保险机构拟增配私募信贷，但行业仍面临赎回、利差收窄和监管审视

Insurers and large institutions are preparing to put more money into private credit markets, a survey showed, even as wealthy investors turn cautious about the illiquidity and regulators scrutinize the industry's growing links ​to insurance balance sheets.

While private credit markets have been quiet the past few weeks ‌following a wave of redemptions, news this week showed the sector may be shifting toward investors better able to accept long lock-ups and away from clients with lower tolerance for limited exits.

Insurers are still ready to commit money. A Marsh survey found 57% ​plan to increase private credit exposure over the next 12 to 24 months, including 81% ​of firms managing more than $25 billion and 73% of life insurers.

Alternative asset manager Blackstone ⁠said withdrawal requests at its flagship private credit fund fell materially early in the third quarter, after investors ​sought to redeem 10% of shares in the second quarter. The fund repurchased 5%, its customary quarterly limit.

The ​pressure on private credit because of perceived risks over AI exposure has not stopped money managers from raising capital from diverse sources.

Blackstone attracted nearly $70 billion across its businesses during the quarter, while institutional clients continued to allocate to private credit even as fundraising ​from wealthy investors remained muted.

The Marsh survey showed insurers are keen to participate more in investment-grade direct ​lending, private placements, asset-based finance and structured credit, rather than solely on loans to private-equity-backed companies.

But two-thirds of them cited ‌the ⁠shrinking premiums they get for locking up funds in private credit and tighter spreads as a concern, while more than half pointed to weaker underwriting or covenants.

That leaves private credit with ample capital but a harder task: proving that private loans still offer enough extra return to justify their illiquidity and valuation risk.

The ​limited secondary markets for private ​credit are helping create ⁠an exit route. GCM Grosvenor raised $1.2 billion for its first dedicated strategy, while Ares raised $7.1 billion for its debut private credit secondaries fund.

That growth reflects a trend in ​which players in private markets can acquire seasoned portfolios from investors seeking cash, ​rebalancing exposure or ⁠tiring of extended holding periods, such as high-net-worth individuals.

Meanwhile, established lenders continue to deploy capital and refinance. Apollo Debt Solutions BDC originated about $1.3 billion of private debt investments in the second quarter, almost entirely in first-lien loans. ⁠Ares ​Capital refinanced roughly $709 million of direct-lending debt through a collateralized loan obligation.

The ​greater role of insurers is also drawing regulatory scrutiny. Europe's insurance watchdog is examining private equity ownership, affiliated investments and reinsurance structures that ​could shift risks between insurers and related asset managers.