S&P Global has cautioned that UK pension insurers, including Legal & General (L&G), Standard Life, and Just Group, have increased their investment in hard-to-price private assets. These assets now constitute more than 10% of the companies' portfolios. S&P's warning highlights concerns over the opacity of these private credits and the challenges they present in valuation.
Original Source: https://www.ft.com/content/82e9b2fc-0dd8-4560-837c-2e7695457783?syn-25a6b1a6=1