InsuranceAUM.com

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Josh Ufberg, Senior Managing Director at Blue Owl, to discuss the evolution of the credit secondaries market and why it is becoming an increasingly important part of the private credit landscape. As private credit continues to grow, Josh shares his perspective on how secondary transactions can provide liquidity solutions while creating opportunities for investors seeking attractive risk-adjusted returns.
 
Stewart and Josh explore how credit secondaries work, how value is created through discounted purchases, accrued cash flows, and transaction structuring, and why insurers may find the asset class particularly compelling. They also discuss diversification, capital efficiency, shorter-duration exposures, and the broader role credit secondaries could play in insurance portfolio construction as the market continues to mature.

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.

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.

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.

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.