Life insurers backed by major alternative asset managers including KKR and Apollo Global Management, are significantly increasing their exposure to private credit and other illiquid assets, according to a report by the Wall Street Journal citing new analysis from Moody’s Ratings.
The report shows that US life insurers collectively held around $807bn of private credit and other illiquid investments in 2025, equivalent to roughly 20% of their $4tn fixed income portfolios. This marks an increase fr...
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