InsuranceAUM.com

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 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

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

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

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

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

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

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

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

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

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.