InsuranceAUM.com
Tune in to the InsuranceAUM.com Podcast, hosted by our Founder and Senior Advisor, Stewart Foley, CFA. Our podcast features insightful conversations with CIOs, asset managers, and other distinguished professionals in the insurance asset management industry. Each episode delves into the latest trends, challenges, and opportunities, providing listeners with valuable perspectives and practical advice. Don’t miss out on these engaging discussions that are essential for insurance investors and asset managers.
Episodes
Episode 372: Commercial Real Estate Bridge Loans: Alpha in CRE Credit
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 ap
Episode 371: Commercial Mortgage Loans: Building Around the Insurance Balance Sheet
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
Episode 369: Finding Signal in Private Markets Noise
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
Episode 368: From Origination to Execution: How Integrated Platforms Drive Value in ABF
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 solu
Episode 367: Relative Value That Hasn’t Compressed: Why Commercial Mortgages Still Stand Out
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 oth
Episode 366: Private Infrastructure Debt – Confidence with Discipline
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 insti
Episode 365: Direct Lending: Sorting Signal from Noise
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 priv
Episode 364: Fund Finance: Evolution, Opportunity, and Portfolio Construction for Insurers
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 gr
Episode 363: Repricing and Resurgence: The Evolution of Real Estate
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 insu
Episode 362: What Now? Private Market Implications in Tumultuous Times
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 explo
Episode 361: Blurring the Lines: How AI Is Redefining Fixed Income Boundaries
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 evaluati
Episode 360: Global Fixed Income and Insurance Portfolios
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 g
Episode 359: Going Beyond Core: How Allocators are Tapping New CRE Debt Opportunities
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 liqui
Episode 358: High Yield Real Estate Lending: 2026 Outlook
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 an
Episode 357: Lessons from the Tranches: How to Pick Good Bonds in Securitized Credit
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
Episode 356: Power Plays: How Insurers Can Invest in the Energy Transition
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 cr
Episode 355: Fraud Prevention in Private Asset-Backed Finance
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 market
Episode 354: Convergence: Navigating the Blurred Lines Between Public and Private Credit
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 fra
Episode 353: Building Resilience Through Liquidity Optimization
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 too
Episode 352: Incorporating Tactical Asset Allocation into your Strategic Asset Allocation
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 resilien
Episode 350: Real Assets, Real Impact: Infrastructure in Modern Insurance Investing
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 increa
Episode 349: Real Estate Secondaries: Opportunities for Insurers in Evolving Markets
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 l
Episode 348: Beyond Direct Lending: A New Era for Asset-Based Finance
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
Episode 347: Executive Spotlight: Meet The Institutes & Their CEO - Pete Miller
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 in
Episode 346: Gold's Enduring Tailwinds with Aakash Doshi
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 h
Episode 345: CLO BBs and Equity
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 tranche
Episode 344: Diversifying Within Structured Credit
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 ho
Episode 343: Navigating Economic Currents: Shaping Insurance Investment Strategies
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 reced
Episode 342: From “Known Unknowns” to Quantified Risks: Enhancing Portfolio Construction with Stress & Scenario Testing
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 supp
Episode 341: Infrastructure Equity in Today’s Markets: Themes, Trends, Opportunities
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 finding
Episode 340: Building Resilient Portfolios for Insurers: DoubleLine’s Long-History Insights on ABS and ABF
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 so
Episode 339: Emerging Markets Debt - Investing in Stability Amongst an Ever-Changing Landscape
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 comprehensiv
Episode 338: Beyond the Bubble: Data Centers, Demand and the Rise of AI Infrastructure
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 arti
Episode 337: Backstage with Ares: Private Credit, Platforms & People
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
Episode 336: How Insurers Can Unlock Alpha Through Residential Whole Loans
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 discus
Episode 335: The Low Rate Environment Could Impact Products and Investment Portfolio Mix
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
Episode 334: Key Themes for 2025 – Affordability, Land-light Models, and Demographics
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 the
Episode 333: The Future of Infrastructure: AI, Innovation, & Insurance Portfolio Strategy
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 a
Episode 332: Private Market's Death: Myths & Realities
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 p
Episode 331: Navigating the Future Macroeconomic Challenges and Commercial Real Estate Opportunities
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
Episode 330: Are Private Credit Hyperscalers a Ticking Time Bomb?
