A composite foam is provided having silica aerogel particles dispersed in a closed cell polymeric foam. The silica aerogel particles are included in a volume fraction between 2 and 60%, and the composite foam has a thermal conductivity of 40 kW/mK or less and a density of 60 kg/m3 or less. In another embodiment, a composite foam is provided having a perforated closed cell polymeric foam and 2-60% hydrophobic silica aerogel particles by volume with a particle size distribution of 1 to 50 μm, where the composite foam has a thermal conductivity of 30 kW/mK or less, a density of 20-45 kg/m3, and an air permeability of 20-40 cubic feet per minute.