They explain how the asset class works, why industrial companies lease railcars and how contractual cash flows, specialized maintenance and long-lived physical assets can create a resilient investment profile. The discussion explores how railcar leasing may support stable income, inflation sensitivity, duration alignment and diversification within insurance portfolios. Ross and Katie also share their perspectives on North American supply chains, geopolitical exposure, asset-based finance and how insurers can evaluate railcar leasing alongside traditional credit and real asset allocations.

Episode 378: The Structural Shift: How Insurance, BDCs, and AI are Reshaping Private Credit and Why the Lower Middle-Market is Built to Last

Wed, 29 Jul 2026 00:05:00 -0500

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, speaks with Trevor Clark, Founder and Managing Partner of TPG Twinbrook Capital Partners, about the structural changes reshaping private credit and the enduring role of lower middle market lending. Trevor explains why private credit should not be treated as a single, uniform asset class and discusses how manager experience, direct origination, disciplined underwriting, financial covenants and active portfolio monitoring can influence investment outcomes. The conversation also explores how insurance capital, BDC structures, retail redemptions, longer private equity hold periods and artificial intelligence are changing the direct lending landscape. Trevor shares why strong companies can still become vulnerable when overlevered, how lenders can use better data and monitoring to identify risks earlier, and what insurance investors should consider when evaluating both private credit managers and the structures used to access the asset class.

Episode 377: Trade Finance: The Investment Opportunity In The Real Economy

Mon, 27 Jul 2026 00:10:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Maarten Offeringa of Federated Hermes to explore trade finance and the investment opportunity it creates within the real economy. Maarten explains how short-duration loans finance the production, infrastructure, and movement of physical goods through global supply chains, and why changes in global trade and bank regulation have made the asset class increasingly accessible to institutional investors. The conversation examines trade finance’s potential benefits for insurance portfolios, including floating-rate income, low duration, self-amortizing structures, diversification, and relatively low correlation with traditional fixed-income markets. Maarten also discusses Federated Hermes’ bank-partnership approach to sourcing and underwriting transactions, shares real-world examples involving aircraft and essential food supplies, and explains where trade finance may fit within an insurer’s broader public and private credit allocations.

Episode 376: The Next Generation of Core Fixed Income for Insurers

Wed, 22 Jul 2026 00:03:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Pramila Agrawal, PhD, CFA, senior insurance portfolio manager at Loomis Sayles, about how insurers can rethink core fixed income in a changing market environment. They discuss the expanding role of private credit, structured products and emerging market debt, along with the importance of liquidity, scale and consistent underwriting across public and private markets. Pramila also shares how technology is becoming more integrated into portfolio construction, risk management and customized solutions for insurance investors.

Episode 375: Taxable Munis: The Original Infrastructure Credit and a Modern Portfolio Ballast

Fri, 17 Jul 2026 13:03:45 -0500

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, is joined by Emily Wiener, Chief Investment Officer of the TIAA General Account, and Dan Close, Head of Municipals at Nuveen, to discuss the role taxable municipal bonds can play in resilient, liability-aware insurance portfolios. They examine why municipal bonds remain a vital source of infrastructure financing and how taxable munis can provide high-quality, long-duration exposure. The conversation explores relative value beyond headline spreads, including credit quality, default and recovery experience, downside protection, supply dynamics, and the importance of specialized research. Emily and Dan also discuss how TIAA uses municipal bonds as portfolio ballast and why experienced market access matters in a diverse and highly specialized asset class.

Episode 374: Why Infrastructure, Why Now.

Wed, 15 Jul 2026 09:25:46 -0500

Host Stewart Foley, CFA, is joined by Nick Coxon, Managing Director and Head of Americas Real Assets, and Ben Taylor, Managing Director, Private Credit, at Macquarie Asset Management. In this episode of the insuranceaum.com podcast, they discuss why infrastructure is becoming an increasingly important allocation for insurers, including the differences between infrastructure debt and equity and the role of contractual revenues, inflation linkage, hard collateral, and long-duration cash flows in liability-aware portfolios. The conversation also explores the widening infrastructure funding gap, rising demand tied to digitalization, decarbonization, demographics, and power usage, and the growing role of private capital as banks retreat from longer-dated lending. Nick and Ben also highlight opportunities in infrastructure-adjacent businesses and explain how the asset class may offer yield, diversification, downside protection, and exposure to essential real assets.

Episode 372: Commercial Real Estate Bridge Loans: Alpha in CRE Credit

Mon, 15 Jun 2026 00:03:00 -0500

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Jim Higgins, Head of Commercial Real Estate at Shelter Growth Capital Partners, to discuss the opportunities and risks within commercial real estate bridge lending. Jim explains how bridge loans fit within the broader CRE debt market, why they can offer attractive risk-adjusted returns, and how Shelter Growth approaches underwriting, asset management, and borrower selection. He also shares insights from more than three decades in commercial real estate credit and discusses the firm's focus on middle-market bridge loans backed by multifamily and industrial properties. Stewart and Jim also examine current commercial real estate fundamentals, including valuations, supply and demand dynamics, leverage levels, and capital availability. The conversation explores how CRE private credit compares with corporate private credit, the benefits of asset-backed lending for insurance portfolios, and why bridge loans may offer compelling relative value in today's market. Jim also discusses the advantages of combining residential and commercial lending platforms, the role of securitization and leverage in portfolio construction, and the characteristics he looks for when building successful investment teams.

Episode 371: Commercial Mortgage Loans: Building Around the Insurance Balance Sheet

Sun, 14 Jun 2026 10:17:32 -0500

Morris Chen, Portfolio Manager and Head of CMBS & CRE Debt Investments at DoubleLine Capital, and Robert Stanbrook, Portfolio Manager for the firm's CRE Loan Platform, join Stewart Foley to explore how commercial mortgage loans can help insurers navigate today's investment landscape. Together, they discuss the differences between CMLs and CMBS, the benefits of portfolio customization, and why these strategies continue to play an important role in balancing yield, duration, and capital efficiency. The conversation also dives into DoubleLine's underwriting philosophy, the importance of borrower quality and loan structure, and how insurers across life, annuity, P&C, and health sectors can tailor commercial mortgage allocations to meet their unique balance sheet objectives. For insurance investors looking to better understand the asset class, this episode offers a practical framework for evaluating both the opportunities and the risks.

Episode 369: Finding Signal in Private Markets Noise

Tue, 26 May 2026 00:03:00 -0500

Bob Sharma, CFA, Global Head of Insurance Client Group at AllianceBernstein, joins host Stewart Foley, CFA, to discuss how insurers are navigating today's evolving private markets landscape. From geopolitical uncertainty and inflation pressures to AI disruption and higher-for-longer interest rates, the conversation explores the macro themes shaping portfolio decisions across the insurance industry. Bob also breaks down how insurers are thinking about private market allocations beyond the broad "private credit" label. He explains differences across direct lending, asset-based lending, and other private debt categories, while highlighting the importance of portfolio construction, regulatory considerations, and maintaining underwriting discipline in a changing market environment. The discussion also examines headline risk, board education, structuring considerations, and where investors may be finding opportunities as private market complexity continues to increase.

Episode 368: From Origination to Execution: How Integrated Platforms Drive Value in ABF

Thu, 21 May 2026 00:03:00 -0500

Chris Edson, Partner and Global Head of Origination at Apollo, and Bret Leas, Partner and Head of Asset-Backed Finance, join host Stewart Foley, CFA, for a conversation on how integrated origination platforms are shaping the future of asset-backed finance and private credit. The episode explores Apollo’s “One Apollo” approach, the importance of direct origination, and how customized financing solutions are changing the relationship between borrowers and institutional capital providers. The discussion covers the rapid growth of the asset-backed finance market, structural protections within ABF transactions, and the convergence of public and private markets. Chris and Brett explain why long-duration institutional capital is increasingly aligned with long-duration assets, how insurers are approaching ABF as a core allocation, and why underwriting discipline, diversification, and collateral structure remain critical in today’s environment. The episode also examines global housing finance, corporate asset monetization, insurance balance sheet strategy, asset-liability matching, and the scale of opportunity across private credit markets. Throughout the conversation, the guests share insights into Apollo’s origination ecosystem, problem-solving approach, and how integrated platforms can create long-term value for institutional investors.

Episode 367: Relative Value That Hasn’t Compressed: Why Commercial Mortgages Still Stand Out

Tue, 19 May 2026 00:03:00 -0500

Greg Michaud, Head of Real Estate Finance, and Stefanie Stewart, Head of Real Estate Investments at Voya Investment Management, join Stewart Foley, CFA, to explore why commercial mortgages continue to stand out within fixed income markets despite significant changes across the broader investment landscape. They discuss how relative value opportunities remain attractive, even as spreads in many other asset classes have tightened. The conversation examines today's commercial real estate lending environment, including property valuations, underwriting discipline, and the impact of interest rates on lending activity. Greg and Stefanie explain how market conditions have shifted from previous cycles and why stable underwriting standards and realistic borrower expectations are contributing to stronger lending vintages. They also break down differences across core, bridge, and construction lending strategies, discuss where investors are finding compelling opportunities outside of crowded sectors, and share perspectives on portfolio construction, risk selection, and long-term investment partnerships for insurers.

