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Opalesque Industry Update - New analysis from Clearwater Analytics of data from 101 insurance asset managers and consultants from North America, UK, Europe, and the APAC region representing $4.5 trillion held in unaffiliated general accounts (investments owned by insurers managed by an external third party fund manager) shows a huge increase in allocations to private markets. 21% of assets held in these accounts is invested in private markets. In 2022, Clearwater Analytics analysis reveals 15% of insurers assets held in these was in private market asset classes, and the corresponding figures for 2020 and 2015 are 9% and 7%, respectively.
Of the amount insurers have invested in fixed income assets through these accounts, 17% is in private credit holdings. The corresponding figures in 2022, 2020 and 2015 are 12%, 7% and 4%, respectively. In terms of their investment into equities overall through unaffiliated general accounts, insurers have around 39% held in private equity/equity alternatives. The corresponding figures for 2022, 2020 and 2015 are 29%, 23% and 30%, respectively. Further analysis of insurers' private market fixed income investments held in unaffiliated general accounts reveals that 31% is via private placements, followed by 28% in mortgages and other real estate fixed income investments and 17% in middle market credit. In terms of their allocation to private equities and equity alternatives through insurance unaffiliated general accounts, 42% is held in private equity and venture capital funds, and 33% in real estate funds.
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Industry Updates
Research reveals huge increase in allocations to private assets from insurance asset managers
Monday, July 07, 2025
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