InsuranceAUM.com

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 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.

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 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.

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.

 

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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.