Episode 366: Private Infrastructure Debt – Confidence with Discipline

Mon, 18 May 2026 14:56:04 -0500

Patrick Manseau, CFA, Managing Director and Head of Infrastructure Debt for the Americas and Asia Pacific at MetLife Investment Management (MIM), joins host Stewart Foley, CFA, for a conversation on the evolving infrastructure debt market and the importance of maintaining discipline in today’s competitive private credit environment. The episode explores how infrastructure is defined within institutional portfolios, the differences between infrastructure debt and traditional corporate or middle-market private credit, and how insurers are accessing opportunities across the asset class. Patrick also discusses origination, sponsor-friendly market dynamics, underwriting standards, covenant protections, and why long-term borrower and sponsor relationships remain essential in infrastructure investing. The discussion also dives into digital infrastructure and the growing impact of AI-driven power demand, including the rapid growth of data centers, merchant power exposure, and the challenges of underwriting energy-related infrastructure assets in a changing market. Patrick shares how MetLife Investment Management coordinates risk across infrastructure, real estate, and asset-based finance platforms, along with broader perspectives on portfolio construction, asset-liability matching, and why infrastructure debt continues to play an important role for insurance investors seeking long-duration, capital-efficient fixed income exposure.

Episode 365: Direct Lending: Sorting Signal from Noise

Mon, 04 May 2026 00:04:00 -0500

Ron Kantowitz, Managing Director and Head of Private Debt for Invesco’s Global Private Credit Group, joins the InsuranceAUM.com Podcast to examine the growing gap between headlines and reality in direct lending. As concerns around AI disruption, software exposure, and liquidity pressures dominate the narrative, Ron explains why many of these issues are being misinterpreted and why the broader private credit market remains fundamentally sound. He shares how his team has approached risk differently, avoiding highly leveraged sectors like software due to structural concerns rather than market timing, and instead focusing on businesses with durable, non-discretionary demand. The discussion also dives into portfolio construction, the importance of sponsor-backed lending, and how private equity dynamics are evolving in a more uncertain environment. Ron also outlines what institutional investors should be looking for when evaluating managers, from hidden risk indicators like “bad PIK” to diversification, leverage trends, and underwriting discipline. In a market shaped by volatility and shifting sentiment, this episode offers a clear framework for identifying real risk and opportunity in private credit.

Episode 364: Fund Finance: Evolution, Opportunity, and Portfolio Construction for Insurers

Mon, 20 Apr 2026 00:14:00 -0500

Michael Timms, Managing Director and Co-Head of Fund Finance at Bayview Asset Management, joins the InsuranceAUM.com podcast to explore how fund finance has evolved into a critical and rapidly expanding segment of private markets. From its origins in subscription lines to today’s broader ecosystem including NAV lending, GP financing, and structured solutions, Michael outlines how innovation and growing capital demand are reshaping the landscape.

In this episode, Michael shares where he is seeing the most compelling opportunities today, particularly as insurers increasingly play a larger role in providing capital where traditional banks have stepped back. He discusses how different fund finance strategies offer a wide range of risk-adjusted return profiles, and why understanding the structure and underlying collateral is key for effective portfolio construction.

The conversation also dives into how insurers should think about accessing the space, where manager differentiation truly matters, and what potential risks or headwinds investors should keep in mind. As adoption continues to grow, fund finance is moving from a niche strategy to a core consideration for insurance portfolios.

Episode 363: Repricing and Resurgence: The Evolution of Real Estate

Mon, 13 Apr 2026 00:03:00 -0500

Peter Braffman of GCM Grosvenor joins host Stewart Foley on the InsuranceAUM.com Podcast to explore how real estate has evolved from a traditional institutional allocation into a far broader and more sophisticated asset class. Their conversation looks at how periods of dislocation have historically created new investment opportunities, why repricing matters in the current environment, and how insurance capital continues to play a major role across the market. Peter also shares how his experience at Zurich shaped his perspective as an investor, particularly in understanding real estate not just as a collection of assets, but as a business driven by capital, operators, and long-term execution. Together, he and Stewart discuss how institutional investors, especially insurance companies, are approaching allocations differently today as they navigate higher rates, inflation uncertainty, and a changing capital markets backdrop. The episode also covers some of the most talked-about segments in the market, including data centers and office, while highlighting where Peter sees compelling opportunities today. From specialty operators to operational outperformance and niche sectors that remain underfollowed, this is a thoughtful conversation on where real estate may be headed next and what that means for insurance-focused investors.

Episode 362: What Now? Private Market Implications in Tumultuous Times

Mon, 06 Apr 2026 00:03:00 -0500

Drew Schardt, Co-Head of Direct Equity Investments at Hamilton Lane, joins the InsuranceAUM.com podcast to discuss how investors should be thinking about private markets in today’s uncertain environment. From the firm’s “Pandora’s Box” outlook to the broader macro backdrop, Drew breaks down the key forces shaping private equity, private credit, and portfolio construction. Drew Schardt also explores the disconnect between headlines and underlying fundamentals, particularly in private credit, and why diversification, structure, and long-term positioning remain critical. The conversation touches on liquidity trends, secondaries, and the growing role of new investment structures as investors adapt to a more complex and dynamic market landscape.

Episode 361: Blurring the Lines: How AI Is Redefining Fixed Income Boundaries

Thu, 02 Apr 2026 00:02:00 -0500

Rachel Campbell, Portfolio Manager and Director of Securitized at Income Research and Management, and Kristoff Nelson, CFA, Director of Credit Research at Income Research and Management, join the InsuranceAUM.com podcast to explore how AI is changing the fixed income landscape. The conversation looks at the scale of the data center buildout, where capital is flowing, and how investors are evaluating opportunities across corporate and securitized markets.

They also discuss the implications for credit quality, utilities, infrastructure, and portfolio construction as the lines between traditional fixed income sectors continue to blur. From bottom-up security selection to evolving risk frameworks, this episode offers a thoughtful look at how investors can approach one of the market’s most closely watched themes.

Episode 360: Global Fixed Income and Insurance Portfolios

Tue, 24 Mar 2026 00:57:00 -0500

Brendan Murphy and Jim Kaniclides of Insight Investment join the InsuranceAUM.com podcast to explore how global fixed income can play a larger role in insurance portfolios. In the conversation with host Stewart Foley, they explain the size and structure of the global bond market, why U.S. insurers remain heavily concentrated in domestic fixed income, and how currency hedging can potentially turn global diversification into a source of additional yield rather than added cost. They also discuss how insurers can access global fixed income through familiar portfolio structures, where relative value may exist across developed markets, and what risks could create headwinds for a global allocation. The episode offers a practical look at portfolio construction, accounting considerations, and the ways insurers can broaden their opportunity set while staying within investment grade and core fixed income frameworks.

Episode 359: Going Beyond Core: How Allocators are Tapping New CRE Debt Opportunities

Wed, 18 Mar 2026 00:04:00 -0500

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Justin Pinckney, Head of Private Debt at AEW, to explore how investors are going beyond core commercial real estate (CRE) debt to uncover new sources of yield and diversification. The discussion begins with a market overview of real estate credit, highlighting the impact of higher interest rates, improving liquidity, and shifting risk-return dynamics across the CRE landscape.

Stewart and Justin then dive into where AEW is finding the most compelling opportunities today, including alternative sectors like senior housing, while also outlining key underwriting considerations, risk management approaches, and portfolio construction strategies for insurance allocators. The episode also examines potential headwinds, the importance of information and execution advantages, and how disciplined lending can help investors navigate an evolving and increasingly complex market environment.

Episode 358: High Yield Real Estate Lending: 2026 Outlook

Thu, 26 Feb 2026 00:03:00 -0600

Bill Maclay, Portfolio Manager in Fidelity’s High Income and Alternatives Division, joins Stewart Foley for a timely conversation on high yield real estate lending and how insurers are positioning in this evolving segment of the market. With banks retrenching, capital structures shifting, and construction volumes slowing, Bill shares how Fidelity is identifying opportunity while managing credit and structural risk across the real estate debt landscape. Drawing on more than two decades of experience across real estate equity and debt markets, Bill walks through key market dynamics, including the role of construction lending, geographic supply-demand imbalances, and where insurers can align capital with niche opportunities. He also discusses the potential for insurer partnerships, co-lending structures, and how Fidelity’s platform brings together public and private real estate capabilities to create value. Whether you're focused on CRE debt allocations, yield targets, or managing risk in uncertain markets, this episode offers a grounded, forward-looking view of where the real estate lending market is headed.

Episode 357: Lessons from the Tranches: How to Pick Good Bonds in Securitized Credit

Mon, 23 Feb 2026 00:21:00 -0600

Noah Funderburk, Portfolio Manager and Director of Securitized Credit at Pioneer Investments, joins the InsuranceAUM.com Podcast for a deep dive into the mechanics that matter most in structured credit. In this episode, he explores why risk and discomfort are often the source of return, how credit risk and interest rate convexity can compound drawdowns, and why sponsor incentives should never be overlooked. The conversation moves beyond headline yield to focus on tranche-level analysis, correlation risk, asset obsolescence, and securitization structures that delever over time. For insurance investors allocating to ABS, RMBS, CMBS, and multi-sector portfolios, this discussion offers a practical framework for evaluating complexity, pricing uncertainty, and managing downside risk in an evolving market environment.

Episode 356: Power Plays: How Insurers Can Invest in the Energy Transition

Thu, 19 Feb 2026 00:25:00 -0600

Neda Vakilian of Actis and David Swift of General Atlantic join the InsuranceAUM.com Podcast to explore how growth equity and infrastructure equity are reshaping the opportunity set for insurance investors in the energy transition era. As electrification accelerates, AI drives non-linear power demand, and energy security becomes a strategic priority, they outline how these structural forces are creating durable, long-term investment themes. The discussion examines the difference between traditional infrastructure debt and control-oriented equity strategies, highlighting capital-efficient growth businesses and essential, baseline infrastructure in both developed and growth markets. Neda and David detail how their teams approach risk, focusing on execution rather than technology risk, policy-agnostic business models, long-dated cash flows, and disciplined underwriting frameworks designed to support capital preservation. They also address how sustainability outcomes can emerge from solving economic problems, aligning measurable impact with institutional-grade return expectations. For insurers navigating long-duration liabilities and evolving enterprise risk priorities, this conversation offers a practical perspective on deploying capital into a structurally changing energy landscape.

