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AnalysisPrivate CreditThe WrapThe Credit Open

Moody's estimates 35% of US life insurer investments go to private credit

The NAIC review of the rated-note feeder structures insurers use to reach the asset class is ongoing.

At a glance

  1. The estimate lands while the NAIC's review of the structures insurers use to reach the asset class is still open, with no disclosed outcome or timeline.
  2. Rated-note feeders are the structures US life insurers use to reach private credit.
  3. Ares filed two SEC Form D feeders for Infrastructure Debt VI, reporting no offering amount and $0 sold.

Moody's Ratings estimates 35% of US life insurance investments go toward private credit. The estimate lands while the NAIC's review of the structures insurers use to reach the asset class is still open, with no disclosed outcome or timeline.

Rated-note feeders are the structures US life insurers use to reach private credit. On Moody's figure, the review concerns the conduit for roughly a third of life company investments. The number is stated as a share of investments rather than a single year's commitments, which makes the review a question about portfolio composition at the insurers that hold these positions.

Ares filed two SEC Form D feeders for Infrastructure Debt VI, reporting no offering amount and $0 sold. BH3, Blackstone Credit and Astatine also filed Form D notices reporting no offering amount and $0 sold.

Those figures describe filings, not positions. The likely reading is vehicles being stood up ahead of capital, an inference from the forms themselves rather than a statement about what the funds hold. Two feeders for one fund is the kind of detail that never shows up in the headline number; it shows the wrapper count a single strategy can generate.

Separately, Bridgepoint, GFH Bank and AIP Capital are building a $1bn engine leasing platform. GFH Bank holds the cornerstone investor and strategic partner roles, and AIP Capital will lead engine sourcing and trading as the partners raise outside capital.

Put the two together and the visible edge of the credit build-out is paperwork: feeder registrations on the insurance-funded side, a platform structure on the leasing side. Neither the filings nor the review indicate how fast capital follows the registrations, and the NAIC examination of the rated-note wrapper is the item insurers cannot yet read off a form.

Reported by The Wrap desk from Internal newsroom filing data (SEC Form D notices) and Internal newsroom allocator data (Moody's Ratings estimate; NAIC review). Published . Corrections

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