For those wondering where the trigger for the much anticipated AI-related crash might come from, US regulators are concerned about insurers investments in Private Equity groups were seemingly 'safe' assets, are actually structured around what they have refereed to as 'circular ownership'.
Assets that seem independent & revenue generating are actually caught up in dense networks of cross investment between PE groups & banks, leaving them less secure & stable than appears.
#investment
h/t FT
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