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
Episode 329: Lessons Learned from a Reformed Insurance CIO
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
Episode 328: Beyond the Bank: The Insurance Approach to CRE Loans
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-g
Episode 327: Opportunities and Benefits of Lower Middle Market Direct Lending
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 capit
Episode 326: Exploring IG Private Asset-Based Finance and Strategic Allocation in Health Insurance
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 priv
Episode 325: The Regulation Recap
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
Episode 324: Ahead Of The Curve
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 conversatio
Episode 323: Beyond Yield: Private Credit, PBR & the Need for Enhanced SAA
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 a
Episode 322: The Changing Landscape in Emerging Market Investing
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 perspect
Episode 321: The Rise of Liability Management Exercises: The Changing Face of Restructurings with Oaktree’s Ross Rosenfelt
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 distre
Episode 320: Senior Loans: A Closer Look For Insurers
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
Episode 319: Inside Real Estate: CRE Strategies for Insurance Investors
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 wit
Episode 318: The Evolving Role of Fixed Income in Insurance Investment Portfolios – Opportunities and Use-Cases in an Increasingly Multi-Asset World
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 in
Episode 317: Bringing a Portfolio Perspective to Improve Private Credit Outcomes
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 geo
Episode 316: Investment Grade Securitized Market Update
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 spre
Episode 315: Investment Risk: Ex-Ante Influence for Ex-Post Impact
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 r
Episode 314: Innovation in Asset Management
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
Episode 313: Real Asset Credit: Opportunities for Insurers in Real Estate and Infrastructure Debt Investing
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
Episode 312: Enhancing Insurance Portfolios Through Private and Alternative IG
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
Episode 310: Opportunities in Emerging Market Corporates with Fidelity's EM Debt Team
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-denom
Episode 309: NAV Finance: Differentiated Capital Efficiencies for Insurers
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
Episode 308: Real Estate Credit: Cutting Through the Noise
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
Episode 307: Growth Has Consequences: Direct Lending at Scale
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 u
Episode 306: The Death of Public Credit Has Been Highly Exaggerated
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
Episode 305: Executive Spotlight: Siddharth Chakravarty – Director of Investments at Coaction Specialty
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
Episode 304: Current Asset-Based Private Credit Insights
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, the
Episode 303: The State of GP-Led Secondaries with Matt Jones, Co-Managing Partner of TPG GP Solutions
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-l
Episode 302: Executive Spotlight: Seth D. Rosenthal, CFA - Chief Investment Officer at Academy Asset Management
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
Episode 301: Derivatives Applications in Investment Management
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 u
Episode 300: Overlooked Opportunities: IG Emerging Markets Debt
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 addre
Episode 299: Private Credit Secondaries: Unlocking Opportunities for Insurers
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 credi
Episode 298: Public and Private Asset-Backed Markets: A Symbiotic Relationship
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 ma
Episode 297: CRE Debt: Insights, Trends & Capital Efficiency
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 esta
Episode 296: AM Best’s Insurance Industry Outlooks and Potential Impact on Investment Risk
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 rat
Episode 295: Opportunities in Public Markets: Finding Relative Value in Fixed Income
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—pa
Episode 294: Insurance and ABF – What’s All the Hype About?
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 experienc
Episode 293: Private Equity Secondaries: Optimizing Through Portfolio Construction
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 cover
Episode 292: Private Markets Portfolio Construction for Insurers
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 objecti
Episode 291: Fund Finance: Evolution, Insights, & Opportunities
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
Episode 290: An Update on the Residential Mortgage Market and Insurance Company Involvement
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 un
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