Episode 355: Fraud Prevention in Private Asset-Backed Finance

Thu, 12 Feb 2026 00:09:00 -0600

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Joel Hart, Managing Director and Chief Risk Officer at Victory Park Capital, about the growing concern of fraud risk in asset-backed finance (ABF) and private credit. As insurance investors increase exposure to these sectors, Joel offers a candid look at why borrower misconduct tends to spike in late-cycle markets and outlines the types of fraud currently emerging such as double pledging, falsified collateral, and manipulated reporting. Joel also shares how Victory Park Capital’s independent risk function, data-driven monitoring systems, and hands-on portfolio management help mitigate these risks across the investment lifecycle. From the cultural importance of being willing to walk away from deals to key due diligence questions insurers should ask ABF managers, this episode delivers timely, actionable insights for insurance allocators navigating a complex credit landscape.

Episode 354: Convergence: Navigating the Blurred Lines Between Public and Private Credit

Mon, 09 Feb 2026 00:09:00 -0600

Chris Gudmastad, Managing Director and Portfolio Manager of Private Credit at Loomis Sayles, returns to the podcast for a deep dive into one of the most important shifts facing institutional investors: the convergence of public and private credit. As the traditional lines between market segments continue to blur, Chris offers a practical and forward-looking view of how insurers can adapt their frameworks for liquidity, complexity, and relative value. With more than 20 years of experience in private placements, structured credit, and insurance-focused investing, Chris walks through how capital structures are evolving, how new vehicles and secondaries are redefining liquidity, and how to apply a unified risk premium framework across asset classes. He also shares insights into organizational convergence and how teams at Loomis are collaborating across disciplines to underwrite complex, cross-market opportunities. Whether you’re refining your private credit allocations or evaluating new structures across public and private markets, this episode offers a grounded perspective on managing risk and return in 2026 and beyond.

Episode 353: Building Resilience Through Liquidity Optimization

Thu, 05 Feb 2026 00:26:00 -0600

Peter Schenck, Head of Liquidity Distribution at Northern Trust Asset Management, joins Stewart Foley for a timely conversation on how insurers are rethinking cash management in today's evolving environment. With over $350 billion in cash and short-duration assets under management, Peter offers an inside look at how liquidity is being used not just as a defensive allocation, but as a strategic tool for flexibility, capital efficiency, and operational readiness. The discussion covers the growth of money market funds, the mechanics behind pooled liquidity vehicles, and the role of segmentation in managing operating versus strategic cash. Peter also shares forward-looking insights on tokenization, digitalization, and the future of liquidity in a 24/7 global economy. For insurers navigating volatility, regulation, and balance sheet demands, this episode offers clear and practical takeaways.

Episode 352: Incorporating Tactical Asset Allocation into your Strategic Asset Allocation

Wed, 28 Jan 2026 00:10:00 -0600

Kerry O’Brien, Head of Insurance Asset Management and Multi-Asset Solutions at MetLife Investment Management, and Harold Myers, CFA, Portfolio Manager in MIM’s Insurance Asset Management Group, discuss how insurers thoughtfully incorporate tactical asset allocation within long-term strategic asset allocation frameworks. They explore how strategic asset allocation sets the foundation for resilient insurance portfolios, while tactical decisions allow insurers to respond to market dislocations, credit cycles, and shifting rate environments without resorting to market timing. The discussion covers governance, analytics, capital efficiency, and the role of experience and judgment in navigating complex insurance portfolios across market cycles. The episode also looks ahead to how tactical and relative value investing may evolve for insurers, including the growing role of customized structures, public and private market integration, and technology in supporting disciplined, client-aligned investment decisions.

Episode 350: Real Assets, Real Impact: Infrastructure in Modern Insurance Investing

Thu, 15 Jan 2026 00:11:00 -0600

Scott Littman, Managing Director of Infrastructure Investments at GCM Grosvenor, joins host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for a wide-ranging discussion on infrastructure as a core component of modern insurance portfolios. The conversation explores how infrastructure is defined today, why essential assets with long-duration cash flows and inflation linkage have become increasingly important, and how insurers are approaching infrastructure across debt and equity strategies. Scott also shares insights on capital efficiency, regulatory considerations, and portfolio construction as insurers expand their allocations to real assets. The episode concludes with a look at the current macro environment, including opportunities and risks across sectors such as energy, transportation, and data centers, and practical considerations for insurers building or refining infrastructure programs.

Episode 349: Real Estate Secondaries: Opportunities for Insurers in Evolving Markets

Mon, 12 Jan 2026 00:51:00 -0600

Michelle Creed, Partner and Co-Head of Real Estate Secondaries, and Min Zhou, Managing Director in the Ares Secondaries Group, join host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for an in-depth discussion on real estate secondaries and how the market has evolved. The conversation explores the growth of GP-led transactions and continuation vehicles, the impact of valuation resets and liquidity dynamics, and how real estate secondaries can be used as a portfolio management tool. Michelle and Min also address common misconceptions around discounts, asset quality, and the motivations behind secondary transactions. The episode concludes with insights into portfolio construction considerations, diversification, and capital efficiency, particularly as institutional investors navigate shifting real estate and private market environments.

Episode 348: Beyond Direct Lending: A New Era for Asset-Based Finance

Wed, 07 Jan 2026 00:19:00 -0600

Private asset-based finance (ABF) is gaining prominence in insurance portfolio strategy as insurers evaluate its capital efficiency, structural protections, and yield potential. In this episode of the InsuranceAUM.com podcast, Stewart Foley is joined by John Roglieri, Managing Director in Brookfield's Strategic Credit Initiatives, and Remo Plunkett, Vice President in Brookfield’s Credit Group, to explore the evolution of ABF and its growing relevance for insurers. The discussion covers why ABF is not just a newer version of traditional securitized assets, but a broad, flexible toolkit that includes real assets, recurring cash flows, and customized structures tailored to insurer needs. With insights on risk management, capital treatment, and relative value versus direct lending, this episode offers a timely look at how insurers can build resilient portfolios in an increasingly complex credit environment.

Episode 347: Executive Spotlight: Meet The Institutes & Their CEO - Pete Miller

Mon, 05 Jan 2026 09:14:06 -0600

On this episode of the InsuranceAUM Podcast, Pete Miller, President and CEO of The Institutes, joins host Stewart Foley for a wide-ranging conversation on the newly announced affiliation and why it represents a meaningful step forward for the insurance industry. Together, they discuss how The Institutes’ more than century-long legacy in professional education complements InsuranceAUM’s focus on insurance investment knowledge, and why closing the education gap between underwriting, operations, and investing is becoming increasingly important as portfolios grow more complex. The conversation also dives into leadership, culture, and the role of values in building organizations that last. Miller shares insights from his career at the intersection of technology and insurance, including how The Institutes evaluates partnerships, why ethics remain foundational to innovation, and what it takes to prepare professionals for jobs that are still being defined. Foley reflects on the origins of InsuranceAUM, the motivation behind expanding educational access for insurance investors, and the vision for developing the next generation of talent through structured, credible learning. Looking ahead, the episode explores how advances in AI and data are reshaping both insurance operations and investment decision-making. Miller and Foley discuss how education can help insurers move beyond loss recovery toward risk prevention, why responsible AI adoption matters, and how continuous learning will be essential as strategic planning, risk management, and capital allocation evolve. Together, they offer a thoughtful perspective on where the industry is headed and how this partnership aims to support insurance professionals at every stage of their careers.

Episode 346: Gold's Enduring Tailwinds with Aakash Doshi

Mon, 29 Dec 2025 00:10:00 -0600

Aakash Doshi, Global Head of Gold for the SPDR ETF business at State Street Global Advisors, joins host Stewart Foley on the InsuranceAUM.com Podcast for an in-depth discussion on one of the most talked-about asset classes in recent years. The conversation explores the macroeconomic, geopolitical, and structural forces that have shaped gold markets since the post-pandemic period. Aakash shares his perspective on central bank demand, ETF flows, global debt levels, and the concept of gold as an alternative fiat hedge. He also explains why gold is often viewed as a left-tail asset and how it differs from other commodities and digital assets in institutional portfolios. The episode concludes with a practical discussion around implementation, including how institutional and insurance investors access gold exposure at scale and what risks could influence the outlook heading into 2026. This episode is for educational purposes only and does not constitute investment advice.

Episode 345: CLO BBs and Equity

Wed, 17 Dec 2025 00:16:00 -0600

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA is joined by Shiloh Bates, CFA, Partner and Chief Investment Officer of Flat Rock Global, for a deep dive into collateralized loan obligations and their role in insurance portfolios. Shiloh explains how CLOs function as structured credit vehicles, the problems they solve in the private credit market, and how different tranches offer distinct risk-return profiles for investors.

The conversation explores current market dynamics, including elevated default rates, spread behavior, and where Shiloh sees potential opportunities across CLO equity and junior debt. Shiloh also discusses underwriting discipline, diversification benefits, rated feeder structures, and how insurers can think about CLOs relative to direct loan exposure when constructing resilient, risk-aware portfolios.

Episode 344: Diversifying Within Structured Credit

Mon, 15 Dec 2025 00:26:00 -0600

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA sits down with Noelle “Elle” Sisco, Managing Director, Portfolio Manager, and Lead Portfolio Strategist at First Eagle Napier Park, to discuss where structured credit can offer real value for insurance investors and where caution is warranted. Elle shares her background across public and private credit markets and explains how First Eagle Napier Park approaches alternative credit within a multi-strategy investment framework. The conversation explores how insurers can evaluate structured credit through disciplined underwriting, with a focus on collateral analysis, liquidity management, and active portfolio positioning. Elle also addresses late-cycle dynamics, elevated idiosyncratic risk, emerging collateral types, and the importance of separating true underwriting skill from beta-driven returns when constructing resilient insurance portfolios.

