In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Fred Pollock, Chief Investment Officer, and Steve McMillan, Head of Credit Research at GCM Grosvenor, for a timely discussion on private credit secondaries. As insurers continue to expand their allocations to private credit, Fred and Steve outline where secondaries fit into the broader $21 trillion private credit market and why they believe this corner of the asset class is poised for long-term growth. They discuss how liquidity, diversification, and discounted entry points can make secondaries particularly attractive especially in today’s uncertain macro environment.

 

The conversation also highlights GCM Grosvenor’s differentiated approach, from deep underwriting discipline to leveraging its multi-asset platform for deal flow and risk evaluation. Fred and Steve explain why understanding the entire private credit landscape not just direct lending is essential for delivering alpha and managing downside risk. Whether you're an insurer evaluating secondary strategies or simply seeking market perspective, this episode offers insight into one of the most complex and compelling areas of institutional investing today.