“As stated at Investor Day, we intend to take that up to 12% to 15% over time, subject to market conditions.”

In context

“ocation to private credit when we see attractive premiums over public credit. As part of the reshaping of our portfolio, we have reduced hedge funds and global real estate by $1.5 billion collectively since 2021. We largely have completed the rebalancing of public credit across multiple geographies. Yields are now more consistent with where we believe we should operate, and we expect net investment income growth going forward to be more in line with asset growth given the current and projected level of global interest rates. Over the next few years, we will opportunistically allocate funds to private credit, which currently stands at $6.4 billion at the end of the third quarter or 8% of the GI portfolio. Overall allocations to private credit have not materially changed since Investor Day. As stated at Investor Day, we intend to take that up to 12% to 15% over time, subject to market conditions. Private credit is a large and diverse asset class. We expect to participate in the highest quality assets where we will get paid for the risk. We have private credit mandates with a small group of strategic partners who follow strict investment guidelines. We do a detailed review of every transaction we enter into and are very thoughtful about deployment and aggregation. We are pleased Onex will be one of those strategic partners. We have committed to invest $2 billion over 3 years across Onex's broad asset management platform, including insurance co-investments outside of Onex' funds, which will provide us with a broader view of opportunities in the industry. We are in the process of divesting some noncore legacy private assets, mostly in real estate, and we will look to deploy some of t”