00:00Bluewell Capital just pulled off a $1.4 billion loan sale at $0.99 in the dollar as it races
00:06to
00:07return cash to investors. Facing heavy redemptions in one of its private credit funds, Bluewell sold
00:12a portfolio of loans to four buyers, three of North America's largest pension funds,
00:17California Public Employees Retirement System, Ontario Municipal Employees Retirement System,
00:23and British Columbia Investment Management Corp. and Couvert, an insurance firm linked to Bluewell
00:29themselves. The move helped stabilize Bluewell Capital Corp 2 after a planned merger was scrapped
00:35amid scrutiny over investor losses. Co-founder Craig Packer called demand so strong, buyers would
00:42have bought multiple amounts more. But analysts at Barclays warned that this deal could signal
00:48something bigger, private credit assets shifting into insurance-linked vehicles like CLOs, which
00:53carry far more leverage. The takeaway? Private credit and insurance are becoming increasingly
01:00intertwined and potentially harder to track.
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