In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the future of private credit with Ashwin Krishnan, Managing Director, Co-Head of North American Private Credit, and Head of Opportunistic Credit, and Jeff Levin, Managing Director, Portfolio Manager, and Head of Direct Lending, both at Morgan Stanley Investment Management. They explore the evolution of private credit and its growing relevance in today's financial landscape, particularly for insurance investors. Ashwin and Jeff discuss the parallels between the current state of private credit and the rise of private equity 25 years ago, highlighting how the asset class has moved from niche to mainstream. They emphasize the importance of flexibility in capital solutions and the ability to navigate various points across the capital structure to generate the best risk-adjusted returns.   The discussion also touches on the impact of rising interest rates on leverage ratios and how Morgan Stanley Investment Management's approach sets them apart from competitors. By leveraging the firm's vast resources and global reach, they are able to provide unique capital solutions that cater to the needs of private issuers across North America. Whether it's accessing a broader deal flow or offering value-added services like M&A advice, their platform is designed to deliver comprehensive solutions to clients. The conversation wraps up with insights into the scalability of private credit and the importance of a long-term investment perspective in this ever-evolving market.