Private Credit Power Center: BDCs, Insurers & PE Capital | Jakub Lichwa (TwentyFour AM) #03

Private credit is increasingly shaped by insurers, BDCs, and private-equity-backed balance sheets rather than by direct lending alone.Full analysis: ⁠https://fixedfloating.substack.com/p/private-credits-insurance-flywheel?r=718tewJosef Pschorn speaks with Jakub Lichwa of TwentyFour Asset Management about how insurance capital, ALM constraints, and private-equity ownership are changing the structure of credit markets.Key takeaways:Insurers are central to private credit’s funding modelALM and solvency frameworks shape allocation decisionsPE-backed insurers create new incentive structuresMarket growth may also be building hidden fragilityTranscripts and analysis: https://fixedfloating.substack.comConnect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloatingDisclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.