InsuranceAUM.com

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.

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.

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.

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.

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.