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In Conversation with Julie Segal

Institutional Investor
Private Credit
Artificial Intelligence
Private Equity
Institutional Investors
Blackrock
Dimensional Fund Advisors
Inflation
Europe
Regulation
Credit Markets
Amherst Capital
Guardian Life Insurance
Private Markets
Alpha
Automation
Mortgage-Backed Securities
Subprime Mortgage Crisis
Dimensional's Market Series
Retail Investors
Middle Market

In Conversation with Julie Segal is a dialogue with the people who have shaped and continue to influence the world of institutional investors. The podcast will feature both familiar names talking about new ideas and upstarts who want to do things differently.

PublishesTwice monthlyEpisodes22Founded3 years ago
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InvestingBusiness

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Latest Episodes

AI is fueling the largest borrowing boom in at least a generation. But Greg Peters argues that focusing on AI alone misses the bigger story playing out across credit markets.

In this conversation, the co-chief investment officer of PGIM Fixed Income... more

Private credit isn’t the new story anymore. The more interesting questions are about what happens as the industry matures. That's where my conversation with Churchill CEO Ken Kencel begins.

I found myself coming back to one phrase from our conversat... more

More than a decade ago, I wrote a story called "Is Alpha Dead?" The premise was simple: Markets had become so competitive, so efficient, and so crowded that generating excess returns was getting harder and harder.

Andre Perold, CIO of HighVista Stra... more

In this episode, I spoke with Stuart Fiertz, co-founder and president of Cheyne Capital.

I've known Stuart for years and one of the things I appreciate most about him is his willingness to say things that many people in the industry are thinking but... more

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Recent Guests

Greg Peters
Co-Chief Investment Officer, PGIM Fixed Income
PGIM
Episode: AI’s Debt Boom Is Giving Credit Investors Rare Leverage. PGIM’s Greg Peters Says They Should Use It.
Ken Kencel
CEO, Churchill / Naveen Private Capital
Churchill / Naveen Private Capital
Episode: Churchill's Ken Kencel on Private Credit's Second Act
Stuart Fiertz
Co-founder and president of Cheyne Capital
Cheyne Capital
Episode: Cheyne's Stuart Fiertz on Private Credit's Slow-Motion Stress Test
Luke Sarsfield
Executive at Ridgepost Capital
Ridgepost Capital
Episode: Private Markets’ New Tension: Retail and Institutional Investors Collide
Nick Liolis
CIO of Guardian Life
Guardian Life Insurance
Episode: Why Guardian’s Nick Liolis Blew Up the Insurance CIO Playbook
Hamza Lemssouguer
founder and CIO of Areeni
Areeni
Episode: If Your Credit Relies on Growth, Avoiding Disruption, and IPO Exits, It Starts to Look a Lot Like Equity
Gerard O'Reilly
Co-CEO of Dimensional Fund Advisors
Dimensional Fund Advisors
Episode: Dimensional’s Gerard O’Reilly on the Shift Back to Public Markets
Sean Dobson
CEO of Amherst Capital
Amherst Capital
Episode: The Political Fight Over Who Gets to Own -- and Rent -- America’s Houses
Soraya Chabarek
CEO of Manulife CQS Investment Management
Manulife Investment Management
Episode: Manulife CQS’s Soraya Chabarek on Credit, Succession, M&A Pitfalls, and What Makes Investment Firms Last

Host

Julie Segal
Host of In Conversation with Julie Segal

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Talking Points

Recent interactions between the hosts and their guests.

Churchill's Ken Kencel on Private Credit's Second Act
Q: Private credit has become such a dominant force—what risks do you see, and how should institutions respond?
The key is not competing on price alone or growing a fund for the sake of growth, but maintaining an edge through relationships, sourcing, and disciplined underwriting. Trends like illiquidity, the need for proper covenants, and careful liquidity management require managers with a long track record, deep due diligence, and transparent valuation practices.
AI’s Debt Boom Is Giving Credit Investors Rare Leverage. PGIM’s Greg Peters Says They Should Use It.
Q: How do you view the integration of public and private credit in PGIM and its impact on decision-making?
The integration allows for information sharing across private and public markets, enabling better client solutions and more informed investment decisions, while recognizing the blurred lines between public and private credit in this evolving cycle.
AI’s Debt Boom Is Giving Credit Investors Rare Leverage. PGIM’s Greg Peters Says They Should Use It.
Q: What would make you actually put money against this? What are you looking at?
The long-term leases and guaranteed power are key protection features, as well as the overall term structure; price remains critical and deals must offer strong protective properties and reasonable pricing to be attractive.
AI’s Debt Boom Is Giving Credit Investors Rare Leverage. PGIM’s Greg Peters Says They Should Use It.
Q: Right. So enormous opportunity then. Talk a little bit more about the structures, what you've seen, and what you're looking for as a big investor.
The opportunity centers on structured, shorter-duration financings for AI-related data centers, with protections like power hookups, long leases, and back-end guarantees from hyperscalers; these features help reduce risk compared to unsecured debt and align incentives with stable cash flows.
The World Is Changing Faster Than Markets Can Process
Q: What role does governance and client relationships play in sustaining long-term alpha?
Governance structures and transparent client communications are crucial because they prevent misaligned incentives during drawdowns. A client-centric approach that keeps stakeholders informed helps preserve a long-term view and allows the sandbox to operate with integrity, enabling meaningful, patient capital to ride out volatility.

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Frequently Asked Questions About In Conversation

What is In Conversation about and what kind of topics does it cover?

The lineup centers on high-level finance, asset management, and private markets, with guests ranging from CIOs and co-CEOs to private credit veterans and insurance asset managers. Episodes repeatedly explore market structure, risk management, and the evolving roles of private vs. public markets, often tying macro themes to concrete investment strategies, deal flow, and governance. A standout pattern is a practical, practitioner-focused lens on how institutions adapt to AI-driven change, regulatory shifts, and evolving liquidity dynamics, making the show particularly valuable for senior investors, risk managers, and platform-oriented asset managers seeking actionable insights and professional networks. The show often features candid reflecti... more

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Which podcasts are similar to In Conversation?

These podcasts share a similar audience with In Conversation:

1. The Credit Edge by Bloomberg Intelligence
2. Capital Allocators – Inside the Institutional Investment Industry
3. The Markets
4. Exchanges
5. How I Invest with David Weisburd

How many episodes of In Conversation are there?

In Conversation launched 3 years ago and published 22 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on In Conversation?

Recent guests on In Conversation include:

1. Greg Peters
2. Ken Kencel
3. Stuart Fiertz
4. Luke Sarsfield
5. Nick Liolis
6. Hamza Lemssouguer
7. Gerard O'Reilly
8. Sean Dobson

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