The latest performance persistence study by RogersCasey’s managing director, head of global portfolio solutions, Soonyong Park, which incorporates data from the volatile 2008 period, confirms the lack of persistence of returns in the equity asset management universes, and further, that it is more pronounced when long-term results are evaluated.
Nest, the largest workplace pension in the UK, says that private credit managers who prioritise institutional clients will be more favourably viewed. The £61 billion ($82 billion) fund has awarded a £450 million ($605 million) US direct lending mandate to Crescent Capital this month, citing the manager's institutional-client-first approach as a key attraction.
PennPSERS has announced it pays its private equity GPs about 20 per cent of investment profits. The reveal from the $56.7 billion public pension fund, which came after a laborious process involving 500 staff hours, expands on its commitment to transparency.
The $14.2 billion South Dakota retirement system is sitting on cash and T-bills to hedge against equity-type risk seeping into its portfolio. The fund remains opportunistic and won’t rule out fossil fuels.
The increase in privately held start-ups has piqued interest in venture-capital markets. The opportunities are there but investors must realise that technological innovation has changed the game.
The $77 billion Denmark pension fund PFA has turned to direct investment for its alternatives, taking stakes with varying levels of risk in areas such as telecommunications and wind farms.
The surprise ousting of CalPERS board president Priya Mathur heralds a leadership shake-up that could place final approval of an expanded private equity program on hold.
Post-GFC regulation has driven up the cost of bank funding. Professor Darrell Duffie explained the impact of the end of ‘sovereign uplift’ and offered ideas to create competition and lower costs.
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