Episode 343: Navigating Economic Currents: Shaping Insurance Investment Strategies

Fri, 12 Dec 2025 00:01:00 -0600

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Cindy Beaulieu, Chief Investment Officer of Conning North America, and Matt Reilly, Managing Director and Head of Insurance Solutions at Conning. Together, they explore the complex economic, policy, and portfolio construction themes shaping insurance investment strategies heading into 2026. With volatility receding and consumption staying strong, Conning sees cautious optimism grounded in fundamental, long-term portfolio planning. The discussion covers key topics including the rising complexity of insurance portfolios, the expanding role of private assets, and the importance of core fixed income as a risk ballast. Cindy and Matt offer insight into how insurers are balancing liquidity needs, capital requirements, and regulatory scrutiny while adapting to a structurally different rate and policy environment. With real-world examples and a thoughtful look at long-term strategy, this episode provides valuable perspective for insurance investors navigating today’s market challenges.

Episode 342: From “Known Unknowns” to Quantified Risks: Enhancing Portfolio Construction with Stress & Scenario Testing

Tue, 09 Dec 2025 00:11:00 -0600

Tobias Gummersbach, Enterprise Capital Strategist at New England Asset Management, joins the InsuranceAUM Podcast to discuss how insurers can apply stress and scenario testing to strengthen portfolio construction. With a focus on translating complex risks into clear, actionable insights, Tobias explains how these tools can help insurers evaluate exposure, guide asset allocation decisions, and support long-term capital planning. The conversation covers how insurers can move beyond traditional risk measures to better understand the potential impact of severe but plausible events. Tobias shares practical examples of how scenario testing is being used in real-world investment strategy, helping firms assess trade-offs between risk and return, improve communication with stakeholders, and better align portfolios with enterprise risk objectives. This episode provides valuable insights for insurance investment professionals navigating an increasingly complex risk environment.

Episode 341: Infrastructure Equity in Today’s Markets: Themes, Trends, Opportunities

Thu, 04 Dec 2025 00:02:00 -0600

Infrastructure equity is no longer just about toll roads and utilities—it’s becoming a core part of insurance portfolio strategy. In this episode of the InsuranceAUM.com podcast, Gianluca Minella, Head of Research at InfraRed Capital Partners (a part of SLC Management), joins host Stewart Foley for a wide-ranging conversation on infrastructure’s growing relevance for insurers. Drawing on findings from SLC Management’s recent global insurance survey, Gianluca shares insights into how insurers are allocating across core, core-plus, and value-add strategies. The discussion covers inflation protection, regulatory treatment, digitalization, decarbonization, valuation discipline, and infrastructure’s role as both a defensive and growth-oriented asset class. Whether you’re focused on diversification, long-term returns, or navigating macro risks, this episode offers timely and practical insight into how infrastructure equity is being used by insurers to enhance portfolio resilience and performance.

Episode 340: Building Resilient Portfolios for Insurers: DoubleLine’s Long-History Insights on ABS and ABF

Mon, 01 Dec 2025 00:02:00 -0600

In this episode of the InsuranceAUM Podcast, DoubleLine’s Andrew Hsu and Fifi Wong share their insights on building resilient insurance portfolios through asset-backed securities (ABS) and asset-based finance (ABF). With more than a decade of experience in structured products and a track record of navigating shifting market conditions, they offer a detailed look at underwriting discipline, deal sourcing, and how their approach has helped avoid high-profile credit pitfalls like recent subprime auto bankruptcies. From the early days of FinTech-backed student loans to today’s more complex private ABF opportunities in sectors like aviation and energy infrastructure, this episode explores how DoubleLine evaluates new collateral types, maintains portfolio quality, and partners with insurance investors for long-term success. Hosted by Stewart Foley, this discussion is a must-listen for insurance asset managers, CIOs, and anyone interested in how structured credit strategies are evolving in today's uncertain environment. Listen now and subscribe to stay current on trends in insurance asset management.

Episode 339: Emerging Markets Debt - Investing in Stability Amongst an Ever-Changing Landscape

Mon, 24 Nov 2025 00:02:00 -0600

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Siddharth Dahiya, Global Head of Emerging Market Debt at Aberdeen Investments, to unpack one of the most dynamic and evolving areas of institutional fixed income—emerging market debt (EMD). With decades of experience in global markets and deep roots in insurance investing, Siddharth provides a clear and comprehensive breakdown of the EMD universe—from hard currency sovereigns and corporates to local currency bonds and frontier markets. The discussion covers the structural advantages of EMD, including improving fundamentals, increasing credit rating upgrades, and attractive spreads versus similarly rated developed market debt. Siddharth also dives into how private credit within emerging markets is gaining traction with insurance portfolios, offering enhanced yields and structural protections. For insurance investors seeking diversification, real yield, and capital efficiency, this episode offers actionable insights into a sector that's once again demanding attention. Whether you're seeking a defensive allocation or exploring yield-enhancing strategies, Siddharth shares why now may be the right time to give EMD a second look.

Episode 338: Beyond the Bubble: Data Centers, Demand and the Rise of AI Infrastructure

Fri, 21 Nov 2025 00:01:00 -0600

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Alexey Teplukhin, Managing Director at Blue Owl Capital, to explore the often-overlooked but critical role of data centers and digital infrastructure in the global economy. Alexey offers expert insights into how these assets are enabling everything from everyday digital activity to the exponential rise of artificial intelligence. The conversation begins with the basics what a data center actually is and quickly dives into what makes them such a compelling, long-term real asset investment.

The discussion also covers how demand for data infrastructure is accelerating, what risks exist around technological disruption, and why Blue Owl focuses on the physical backbone of the digital world rather than trying to bet on the next software winner. With analogies ranging from toll roads to airports, this episode delivers a clear, engaging look at the intersection of AI, infrastructure, and investment strategy making it a must-listen for institutional investors navigating a rapidly evolving digital landscape.

Episode 337: Backstage with Ares: Private Credit, Platforms & People

Wed, 19 Nov 2025 00:12:00 -0600

In this episode, Stewart Foley welcomes Ryan Brauns of Ares US Direct Lending for a deep dive into the mechanics and momentum behind one of the industry’s most influential private credit platforms. Ryan explains how Ares has scaled its direct lending business, the role of underwriting discipline, and why duration alignment remains one of the most important considerations for insurers entering the asset class. The conversation explores everything from the structure of Ares’ capital pools to how leverage, covenants, and loan-to-value ratios fit into today’s market realities. Ryan also shares insights on spread dynamics, the rise of retail participation, and how insurers, large and small, are thinking about private credit in their strategic asset allocations. Whether you’re new to private credit or want a deeper look behind the scenes of one of the space’s leading managers, this episode offers valuable clarity and perspective for insurance investment professionals.

Episode 336: How Insurers Can Unlock Alpha Through Residential Whole Loans

Mon, 17 Nov 2025 00:55:00 -0600

Nancy Mueller Handal, Chief Investment Officer of Insurance Asset Management at Bayview Asset Management, shares her insights on how insurers can pursue alpha through residential loans and asset-based finance. With extensive experience in structured credit, Nancy explains why residential whole loans can be a strong fit for insurance portfolios when managed with discipline and precision. She discusses the capital efficiency of the asset class, the appeal of agency-eligible and non-QM loans, and the role of thoughtful underwriting in mitigating risk. The discussion also covers the evolution of the residential credit market, the importance of robust data and infrastructure, and the risks that come with layered credit and valuation gaps. Nancy outlines how Bayview’s platform approaches sourcing and portfolio construction at scale, and why residential loans can provide diversification and long-term value when approached with a careful, insurer-aligned strategy.

Episode 335: The Low Rate Environment Could Impact Products and Investment Portfolio Mix

Thu, 13 Nov 2025 06:53:11 -0600

In this episode of the InsuranceAUM.com podcast, Bob Huang, Executive Director of Equity Research for the Property & Casualty and Life Insurance Group at Morgan Stanley, sits down with Stewart Foley for a timely and insightful conversation on the implications of a declining interest rate environment. Drawing on one of the broadest insurance company coverages on Wall Street, Bob shares how rate cuts could influence earnings, asset allocations, product design, and underwriting dynamics across both life and P&C insurers. Bob explains why falling short-end rates may pressure floating-rate-heavy portfolios, how product offerings like fixed and indexed annuities could evolve in response, and why duration mismatches and spread compression are becoming top concerns. The discussion also highlights how the interplay between product structures and investment strategy is shifting, especially in an era of increased competition and regulatory complexity. Whether you're managing risk, building product, or allocating capital, this episode offers key takeaways for navigating volatility and staying ahead in a changing rate cycle.

Episode 334: Key Themes for 2025 – Affordability, Land-light Models, and Demographics

Thu, 06 Nov 2025 00:12:00 -0600

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes back Robert Clark, Chief Investment Officer and Founding Partner of Domain Real Estate Partners, for a timely discussion on the state of U.S. residential real estate. With affordability continuing to challenge buyers and mortgage rates remaining elevated, Bob offers a deep dive into how homebuilders are adapting their models in 2025, from navigating margin pressure and shifting demographics to embracing land-light strategies. The conversation explores the growing role of insurance capital in financing residential development and how institutional investors are responding to macroeconomic forces such as immigration policy and interest rate volatility. Bob also discusses how Domain partners with homebuilders to manage risk and unlock capital efficiency in an increasingly complex housing market. Whether you're focused on credit, real assets, or portfolio construction, this episode offers valuable perspective on the intersection of real estate fundamentals and investment opportunity in today’s market.

