Summer Series Part III: Transmission Lines — Private Credit and Insurance Balance Sheets

The Hidden Currents Beneath Calm Waters

This finale steps back from commercial real estate to the financial circuitry that surrounds it. We explore not just what assets fail but how risk travels.

The point is not which asset class blinks first. It is how private markets carry stress from external shocks into funding channels and capital rules. Illiquid assets meet shorter term capital commitme…