Jeffrey Diehl, Managing Partner and Head of Investments at Adams Street Partners, joins the InsuranceAUM.com podcast to explore whether the rapid growth of private credit platforms, particularly BDCs and insurer-owned portfolios, is creating systemic risk or sustainable opportunity.   In this candid conversation with host Stewart Foley, Diehl explains how deployment pressure, the rise of PIK loans, and reduced underwriting discipline could challenge returns in an overheated segment of the market. He also unpacks the scale of capital flowing through these platforms, the structural differences between perpetual BDCs and traditional private credit funds, and what red flags insurance investors should be monitoring.   For anyone allocating to private credit, or evaluating manager selection, this episode offers timely, practical insight into how scaling may impact risk, performance, and long-term portfolio outcomes.