Episode 333: The Future of Infrastructure: AI, Innovation, & Insurance Portfolio Strategy

Tue, 04 Nov 2025 00:17:00 -0600

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Mansi Patel and Jeff Matthews of Principal Asset Management to explore how infrastructure debt is evolving—and how those changes are influencing insurance investment strategy. From AI-driven demand for data centers to the energy transition and shifting demographics, the conversation unpacks the current state and future outlook of infrastructure investing. Mansi and Jeff also explain key trends shaping the asset class: the rise of digital infrastructure, the role of power and natural gas in supporting AI growth, and the importance of geographic diversification. They provide insights into how insurance companies can access these opportunities through both SMAs and fund vehicles, while navigating regulatory and capital efficiency considerations. With decades of combined experience, the guests share their views on risk, essentiality, and how infrastructure investments have performed under stress. Whether you're new to the space or deep in portfolio construction, this episode offers timely insights into one of the fastest-growing segments of insurance investing.

Episode 332: Private Market's Death: Myths & Realities

Wed, 29 Oct 2025 00:09:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Mario Giannini, Executive Co-Chairman and longtime leader of Hamilton Lane, for a candid discussion on the evolving landscape of private markets. Giannini challenges the notion that private equity is “dead,” explaining why fundamentals remain resilient despite recent underperformance and how the long-term value proposition continues to attract institutional investors. The conversation explores key themes shaping portfolios today including secondaries, infrastructure, and the rise of private credit as well as how artificial intelligence is transforming the private markets ecosystem. Giannini also offers perspective on what insurance investors are asking, the importance of asset allocation over market timing, and how culture and discipline have driven Hamilton Lane’s enduring success.

Episode 331: Navigating the Future Macroeconomic Challenges and Commercial Real Estate Opportunities

Mon, 27 Oct 2025 00:03:00 -0500

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Erin Patterson, Global Co-head of Research and Strategy at Manulife Investment Management, to explore the intersection of macroeconomic uncertainty and commercial real estate opportunity. Erin shares how Manulife is navigating ongoing volatility, from interest rate shifts to global trade disruptions, and why a resilient, globally diversified strategy remains key for insurance investors. The conversation covers the "five Ds" shaping their investment lens demographics, deglobalization, decarbonization, digitalization, and democratization and how these trends are influencing everything from market selection to sector prioritization. Erin also dives into the evolving role of alternative real estate, the importance of demographic tracking, and how AI and infrastructure considerations are shaping CRE strategy. Whether you're focused on long-term income or adapting to short-term uncertainty, this episode offers valuable insights into institutional real estate allocation in today’s complex environment.

Episode 330: Are Private Credit Hyperscalers a Ticking Time Bomb?

Fri, 24 Oct 2025 00:25:00 -0500

Jeffrey Diehl, Managing Partner and Head of Investments at Adams Street Partners, joins the InsuranceAUM.com podcast to explore whether the rapid growth of private credit platforms, particularly BDCs and insurer-owned portfolios, is creating systemic risk or sustainable opportunity. In this candid conversation with host Stewart Foley, Diehl explains how deployment pressure, the rise of PIK loans, and reduced underwriting discipline could challenge returns in an overheated segment of the market. He also unpacks the scale of capital flowing through these platforms, the structural differences between perpetual BDCs and traditional private credit funds, and what red flags insurance investors should be monitoring. For anyone allocating to private credit, or evaluating manager selection, this episode offers timely, practical insight into how scaling may impact risk, performance, and long-term portfolio outcomes.

Episode 329: Lessons Learned from a Reformed Insurance CIO

Wed, 22 Oct 2025 00:54:00 -0500

Mark Rose, Insurance Solutions Specialist at T. Rowe Price and former Chief Investment Officer of Argo Group, joins Stewart Foley for a candid and insightful conversation on the InsuranceAUM.com podcast. With a background spanning equities, high yield, private credit, and more, Mark shares the lessons learned from over a decade managing insurance portfolios—including the importance of investment committee process, manager selection, and risk governance. He also discusses his transition from CIO to the asset management side, what drew him to T. Rowe Price, and how the firm is evolving its insurance solutions offering. For insurance investors navigating today’s evolving fixed income landscape, Mark’s perspective offers valuable takeaways on portfolio construction, private asset allocation, and building strong institutional relationships. Whether you’re in the CIO seat or partnering with insurers, this episode offers real-world insight from both sides of the table.

Episode 328: Beyond the Bank: The Insurance Approach to CRE Loans

Mon, 20 Oct 2025 00:13:00 -0500

David Politano, Managing Director and Head of Debt Strategies for MetLife Investment Management’s Real Estate group, brings more than 30 years of experience to the conversation as he joins the InsuranceAUM.com Podcast. In this episode, he explains how insurance companies’ approach to commercial real estate lending differs from traditional bank and CMBS channels - focusing on long-term, cradle-to-grave loan management with an emphasis on credit quality and relationship-based underwriting. David walks through the structural advantages of insurer-held CRE debt, performance comparisons post-COVID, and how real estate market dynamics, especially in the office sector, are evolving. He also provides perspectives on pricing trends, global opportunities like Mexico industrial, and what insurers should consider in today's competitive lending environment. Backed by deep institutional knowledge and a client-first investment philosophy, this episode offers valuable context for insurers navigating CRE debt in 2025 and beyond.

Episode 327: Opportunities and Benefits of Lower Middle Market Direct Lending

Thu, 16 Oct 2025 00:04:00 -0500

Tas Hasan, Managing Partner & COO, and Nelson Pereira, Director of Insurance Investor Partnerships at Deerpath Capital, share their perspective on the growing role of lower and middle market direct lending in insurance portfolios. With decades of experience and a long-standing focus on this segment, they explain why it's gaining traction among insurers seeking yield, diversification, and capital efficiency. They break down the structural advantages of sponsor-backed lending, including stronger covenants, conservative leverage, and more lender-friendly deal terms. The discussion also explores how regulatory developments, such as NAIC guidance and capital treatment, are influencing insurer allocation decisions. For insurance investors evaluating private credit strategies, this conversation offers valuable insight into manager selection, deal flow dynamics, and the key factors that set experienced lenders apart in today’s market.

Episode 326: Exploring IG Private Asset-Based Finance and Strategic Allocation in Health Insurance

Tue, 14 Oct 2025 00:03:00 -0500

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Frank Melaccio, CFA, CPA, FRM, Vice President, Finance and Treasurer at Horizon Blue Cross Blue Shield of New Jersey, and Jason Young, Head of U.S. Corporate Private Placements and Private Structured Credit at MetLife Investment Management (MIM). The discussion explores the evolving role of investment-grade private credit and asset-based finance (ABF) in health insurance investment portfolios. Both guests share their career journeys, personal anecdotes, and their perspectives on strategic asset allocation within the unique cash flow structures of health insurers. Together, they dive into the diversification benefits, relative value opportunities, and liquidity considerations of IG private placements and ABF. Frank offers insights into how health insurers manage illiquidity risk while optimizing return on capital, and Jason sheds light on how the ABF market has matured with shorter durations and more investor interest. This episode is packed with expert perspectives on credit market dynamics, the future of private fixed income, and how health insurers can better position their portfolios in today's rapidly changing environment.

Episode 325: The Regulation Recap

Tue, 07 Oct 2025 00:03:00 -0500

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Carrie Mears, Chief Investment Specialist at the Iowa Department of Insurance and Financial Services. Carrie offers a rare regulatory perspective on how insurance investment oversight is evolving—touching on key topics like NAIC reforms, the restructuring of the Valuation of Securities Task Force, and the growing influence of private credit on insurer portfolios. The conversation dives into the challenges of transparency, capital treatment, and risk assessment in today’s complex investment landscape. Carrie also shares insights from her roles at both the NAIC and the IAIS, offering a global lens on regulatory frameworks and their implications for CIOs, portfolio managers, and other insurance investment professionals. It’s an informative, accessible episode filled with practical insights for anyone navigating the intersection of regulation and insurance asset management.

Episode 324: Ahead Of The Curve

Tue, 30 Sep 2025 00:33:00 -0500

Sam Kaplan, Rates and Securitized Portfolio Manager at Jennison Associates, returns to the InsuranceAUM.com Podcast to share his perspective on today’s evolving rates landscape. With the Fed cutting front-end rates while long-end yields remain elevated, Sam explores the forces reshaping the curve and what insurers need to know about duration, relative value, and term premium. In this conversation with host Stewart Foley, Sam outlines the implications of shifting monetary policy, labor market trends, and fiscal dynamics on fixed income portfolios. He highlights how insurers can evaluate opportunities across the curve, from three- to seven-year maturities to the longer end, and why relative value considerations are changing in ways many haven’t seen before. The discussion also touches on practical considerations for insurers - whether now is the right time to extend duration, what risks lie ahead if Fed independence is challenged, and how market participants are adapting to heightened uncertainty. For anyone navigating today’s fixed income environment, Sam provides timely insights and a framework for staying “ahead of the curve.”

Episode 323: Beyond Yield: Private Credit, PBR & the Need for Enhanced SAA

Fri, 26 Sep 2025 00:24:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Milliman’s Sam Nandi, Co-Lead of the Financial Risk Management Practice, and Anna Berezovskaya, Principal and Consulting Actuary in the Life Practice. Together, they explore how regulatory changes and the growing role of private credit are reshaping the way insurers approach strategic asset allocation. Sam and Anna share perspectives on balancing regulatory requirements, liability-aware investing, and enterprise value optimization in today’s complex insurance landscape. They highlight the nuances of principle-based reserving, liquidity governance, and the trade-offs insurers face as they incorporate private and alternative assets into their portfolios. From evolving regulations to liability-informed frameworks, this conversation offers a clear view of how insurers can adapt to new challenges while pursuing long-term value creation.

