CalPERS, La Caisse raise the bar for active managers
CalPERS may have doubled the fees it pays for active management in public equities, but the alpha it generates has quadrupled, says global equity head Simiso Nzima, who has spent three years pruning a roster of nearly 100 managers down to a tightly scored handful. La Caisse’s Mario Therrien describes a parallel discipline, using external managers not just for returns but as a “window to the world” on emerging strategies, from quant investing to AI.
AI supercycle widens valuation divide across SaaS stocks
Software companies are seeing two different kinds of growth trajectories following the SaaSpocalypse earlier this year, with some firms trading at dizzying valuation multiples while others sit at a more subdued price when their business models are perceived as threatened by AI. FIS at Stanford University heard that the “terminal value” of software companies in the age of AI disruptions sits at the heart of this divergence.
‘Quiet accumulation’ of US reforms raising financial crisis risk: Stanford scholar
A string of individually defensible US regulatory changes made since 2025 is weakening both the private and official checks on risk-taking, according to Stanford University Hoover Institution senior fellow Ross Levine, who warns the combination is raising the risk of a future financial crisis.
ART property boss: Investors were wrong to think real estate was easy
Australian Retirement Trust real estate head Mark Lee says the COVID downturn exposed that treating real estate as an easy asset class was a crucial mistake from investors, and property is not just a “bond replacement with a slightly higher yield”. As the A$20 billion portfolio prepares to double in five years, Lee says future returns will depend increasingly on investors’ ability to “sweat the assets”.
How private credit investors are preparing for software’s AI reckoning
As the private credit industry matures, the first real stress tests are emerging – from AI-exposed software loans to eroding covenants in megadeals. Institutional investors are responding by rethinking where the illiquidity premium justifies the risk.
The Asset Owner Directory is an interactive tool to give readers an insight into the world of global asset owners. It includes key information for the largest asset owners around the world such as key personnel, asset allocation and performance.
| Fund Name | Country | AUM ($B) | Articles | More Info |
|---|---|---|---|---|
California Public Employees Retirement System (CalPERS) | United States | $563 | 316 | View Info |
Caisse de Depot et Placement du Quebec (CDPQ) | Canada | $365 | 29 | View Info |
Public Sector Pension Investment Board (PSP Investments) | Canada | $228 | 17 | View Info |
Canada Pension Plan Investments (CPPIB) | Canada | $572 | 102 | View Info |
LPPI: Keeping AI risk in check
As the risk of an AI bubble grows, LPPI’s Richard Tomlinson reflects on how the LGPS pool manages and measures AI exposure. In an interview with Top1000funds.com, he also explains how he has been moulding the fund’s investment structure to be fit for a post-LGPS reform future.
AI, data and ‘a better job’ on retail: Blue Owl co-CEO on private markets’ next chapter
Blue Owl co-chief executive Marc Lipschultz has defended the manager’s push into the retail space, telling the Top1000funds.com Fiduciary Investors Symposium that “it’s kind of a crazy thing” to deny mum and dad investors access to illiquid assets like private credit when they are in a prime position to benefit from it through channels like 401(k).
Fiduciary Investors Symposium
This event looks at the challenges long-term investors face in an environment of disruption including ongoing geopolitical risk and shifts in global economy dynamics. By accessing faculty of England’s most esteemed university, this event will leave investors empowered to tackle disruption in their portfolios and working lives.
Fiduciary Investors Symposium
The global economy is increasingly bifurcated between the US, Europe and Asia and how the growth projections and geopolitical risks between these regions plays out is of increasing interest to asset owners. This event looks at the return and impact opportunities in the region, and the importance of Asia in the global economy.
La Caisse’s oil exit pays off as renewables portfolio pulls ahead of fossil fuels
Divesting from the oil sector has been a boon for La Caisse’s performance, as the Canadian pension giant says its energy investments have earned billions in value-add compared to the benchmark since the inception of its climate strategy. Head of sustainability Bertrand Millot unpacks the fund’s approach in an interview with Top1000funds.com.
China in ‘very precarious’ position as debt strains investment-led growth model
Michael Pettis, leading expert on China’s economy and financial markets, says investors should be concerned about the nation’s record total-debt-to-GDP ratio as it threatens to strangle the investment-led economic growth model it has maintained for decades. In the latest episode of the Top1000funds.com podcast, Pettis unpacks why China’s pivot to a consumption-led society will be painful.
CPP Investments, NBIM reflect on lessons from a 5-year transparency journey
The Global Pension Transparency Benchmark has been a driving force in improved transparency of disclosures and reporting among global asset owners. As the project comes to its close after five years, two leading funds reflect on why transparency has been a clear focus for their organisations.
Falling dollar dents Canadian pension returns; triggers hedging rethink
A weakening US dollar has eaten into the returns of Canada’s largest pension funds as annual reports revealed the currency shock forced a fundamental rethink from some investors around hedging practices. OMERS has pivoted from a policy hedging target to a more flexible approach fulfilling multiple objectives, while OTPP more than halved its US dollar exposure in 2025.
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Ohio STRS warns of higher US recession risk; prioritises liquidity
The State Teachers Retirement System of Ohio has warned of a “material” increase in US recession risk compared to last year as the fund braces for a wider, “negatively skewed” distribution of outcomes in the next 12 months. It came as the mature plan, which is 81 per cent funded, is tilting to fixed income and new asset classes like liquid alternatives over equities.
Rest Super’s selective approach to PE pays off as program comes of age
A concentrated bet on fewer, better GP relationships is paying off for one of Australia’s largest superannuation funds. Built on selective manager and deal selection rather than a broad roster, the A$112 billion ($78 billion) Rest Super delivered private equity returns more than double the peer average last financial year, as the fund proactively courts top-tier PE firms instead of waiting to be approached.
FIS 2026 at Stanford University