Credit discipline through the cycle – Lessons from a pension fund

This week, we’re joined by Igor Baranovski, Chief Portfolio Manager on the Alternative Investments team at PenSam, a Danish pension fund managing over $30 billion in assets across public and private markets. In his role, Igor leads credit investments and portfolio construction across the full credit spectrum, overseeing the entire investment process spanning both fund and direct investments as well as manager selection. With over a decade of experience in investment management, he brings deep expertise in alternative credit strategies.

In this episode, Igor shares how PenSam’s long-term, member-focused mandate shapes a disciplined approach to portfolio construction, even amid geopolitical uncertainty and market volatility. We dig into recent credit stress events that have rattled BDC investors, and Igor offers an institutional allocator’s perspective on what the market is getting wrong – including the critical distinction between liquidity risk and credit risk. We also explore how AI disruption is showing up in LP due diligence conversations, what PenSam looks for when selecting a private credit manager, and Igor closes with reflections on the lessons and moments that have shaped his approach to investing and leadership.