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Private Capital CallAuthor: Private Capital Call
The only podcast for institutional investors and asset managers of private capital around the world. Our conversations with industry thought-leaders covers the economy, capital markets, as well as private equity and private credit. Language: en-us Contact email: Get it Feed URL: Get it iTunes ID: Get it Trailer: |
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EP 28: Credit discipline through the cycle - lessons from a pension fund
Thursday, 17 September, 2026
This week, we're joined by Igor Baranovski, Chief Portfolio Manager on the Alternative Investments team at PenSam, a Danish pension fund managing over $30 billion in assets across public and private markets. In his role, Igor leads credit investments and portfolio construction across the full credit spectrum, overseeing the entire investment process spanning both fund and direct investments as well as manager selection. With over a decade of experience in investment management, he brings deep expertise in alternative credit strategies.In this episode, Igor shares how PenSam's long-term, member-focused mandate shapes a disciplined approach to portfolio construction, even amid geopolitical uncertainty and market volatility. We dig into recent credit stress events that have rattled BDC investors, and Igor offers an institutional allocator's perspective on what the market is getting wrong - including the critical distinction between liquidity risk and credit risk. We also explore how AI disruption is showing up in LP due diligence conversations, what PenSam looks for when selecting a private credit manager, and Igor closes with reflections on the lessons and moments that have shaped his approach to investing and leadership.
