Subject: Re: PE Lending & Bank Lending
They have credit assets, they collect premiums from annuities/life policies, and then they invest in private credit and other alternative assets.

Theoretically it makes sense to have long lived assets paired with long lived liabilities.

The word "theoretically" is doing a lot of work there. This is going to blow up. Many of the assets they are investing in are their own "long life" funds and vehicles, with their own leverage and management with the same set of blind spots. Reminds me of Enron's pension assets having been invested in Enron stock.

Jim