InsuranceAUM.com

Episode 369: Finding Signal in Private Markets Noise 26.05.2026 28мин

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 21.05.2026 43мин

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 19.05.2026 41мин

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 18.05.2026 32мин

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 04.05.2026 34мин

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 20.04.2026 27мин

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 13.04.2026 44мин

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 06.04.2026 33мин

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 02.04.2026 35мин

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 24.03.2026 31мин

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 18.03.2026 32мин

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 26.02.2026 34мин

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 23.02.2026 26мин

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 19.02.2026 34мин

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 12.02.2026 26мин

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 09.02.2026 29мин

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 05.02.2026 22мин

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 28.01.2026 30мин

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 15.01.2026 35мин

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 12.01.2026 37мин

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.