Munich Re said it has investments of as much as €2.5 billion ($2.9 billion) in private credit, an asset class that has been facing fund redemptions and scrutiny of underwriting standards.

Private credit “is about 1% of the asset portfolio of our entire group,” Chief Financial Officer Andrew Buchanan said in an interview with Bloomberg TV. “It is between about €2 billion and €2.5 billion, which for us is an incredibly digestible amount.”