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.
Manager selection led to nearly three-quarters of outperformance for Texas Teachers in 2017 as the fund beat its benchmark by 168 basis points.
Craig Dandurand, director of debt and alternatives for the Future Fund, offers a glimpse into how it has recalibrated its approach to investing in hedge funds and other risk premia.
As the Canada Pension Plan Investment Board gets larger, it is considering how to retain its sizeable private-market holdings with public proxies. It’s a ‘capacity issue’.
As structural shifts in the asset class have reduced persistence and returns, even long-time players have had to re-think strategy. So how have they adapted?
Private equity is undergoing a structural change – with persistence and performance waning – but co-investment may not be the panacea, MIT’s Antoinette Schoar discovers.
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