Episode 322: The Changing Landscape in Emerging Market Investing

Tue, 23 Sep 2025 00:23:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Jennifer Taylor, Head of Emerging Market Debt and Senior Portfolio Manager at State Street Investment Management, for a timely and insightful discussion on the current state of EM debt. Jennifer shares her career journey from early roles in hedge funds to leading sovereign debt strategies, offering valuable perspective on how emerging markets have evolved—and why they continue to present compelling yet complex opportunities for institutional investors. The conversation explores why State Street Investment Management takes a beta-first approach to emerging market debt, emphasizing diversification across sovereign issuers and efficient benchmark exposure. Jennifer explains the differences between sovereign and corporate EM debt, discusses the role of U.S. policy as a dominant market driver, and shares how her team helps clients customize exposures based on unique constraints and objectives. This episode is essential listening for insurance investment professionals looking to better understand one of the most dynamic areas of global fixed income.

Episode 321: The Rise of Liability Management Exercises: The Changing Face of Restructurings with Oaktree’s Ross Rosenfelt

Thu, 18 Sep 2025 00:31:00 -0500

Ross Rosenfelt, Managing Director in the Global Opportunities group at Oaktree, joins the InsuranceAUM.com Podcast to unpack the rapid rise of liability management exercises (LMEs) and their impact on today’s credit markets. With over two decades of experience in restructuring—first as a bankruptcy attorney and now as an investor—Ross offers a grounded look at how LMEs are reshaping the way distressed companies and creditors interact. He and host Stewart Foley explore how restructuring has evolved, the legal mechanics behind LMEs, and what insurance investors should know about navigating this increasingly complex environment. From creditor cooperation agreements to underwriting challenges in a post-LME world, this episode delivers timely insights from one of the industry's most experienced voices.

Episode 320: Senior Loans: A Closer Look For Insurers

Tue, 16 Sep 2025 00:46:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Kevin Egan, CPA, Managing Director, Senior Portfolio Manager, and Co-Head of Credit Research for Invesco’s Global Private Credit Team. Together, they take a deep dive into senior loans—an often misunderstood but increasingly relevant market for insurers. Kevin explains the fundamentals of the asset class, including the security and recovery profile of senior loans, their relative value compared to high yield, and how they’ve historically performed across market cycles. The conversation also explores current dynamics shaping the space: demand from CLOs, shifts in direct lending, and sector trends insurers should be paying attention to. Kevin shares Invesco’s outlook on where opportunities lie today, what risks are emerging, and how insurers can position themselves in a market environment defined by both resilience and competition. Whether you’re looking to better understand the mechanics of senior secured loans or gain insights into how they may fit within an insurance portfolio, this discussion offers practical takeaways from one of the leading voices in private credit.

Episode 319: Inside Real Estate: CRE Strategies for Insurance Investors

Thu, 11 Sep 2025 00:20:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Rich Hill, Global Head of Research and Strategy at Principal Real Estate, to explore today’s commercial real estate landscape and what it means for insurance investors. With over $25 trillion in value and 18 subsectors, CRE is far from monolithic. Rich explains how insurers should approach asset allocation with a four-quadrant strategy that includes public and private debt and equity. The conversation dives into how insurers are navigating private real estate debt opportunities amid valuation resets, the growing appeal of sectors like data centers and senior housing, and why CRE may be an under-appreciated source of long-term portfolio stability. Rich also unpacks the difference between core, core plus, value-add, and opportunistic strategies plus, the risks and rewards of each in today's market cycle. Whether you're rethinking your CRE allocation or evaluating long-term trends, this episode offers actionable insights tailored to insurance asset management.

Episode 318: The Evolving Role of Fixed Income in Insurance Investment Portfolios – Opportunities and Use-Cases in an Increasingly Multi-Asset World

Tue, 09 Sep 2025 01:02:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Jeff Miller, Co-Head of Fixed Income and Portfolio Manager, and Stephen “Fitz” Fitzsimmons, Executive Director of Insurance Solutions, both at Morgan Stanley Investment Management. The discussion centers on how insurers can navigate the evolving role of fixed income within multi-asset portfolios, with insights into ALM optimization, yield curve dynamics, and opportunities across public and private credit. Miller and Fitz highlight the impact of regulatory changes, the balance between transparency and complexity in fixed income markets, and how insurers can thoughtfully integrate alternatives alongside traditional allocations. Their perspectives provide insurance CIOs and investment leaders with actionable guidance for building resilient portfolios in today’s fast-changing environment.

Episode 317: Bringing a Portfolio Perspective to Improve Private Credit Outcomes

Mon, 25 Aug 2025 00:05:00 -0500

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Jon McKeown, Head of Portfolio Strategy and Analytics at Northleaf Capital Partners. Jon shares how Northleaf approaches portfolio construction in private credit by applying a risk- and analytics-driven lens, enabling investment teams to maintain strong relative value discipline and better navigate sector and geographic exposure. With over $30 billion in commitments, Northleaf brings a global, middle-market focus across private equity, infrastructure, and credit making their insights especially relevant to insurance asset managers. Jon outlines how his team supports investment decision-making across origination, underwriting, and portfolio monitoring. He also dives into NAV-based lending, European private credit opportunities, and how his team leverages a custom “composite risk” metric to assess return per unit of risk. Listeners will appreciate Jon’s perspectives on downside protection, portfolio design thinking, and how insurance investors can enhance outcomes through a strategic lens.

Episode 316: Investment Grade Securitized Market Update

Thu, 21 Aug 2025 00:31:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Dmitri Rabin, Rates and Securitized Portfolio Manager at Jennison Associates, for a deep dive into the current state of the investment-grade securitized markets. From the performance dynamics of agency MBS versus corporates to the shifting role of banks and foreign buyers, Dmitri offers a clear-eyed view of spread, convexity, and relative value through the lens of insurance portfolios.

The conversation also covers asset-backed securities, subprime auto credit risk, and policy considerations around GSE privatization. Dmitri shares sector-level insights into CLOs, CMBS, and non-agency RMBS, drawing attention to structural risks and supply-demand trends shaping investor positioning. The episode closes with a candid discussion about Jenison’s culture and Dmitri’s career reflections offering both technical insight and human perspective for insurance investment professionals navigating today’s credit markets.

Episode 315: Investment Risk: Ex-Ante Influence for Ex-Post Impact

Mon, 18 Aug 2025 00:05:00 -0500

Allysen Mattison, Director of Investment Risk and Vice Chair of the Investment Committee at Income Research & Management, joins the InsuranceAUM.com Podcast to deliver a deep dive into the art and science of fixed income risk management. Drawing on her experience overseeing a $122 billion portfolio, Allysen explains how her team approaches interest rate sensitivity, duration positioning, and risk decomposition to ensure that the risks taken align with high-conviction investment ideas. In the conversation with host Stewart Foley, Allysen unpacks complex topics such as tracking error models, the importance of aligning risk metrics with portfolio construction, and the nuanced role of downside risk analysis. She emphasizes the value of relative value assessment, systematic thinking, and cross-team collaboration, offering practical strategies for balancing active risk-taking with the protection of principal. From philosophical approaches to tactical frameworks, Allysen’s perspective provides a rare inside look at how one of the industry’s leading fixed-income managers evaluates, measures, and responds to risk. Whether you’re an investment professional, an insurance CIO, or simply a fixed income enthusiast, this episode offers a masterclass in managing risk for long-term performance.

Episode 314: Innovation in Asset Management

Thu, 14 Aug 2025 00:26:00 -0500

Anna Paglia, Executive Vice President and Chief Business Officer at State Street Investment Management, joins host Stewart Foley, CFA, for a wide-ranging discussion on innovation and disruption in asset management. She shares her unconventional career journey from international law to leading one of the industry’s largest investment platforms, offering a unique perspective on how evolving client needs, technological change, and strategic partnerships are reshaping the industry. Anna discusses State Street’s $5 trillion milestone, its rebrand, and initiatives designed to democratize access to both public and private markets, including the launch of a public–private credit ETF. The conversation covers insurer-specific solutions, the role of ETFs and cash management, the importance of team culture, and the next decade’s potential for convergence, tokenization, and blockchain in portfolio management. For asset managers, insurers, and institutional investors, this episode offers valuable takeaways on how to thrive in a rapidly changing financial landscape.

Episode 313: Real Asset Credit: Opportunities for Insurers in Real Estate and Infrastructure Debt Investing

Mon, 11 Aug 2025 00:44:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Bryan Donahoe, Partner & Head of U.S. Real Estate Debt, and Brent Canada, Partner in the Infrastructure Debt Group at Ares Management, for a deep dive into the evolving role of real asset credit in insurance portfolios. They explore the benefits of infrastructure and real estate debt — from generating durable income streams to diversifying risk and matching long-term liabilities. The conversation covers how market dislocation, rising interest rates, and the pullback from traditional lenders are creating compelling opportunities for private credit investors, particularly in sectors like logistics, housing, utilities, and digital infrastructure. Bryan and Brent also share insights on Ares’ collaborative approach, their perspectives on market resilience, and why insurance capital is poised to play an increasingly important role in real asset lending.

Episode 312: Enhancing Insurance Portfolios Through Private and Alternative IG

Mon, 04 Aug 2025 00:45:00 -0500

Patrick O’Sullivan, PhD, Head of International Insurance Solutions at Barings, brings a global perspective to this episode of the InsuranceAUM.com Podcast. Drawing from his background in financial economics and extensive experience at leading asset management firms, Patrick explores how private and alternative investment-grade strategies can help insurers enhance returns, diversify portfolios, and address evolving liability needs. Hosted by Stewart Foley, CFA, this conversation dives into the appeal of structured credit, CLOs, and private placements for insurers navigating today’s market. Patrick shares insights on key considerations such as capital treatment, interest rate risk management, and the growing demand for private IG driven by demographic and regulatory shifts worldwide. For insurers looking to expand their toolkit and capture new opportunities, this episode offers practical insights and strategic takeaways.

