InsuranceAUM.com

Author: Stewart Foley

Tune in to the InsuranceAUM.com Podcast, hosted by Founder and 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. Dont miss out on these engaging discussions that are essential for insurance investors and asset managers.
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Language: en

Genres: Business, Investing

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Episode 365: Direct Lending: Sorting Signal from Noise
Episode 366
Sunday, 3 May, 2026

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.