Keep pulling the thread on Velina Peneva.
Swiss Re's investment portfolio is allocated 85% to fixed income, of which half is in government bonds used for liability matching.
Velina Peneva believes the private credit market, which expanded significantly after the 2008 financial crisis, has not yet been tested by a true credit crisis.
Since April 2nd, 2025, European funding costs have fallen by 20 basis points, while U.S. funding costs have risen by 20 basis points.
Swiss Re's investment planning has shifted from using a baseline scenario with a 70% probability in previous years to a baseline with only a 40% probability today, reflecting increased uncertainty.
Velina Peneva is the Group Chief Investment Officer for the insurance company Swiss Re, where she manages an internal fund of approximately $108 billion.
The internal fund at Swiss Re, managed by Velina Peneva, is primarily invested in fixed income and private credit.
In the late 1990s, private equity funds were generating returns in the mid to upper 20s percent range.
Employees of Bain & Company who invested in the firm's co-investment vehicles were able to do so without paying management fees or carried interest.
Swiss Re's private equity allocation is approximately 70-80% in funds, with the remainder in co-investments alongside those funds.
The remaining 15% of Swiss Re's portfolio is allocated to private equity, listed equity, minority positions, and real estate.
Swiss Re's private credit strategy focuses on investment-grade-like, senior secured loans and involves directly underwriting infrastructure loans to projects.
Swiss Re's investment portfolio experienced no defaults in 2022.