Episode 310: Opportunities in Emerging Market Corporates with Fidelity's EM Debt Team

Mon, 28 Jul 2025 00:42:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Tim Gill, Portfolio Manager, and Juan Tavarez, Research Analyst, from Fidelity Investments’ High Income and Alternatives team to explore the evolving landscape of emerging market corporate debt. With decades of combined experience, Tim and Juan provide a deep dive into how they identify resilient, dollar-denominated credits in complex geographies—and why a bottom-up, credit-focused approach is essential in today’s environment. The conversation covers everything from navigating country-level macro risk and assessing restructurings, to uncovering “hidden castles” in misunderstood sectors. The duo emphasizes the value of sovereign overlays, disciplined portfolio construction, and the role of diversification in managing volatility for insurance investors. Whether you’re seeking long-term yield, capital-efficient allocation, or simply a better understanding of EM corporates, this episode offers highly actionable insights grounded in experience.

Episode 309: NAV Finance: Differentiated Capital Efficiencies for Insurers

Wed, 23 Jul 2025 00:45:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Dane Graham, Managing Director at 17Capital, for an insightful conversation about the growth and evolution of NAV finance. Dane breaks down what NAV finance is, how it works, and why it’s increasingly being considered as a strategic tool for insurers looking to access liquidity while maintaining exposure to private assets. He shares how 17Capital has positioned itself in this space and how NAV-based lending has matured into a more accepted part of the capital stack. The conversation explores how NAV finance can complement an insurer’s investment toolkit—especially in today’s environment where flexibility and downside protection are crucial. Dane also discusses the growing demand from institutional investors, the risk considerations, and how insurers can assess whether this approach aligns with their long-term goals. Whether you’re new to NAV finance or looking to refine your understanding, this episode offers valuable insights into an innovative and expanding segment of private credit.

Episode 308: Real Estate Credit: Cutting Through the Noise

Mon, 21 Jul 2025 00:59:00 -0500

In this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Charlie Rose, Managing Director and Global Head of Debt at Invesco Real Estate, for a comprehensive conversation on the state of real estate credit markets and what insurers need to know right now. With nearly $10 billion in CRE debt AUM and a global mandate, Charlie shares insights on how Invesco is navigating a market still recovering from a historic value correction. He explains the fundamentals of bridge lending, the firm’s “credit over yield” approach, and how they integrate equity and credit insights to drive disciplined underwriting. Charlie also compares market dynamics in the U.S. and Europe, highlights where he sees relative value opportunities, and outlines what may lie ahead over the next 12–18 months. The episode closes with a thoughtful take on hiring, diversity, and the traits Invesco values in its team. It’s a high-level, yet grounded discussion for institutional investors exploring real estate credit today.

Episode 307: Growth Has Consequences: Direct Lending at Scale

Fri, 18 Jul 2025 00:46:00 -0500

Direct lending has grown at a staggering pace—more than tripling in just six years. But what are the consequences of that kind of scale? In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Audie Apple, Head of Equity Capital Formation at Fidelity Direct Lending, to dive deep into the risks, innovations, and structural shifts shaping private credit today. Together, they unpack how loan documentation, leverage, and covenant structures have evolved in a rapidly expanding asset class. Audie offers valuable insight into pricing dynamics, sponsor versus non-sponsor deals, and how direct lenders are navigating today’s tighter spreads and changing risk profiles. If you're an institutional investor evaluating direct lending strategies, this conversation offers key takeaways—especially around the importance of current toolkit strength over historical track record. From PIK toggles to dispersion metrics, this episode brings clarity to the forces reshaping private credit.

Episode 306: The Death of Public Credit Has Been Highly Exaggerated

Wed, 16 Jul 2025 00:55:00 -0500

In an era dominated by private credit headlines, is public credit being unfairly overlooked? In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with John Sherman, lead portfolio manager at Polen Capital, to explore the often misunderstood world of public credit. With nearly two decades of experience, John brings a nuanced view of the high-yield landscape—unpacking how today’s market dynamics differ from the past and why public credit might offer better liquidity, lower fees, and fewer structural risks than private credit. From the shifting credit quality of high-yield indices to the limitations of passive investing in this space, this episode is packed with actionable insights for institutional allocators. You'll also hear why John views high-yield as a “Goldilocks” asset class and how Polen Capital partners with NEAM to bring their credit expertise to the insurance industry. Whether you're weighing your credit allocations or curious about the evolution of private markets, this conversation offers valuable perspective.

Episode 305: Executive Spotlight: Siddharth Chakravarty – Director of Investments at Coaction Specialty

Mon, 14 Jul 2025 00:31:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Siddharth Chakravarty, Director of Investments at Coaction Specialty, for an in-depth executive spotlight. Sid shares his unique journey from engineering and neuroscience research to managing a multi-billion-dollar insurance portfolio, offering a distinctive lens on the future of insurance investing.

Together, they explore emerging opportunities in alternatives, with a focus on real asset infrastructure and secondaries, and examine the implications of regulatory developments, private credit benchmarking, and liquidity management. Sid also dives into the evolving role of AI in investment operations, the importance of data governance, and how small teams can gain scale through strategic automation. This thoughtful, wide-ranging conversation is a must-listen for insurance professionals seeking to build resilient, future-ready portfolios.

Episode 304: Current Asset-Based Private Credit Insights

Thu, 10 Jul 2025 00:58:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Isaiah Toback, Partner and Deputy Co-CIO at Castlelake, for an in-depth conversation on asset-based private credit. Isaiah shares his journey from structured finance to Castlelake, offering unique insight into how the firm has built its strategy from the ground up as a pure-play asset-based investor. Together, they explore the structural shifts driving the growth of private credit, including regulatory changes, the rise of non-bank lenders, and the growing need for alternative funding sources. Isaiah breaks down how Castlelake approaches portfolio construction, risk management, and customization—particularly for insurance investors with specific liability and duration targets. This episode is a must-listen for insurance professionals looking to understand the future of asset-based finance and what makes this sector both complex and compelling.

Episode 303: The State of GP-Led Secondaries with Matt Jones, Co-Managing Partner of TPG GP Solutions

Mon, 07 Jul 2025 00:45:00 -0500

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA sits down with Matt Jones, Co-Managing Partner of TPG’s North American and European secondaries business, to explore the evolution and growing significance of GP-led secondaries. With over two decades of experience in private markets, Matt brings deep expertise to a complex and rapidly expanding space. He breaks down how GP-led transactions emerged post-financial crisis, why they’ve become more attractive over time, and how they now serve as strategic tools for high-quality fund managers to retain and build value in their best-performing assets. The conversation covers key structural features of continuation vehicles, the risk-return advantages of single-asset secondaries, and what makes this market so compelling for investors today. Matt also explains how macroeconomic volatility is shaping pricing and deal flow, and what traits distinguish the most successful players entering this space. For institutional investors, asset managers, and anyone tracking private equity innovation, this discussion offers a practical and insightful look at one of the most dynamic segments in the alternatives landscape.

Episode 302: Executive Spotlight: Seth D. Rosenthal, CFA - Chief Investment Officer at Academy Asset Management

Wed, 25 Jun 2025 00:32:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Seth Rosenthal, CFA, Chief Investment Officer of Academy Asset Management. Seth shares insights from his transition from managing a $100 billion portfolio at Northern Trust to building a mission-driven investment firm focused on public fixed income and veteran employment. He discusses the origins and strategic direction of Academy Asset Management and its deep-rooted commitment to mentoring, hiring, and training military veterans. The conversation explores how Academy Asset Management leverages both Wall Street expertise and geostrategic insight from a team of over 30 retired admirals and generals to inform investment decisions—particularly in today’s volatile geopolitical environment. Seth also explains why Academy Asset Management is leaning into mortgage-backed securities (MBS), how prepayment risk is evolving, and what makes the Veteran Impact ETF (VETZ) a compelling option for insurance investors. From market strategy to team culture, Seth offers a unique perspective on leading with purpose in asset management—while delivering competitive performance. Whether you're an allocator, an insurance investor, or an advocate for veteran employment, this is an episode worth hearing.

Episode 301: Derivatives Applications in Investment Management

Mon, 23 Jun 2025 00:14:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Kamesh Chilukuri, Managing Director and Head of Derivatives at Symetra Investment Management, for a deep dive into the practical applications of derivatives in insurance investing. With experience that spans from Monte Carlo simulations at MIT to leading derivatives strategy at a major insurer, Kamesh brings a unique perspective on how these instruments can enhance portfolio construction and efficiency. The discussion spans both linear and nonlinear derivatives, their relevance to products like fixed and indexed annuities, and how insurers can use them to transform cash flows, hedge risk, and access markets more efficiently. Kamesh also offers insight into operational considerations, regulatory frameworks, and how derivatives can support relative value analysis across asset classes. Whether you're new to derivatives or looking to scale your strategy, this episode offers valuable guidance tailored to the insurance investment community.

Episode 300: Overlooked Opportunities: IG Emerging Markets Debt

Mon, 16 Jun 2025 00:51:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Mark Hughes and Kevin Ritter, CFA charterholders and Co-Heads of Emerging Market Debt at PPM America. Together, they explore the evolving opportunity in investment grade emerging market debt and its growing relevance for insurance general account portfolios. Drawing on decades of experience, Mark and Kevin address common misconceptions, highlight the risk-return profile of EM credit, and explain why the asset class may offer compelling value compared to traditional U.S. investment grade allocations. The conversation also delves into how insurers can think about portfolio integration, private vs. public EM debt, sovereign vs. corporate exposures, and how geopolitical shifts and trade policy are influencing asset allocation decisions. With practical insights tailored specifically for insurance investors, this episode provides a timely look at a segment of the market often misunderstood but increasingly important in today's global fixed income landscape.

