# Episode 354: Convergence: Navigating the Blurred Lines Between Public and Private Credit

Page: https://stenobird.com/podcast/insuranceaum-com-113748/episode-354-convergence-navigating-the-blurred-lines-between-public-and-private-credit
Text version: https://stenobird.com/podcast/insuranceaum-com-113748/episode-354-convergence-navigating-the-blurred-lines-between-public-and-private-credit.md
Podcast: [InsuranceAUM.com](https://stenobird.com/podcast/insuranceaum-com-113748)
Published: 2026-02-09T06:09:00+00:00
Episode link: https://insuranceaumjournal.podbean.com/e/episode-354-convergence-navigating-the-blurred-lines-between-public-and-private-credit/
Audio file: https://mcdn.podbean.com/mf/web/9sh5jj694uu6wpa9/IAP_-_Loomis_-_CHRIS_P_GUDMASTAD_v16jxls.mp3
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JSON: https://stenobird.com/v1/public/podcasts/insuranceaum-com-113748/episodes/episode-354-convergence-navigating-the-blurred-lines-between-public-and-private-credit
Duration seconds: 1744

## Resource

Chris Gudmastad, Managing Director and Portfolio Manager of Private Credit at Loomis Sayles, returns to the podcast for a deep dive into one of the most important shifts facing institutional investors: the convergence of public and private credit. As the traditional lines between market segments continue to blur, Chris offers a practical and forward-looking view of how insurers can adapt their frameworks for liquidity, complexity, and relative value. With more than 20 years of experience in private placements, structured credit, and insurance-focused investing, Chris walks through how capital structures are evolving, how new vehicles and secondaries are redefining liquidity, and how to apply a unified risk premium framework across asset classes. He also shares insights into organizational convergence and how teams at Loomis are collaborating across disciplines to underwrite complex, cross-market opportunities. Whether you’re refining your private credit allocations or evaluating new structures across public and private markets, this episode offers a grounded perspective on managing risk and return in 2026 and beyond.

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## Transcript

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