Episode 373: Can Credit Secondaries Solve the Liquidity Puzzle for Insurance Portfolios?

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Josh Ufberg, Senior Managing Director at Blue Owl, to discuss the evolution of the credit secondaries market and why it is becoming an increasingly important part of the private credit landscape. As private credit continues to grow, Josh shares his perspective on how secondary transactions can provide liquidity solutions while creating opportunities for investors seeking attractive risk-adjusted returns.   Stewart and Josh explore how credit secondaries work, how value is created through discounted purchases, accrued cash flows, and transaction structuring, and why insurers may find the asset class particularly compelling. They also discuss diversification, capital efficiency, shorter-duration exposures, and the broader role credit secondaries could play in insurance portfolio construction as the market continues to mature.