Episode 299: Private Credit Secondaries: Unlocking Opportunities for Insurers

Wed, 04 Jun 2025 00:30:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Fred Pollock, Chief Investment Officer, and Steve McMillan, Head of Credit Research at GCM Grosvenor, for a timely discussion on private credit secondaries. As insurers continue to expand their allocations to private credit, Fred and Steve outline where secondaries fit into the broader $21 trillion private credit market and why they believe this corner of the asset class is poised for long-term growth. They discuss how liquidity, diversification, and discounted entry points can make secondaries particularly attractive especially in today’s uncertain macro environment. The conversation also highlights GCM Grosvenor’s differentiated approach, from deep underwriting discipline to leveraging its multi-asset platform for deal flow and risk evaluation. Fred and Steve explain why understanding the entire private credit landscape not just direct lending is essential for delivering alpha and managing downside risk. Whether you're an insurer evaluating secondary strategies or simply seeking market perspective, this episode offers insight into one of the most complex and compelling areas of institutional investing today.

Episode 298: Public and Private Asset-Backed Markets: A Symbiotic Relationship

Thu, 29 May 2025 06:05:41 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Connell Hasten of Victory Park Capital and Sukh Grewal of Janus Henderson for a deep dive into the evolving dynamics of public and private asset-backed markets. From their unique career paths to the strategic partnership between their firms, Connell and Sukh explore how collaboration across public and private markets is enhancing investment opportunities for insurance asset managers. Listeners will gain valuable insights into the symbiotic relationship between ETFs and private ABL investments, and how insurers are leveraging both to manage liquidity, diversify portfolios, and improve yield in today’s market. The discussion also tackles macro trends driving interest in asset-backed lending, emerging collateral types, and what characteristics these seasoned professionals look for in the next generation of investment talent. Whether you're rethinking your asset allocation or simply looking to stay ahead of industry shifts, this episode delivers actionable perspectives tailored for insurance investors.

Episode 297: CRE Debt: Insights, Trends & Capital Efficiency

Thu, 15 May 2025 00:45:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with David Lehman, Managing Director and Head of Real Estate Strategies at HPS Investment Partners, to explore commercial real estate (CRE) debt, market evolution, and capital efficiency. Lehman shares his unique career journey—from New Jersey diner waiter to state government leadership and now overseeing real estate at HPS—offering listeners a rare perspective on adaptability and leadership in finance. Together, they unpack how the CRE landscape has shifted, highlighting changes in the traditional “four food groups” of real estate and the emergence of sectors like data centers and senior housing. They also examine the long-term impact of higher interest rates, evolving bank and non-bank lending roles, and how insurers can gain capital efficiency through real estate debt investments. With historical insights, current trends, and a forward-looking view, this episode is a must-listen for insurance investment professionals navigating today’s CRE market.

Episode 296: AM Best’s Insurance Industry Outlooks and Potential Impact on Investment Risk

Mon, 12 May 2025 00:31:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Ken Johnson, CFA, CAIA, FRM, Senior Managing Director and Chief Ratings Officer at AM Best. Together, they unpack AM Best’s latest outlooks on the property & casualty and life insurance sectors—covering everything from macroeconomic uncertainty to the rise of private credit, offshore reinsurance, and how ratings methodology is adapting to today’s dynamic insurance investment landscape. Ken shares his take on the growing role of asset manager-owned insurers, the shift toward more complex ownership structures, and the increased reliance on less transparent asset classes. He also discusses AM Best’s internal working groups and how they aim to strike a balance between robust capital modeling and fair treatment for insurers with evolving portfolio strategies. Whether you're a CIO, portfolio manager, or regulator, this discussion sheds light on how risk, regulation, and ratings intersect in today’s market.

Episode 295: Opportunities in Public Markets: Finding Relative Value in Fixed Income

Wed, 07 May 2025 00:16:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Matt Brill, Head of North America Investment Grade Credit at Invesco. Together, they discuss a wide range of timely topics, including how insurers can navigate volatility in public markets, what relative value opportunities exist within investment grade credit, and how macroeconomic and political developments—particularly tariffs—are influencing fixed income strategies today. Matt shares his personal journey from the mail room to managing $100 billion in assets and offers deep insight into how Invesco approaches portfolio construction for insurance clients. He outlines current sector views, including opportunities in banks and utilities, concerns around energy credits, and why now may be the time to selectively take on risk. The conversation also covers credit quality trends, the evolution of core plus strategies, and the importance of timing and conviction in a market shaped by policy uncertainty. This episode offers a practical and insightful look into credit markets from one of the industry’s most respected voices.

Episode 294: Insurance and ABF – What’s All the Hype About?

Mon, 05 May 2025 00:12:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Keith Ashton and David Ells, CFA both Partners and Portfolio Managers in Alternative Credit at Ares Management—to explore the accelerating role of insurance capital in asset-based finance (ABF). With deep backgrounds inside insurance companies, Keith and David bring firsthand perspectives on how that experience shapes their approach to managing and structuring credit portfolios today. From defining ABF and highlighting its evolution, to offering practical lessons learned from decades in the field, this discussion is packed with valuable insights for insurance investors. They also delve into the analytics required for evaluating complex structured credit, the private vs. public market dynamics, and the rise of proprietary platforms. The conversation covers key market shifts, the growing appetite from insurers for private credit exposure, and the strategic allocation decisions insurance firms face. Whether you're new to ABF or a seasoned pro, this episode delivers real-world knowledge and forward-looking strategies from two of the industry's top voices.

Episode 293: Private Equity Secondaries: Optimizing Through Portfolio Construction

Tue, 29 Apr 2025 00:12:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Shane Feeney, Managing Director and Global Head of Secondaries at Northleaf Capital. They explore the growing importance of private equity secondaries, how portfolio construction can optimize outcomes, and why secondaries are gaining traction with institutional and insurance investors. The conversation covers the evolution of the secondaries market, risk management through diversification, and the dynamics of LP-led and GP-led transactions. Shane also shares insights into current supply-demand trends, what differentiates top-tier managers, and practical advice for insurance CIOs entering the space.

Episode 292: Private Markets Portfolio Construction for Insurers

Mon, 21 Apr 2025 00:56:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Toby True, Partner on the Investment Strategy and Risk Management Team at Adams Street Partners, about the complexities and evolving best practices in private market portfolio construction for insurers. Toby shares how Adams Street tailors investment strategies to align bottom-up decisions with the unique objectives, risk tolerance, and liquidity needs of insurance portfolios. The conversation explores how illiquidity impacts portfolio design, why data and historical patterns are increasingly valuable in modeling private market exposure, and what current market conditions—such as slowed distributions and resilient fundamentals—mean for capital deployment. Toby also offers insights on secondary markets, private credit underwriting, and key traits he looks for when building investment teams. It's a timely and insightful discussion for insurance investment professionals navigating today’s private market environment.

Episode 291: Fund Finance: Evolution, Insights, & Opportunities

Thu, 17 Apr 2025 00:32:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Shelley Morrison, Head of Fund Finance at Aberdeen Investments, about the growing relevance of fund finance in insurance portfolios. Shelley breaks down the fundamentals of subscription line loans, or “sublines,” and explains how these short-duration, investment-grade assets deliver enhanced yield without excess credit risk. She also outlines how fund finance fits into the broader private credit landscape and why it's gaining traction with insurers seeking diversification and downside protection. The conversation highlights Aberdeen Investments’ disciplined underwriting approach, relationship-driven sourcing, and ability to build custom portfolios tailored to insurer-specific needs. From managing sector exposures to navigating complex liability structures, Shelley offers practical insights into how insurers can integrate fund finance into their strategic allocation plans—especially as the market evolves in response to shifting capital demands.

Episode 290: An Update on the Residential Mortgage Market and Insurance Company Involvement

Wed, 09 Apr 2025 00:55:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Justin Mahoney, co-founder of Shelter Growth Capital, for an in-depth discussion on the residential mortgage loan (RML) market and its increasing relevance to insurance portfolios. Justin offers a data-driven look at the macro trends affecting the housing market, including supply shortages, disciplined credit underwriting, and the nuanced relationship between home price appreciation and affordability. He explains why RMLs are drawing growing interest from insurers, thanks to favorable capital treatment, risk-adjusted return potential, and access to Federal Home Loan Bank financing. The conversation also covers investment structure preferences—from direct investing to SMAs and pooled funds—and how each option fits into an insurer's broader allocation strategy. Justin shares where he sees the most compelling opportunities today, including non-QM loans, agency-eligible segments, and home equity extraction. Whether you're just beginning to explore the space or scaling an existing program, this episode offers valuable insights into how insurers can navigate and benefit from this dynamic and scalable asset class.

Episode 289: The Dividend Edge: Balancing Yield & Risk in Insurance Portfolios

Mon, 07 Apr 2025 00:32:00 -0500

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Michael Hunstad, Deputy CIO and CIO of Global Equities, and Jeff Sampson, Senior Portfolio Manager for Global Equities at Northern Trust Asset Management. They discuss the evolving landscape of dividend strategies, equity allocations, and risk-aware portfolio construction for insurers navigating today’s market complexity. From balancing income and capital appreciation to mitigating concentration risk and factoring in tax efficiency, Hunstad and Sampson share actionable insights tailored to insurance investors. With dividend-paying equities becoming more diversified and relevant in a normalized rate environment, this episode offers practical guidance for aligning public equity strategies with enterprise risk and return goals.