An announcement from the editor

Today marks a new chapter for our publication.

For nearly two decades, we’ve provided independent, in-depth journalism on how the world’s largest institutional investors construct portfolios, make allocations and navigate an increasingly complex investment landscape.

We’ve published more than 5,000 stories, connecting you with the thinking, strategies and peers shaping the global investment industry.

That commitment isn’t changing. But from today, access to our journalism will require you to be logged in.

This change helps us protect our original reporting from AI crawling and unauthorised republication, while ensuring we can continue investing in the depth, rigour and specialist journalism you expect from Top1000funds.com.

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Thank you, sincerely, for your ongoing support. And if you have any feedback or ideas for how we can improve, please feel free to get in touch.

For more context on the change, and why we believe it’s important, watch my short video above.

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CalPERS’ private markets chief: TPA won’t disrupt PE commitment pacing

CalPERS’ private markets chief: TPA won’t disrupt PE commitment pacing

Anton Orlich, CalPERS' newly minted deputy chief investment officer for private markets, says the fund’s July adoption of the total portfolio approach will not impede the private equity strategy launched in 2022, arguing that short-term relative-value calls made under TPA would be expressed in liquid markets and not by oscillating commitments to private markets. In an interview with Top1000funds.com, Orlich unpacks the asset class’s four-year transformation.

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Asian private credit shines as US, European covenants weaken

As covenants in US and European private credit become weakened from an increasing flow of lending capital, asset allocators and managers are eyeing Asia as the next frontier due to its relatively untapped yet sizable market. At FIS Singapore, investors unpacked the region's complexity premium and why a local approach is essential.

Why China thinks it will lead the next industrial revolution

While China was mainly a beneficiary rather than a participant of previous industrial revolutions, it now believes it can lead the next one, and the US will have to work hard to catch up to its extraordinary capacity and speed for development.

APAC equities moves from tactical to structural buys

The outperformance of APAC equities in 2025 has reignited interest among asset owners in allocating towards the region, but Franklin Templeton's investment strategist Christy Tan argues the investment case for APAC has shifted from a tactical to a structural buy. She unpacks the reasoning in conversation with Top1000funds.com Asia Pacific correspondent Darcy Song.

Lessons from the middle: Leadership, resilience and the courage of conviction

The principles of high-performance leadership – whether in business or sport – remain remarkably consistent and include the ability to maintain clarity, integrity, and conviction under immense pressure. Former Australian test cricketer Usman Khawaja told the Fiduciary Investors Symposium that the only time you really lose is when you stop trying.

Steering portfolios through a fragmented world

As stagflationary shocks flip stock-bond correlations and the illiquidity premium in private markets proves elusive, the investors best placed to navigate a fragmented world are those with the governance infrastructure to deploy capital when others are forced to sell.

Private markets enter era of ‘true alpha’

Allocators are interrogating their private markets investments more rigorously as institutional investors question whether unlisted asset classes are entering an era of “true alpha” where managers skills are put to test. This trend is especially salient in private equity, and at FIS Singapore, asset owners and managers weighed the thesis around the asset class.

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