PGIM's Phil Waldeck - the intersection of insurance and asset management

Original Publish Date: October 21, 2025 Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career. We sat down in Prudential’s Newark studio with PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise to develop customized portfolio solutions to meet insurer and other investors’ unique objectives. Phil previously served as Prudential's Chief Transformation Officer, CEO of its Workplace Solutions Group, and president of its retirement business, which had $250B in assets. He was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B. Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered: • The evolution of how insurers allocate to private markets. • The importance of asset liability management. • How insurers leverage their balance sheet to invest in private markets and collaborate with alternative asset managers. • How insurance and asset management interact and the benefits of an integrated platform. • How PGIM’s $1T in public and private credit informs how they invest. • Why insurers are allocating to private credit. Please Subscribe: YouTube Videos and Shorts:    / @altgoesmainstreamagm   Subscribe to Alt Goes Mainstream: https://altgoesmainstream.substack.com/ Apple Podcast: https://podcasts.apple.com/us/podcast... Follow Michael on LinkedIn:   / michaelsidgmore   #AltGoesMainstream #michaelsidgmore #alternativeinvestments #finance #wealthmanagement #privatemarkets #ria #marketing #podcasts #funds #portfolio #privateequity #financialmarkets #familyoffice #assetmanagement #financialmarkets #moneymanagement #fundservices #financialaccounting #investment #consumerchoices #privatecredit #insurance Chapter: 00:00 Sponsor introduction by Ultimus and podcast opening 01:56 Phil Waldeck's background at PGIM and the intersection of insurance and asset management 04:33 Asset Liability Management (ALM) principles and understanding insurance liabilities 10:56 Evolution and adoption of private credit by insurers over decades 12:56 Building competitive origination engines and direct lending capabilities 17:17 Borrower perspective on choosing private credit over public markets 19:46 Scale advantages and industry consolidation trends in private credit 25:46 Risk management concerns and preparing for credit cycles 31:56 Future market opportunities in Europe, Japan, and regulatory frameworks 34:56 Investment advice for wealth channel clients and portfolio diversification The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein