The life insurance industry's structural transformation since the GFC is being heavily influenced by the growing nexus between life insurers and Private Equity (PE) firms according to a recent paper by the Bank of International Settlements. This relationship has driven a significant shift in investment strategy toward riskier, less liquid private assets , such as structured credit and private credit/direct lending. PE-linked insurers are significantly more likely to hold thes

Steve Pagliuca, senior advisor at Bain Capital Private Equity and veteran of the largest leveraged buyout in history before the recent Electronic Arts deal, spoke with Bloomberg's Jonathan Ferro and Annmarie Hordern about why he dismisses concerns about private credit while warning that the national debt trajectory represents an existential fiscal challenge.

Private credit continues its explosive growth trajectory, but the industry now faces a critical inflection point around competitive positioning and return sustainability. Ken Kencel, President and CEO of Churchill Asset Management, a $57 billion private capital affiliate of Nuveen, offers a contrarian perspective on Bloomberg Talks.

According to Oaktree Capital Management's Howard Marks in his November 2025 memo "Cockroaches in the Coal Mine," recent high-profile bankruptcies in private credit—including First Brands and Tricolor—signal a familiar pattern where bullish market conditions lead to relaxed lending standards and increased fraud. The $2 trillion private credit sector, which has operated in largely benign conditions since 2011, is now facing its first real stress test with six suspected fraud ca

S&P Global Market Intelligence's 2026 Private Markets Outlook reveals that private credit firms have significantly expanded their market presence, with the global market exceeding $1.7 trillion and dry powder totaling more than $160 billion as of September 2025. Traditional banks are simultaneously losing market share to these competitors while actively partnering with them through joint ventures, referral arrangements, and direct lending relationships.

Japan's private credit market is poised for explosive growth as the country experiences its busiest M&A year in three decades, with deal values doubling to $300 billion in 2025 and creating unprecedented demand for sophisticated financing structures that traditional banks cannot provide. Mark Glengarry, Senior Managing Director and Head of Asia-Pacific Private Credit Strategies at Blackstone, joined Bloomberg's Global Credit Forum in Tokyo.

According to a recent analysis by iCapital, US banks have extended $96 billion in loan commitments to private credit vehicles, primarily through revolving credit lines, with a 59% utilization rate indicating substantial unused capacity remains available. Despite recent credit events raising systematic risk concerns, current exposure appears manageable due to moderate leverage and long-term capital lock-ups in the private credit market.

Electricity availability has overtaken capital as the primary constraint throttling data center expansion, threatening to bottleneck the artificial intelligence revolution despite hundreds of billions in committed hyperscaler spending. Matt A'Hearn, Senior Managing Director and Head of Digital Infrastructure at Blue Owl, warns on the Alt Goes Mainstream podcast that power generation capacity—not financing or real estate—now determines where and how quickly AI infrastructure c

Blackstone Q3 2025: Distributable earnings surge 50% to $1.9B on realizations doubling, record $1.24T AUM driven by $54B quarterly inflows. Management forcefully defends $150B direct lending platform (95%+ senior secured, 38% LTV) against market scrutiny of bank-led credit defaults while highlighting capital markets recovery with IPO pipeline set for potential historic year and real estate inflection signals emerging.

The insurance industry is undergoing a fundamental transformation as insurers increasingly leverage their balance sheets to invest in private markets, fundamentally changing the relationship between asset managers and insurance companies. Phil Waldeck, PGIM's Head of Multi-Asset and Quantitative Solutions overseeing nearly $140 billion in AUM, brings a unique perspective.

BlackRock delivered its third quarter 2025 earnings against the backdrop of a transformative shift in its business model, with the recently closed HPS Investment Partners acquisition immediately contributing to results and signaling the firm's aggressive push beyond its public markets heritage into private credit and infrastructure. The quarter showcased early momentum from the integration strategy, with private markets deployment velocity exceeding expectations.

What's New According to S&P Global Ratings analysts Carmi Margalit and Neil R. Stein in their October 2025 report , private credit investments now represent approximately 6% of U.S. life insurers' total portfolios (roughly $289 billion), while property/casualty insurers maintain minimal exposure at just 1%. Despite this growth, no insurer ratings have been downgraded due to private credit exposure, as S&P assesses that companies are adequately managing the heightened illiquid

Private markets face a critical moment as the rush to open alternative investments to retail investors collides with mounting concerns over credit quality, transparency, and regulatory oversight. BDC stocks are plunging, dividends are being cut for the first time, and high-profile bankruptcies are exposing risks in the $1.7 trillion sector.

Must Know: Record Deal Activity Signals Private Markets Renaissance Bottom Line:   Electronic Arts' $55 billion leveraged buyout—the...

What's New BlackRock's new "On the Record" series forecasts the private credit market will surge from $2.1 trillion today to $4.5...

Alternative asset managers are experiencing their highest levels of optimism about exit activity and IPO markets since before the 2022 rate hikes, with several industry leaders signaling that the pause in activity is behind them. Glenn Schorr, senior managing director and senior research analyst at Evercore ISI who has covered alternative asset managers since the first firms went public.

Private equity faces its worst crisis in decades as fundraising collapses and exit strategies fail. Over 18,000 funds chase $3.3 trillion while returns plummet from 13.5% to 0.8%. Firms explore retail democratization and continuation funds as traditional models break down across global markets.Retry

The private credit market has evolved into a $1.7 trillion asset class that Ben Radinsky warns is increasingly becoming "beta" - essentially market performance rather than alpha generation. As traditional direct lending grows more competitive with deteriorating terms, the real opportunities lie in what he calls "beautifully inefficient" markets where capital has fled due to regulatory changes or misunderstood complexity.

According to a comprehensive report by Richard Timbs and Nigel Williams for the Australian Securities and Investments Commission, Australia's rapidly growing $200 billion private credit market exhibits significant operational deficiencies, particularly in real estate-focused funds targeting retail investors. The report reveals widespread conflicts of interest, opaque fee structures, and inconsistent valuation practices that potentially disadvantage investors while benefiting

According to Hamilton Lane's latest market outlook, private credit investors remain positioned for sustained higher yields as interest rates stay elevated for longer than previously expected, dispelling concerns that the asset class's golden age may be ending. The firm's analysis reveals a significant supply-demand imbalance with a $2 trillion funding gap through 2028, supporting continued strong performance despite recent market volatility.