InsuranceAUM.com

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.

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.

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.