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.

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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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How CalPERS aims to add 50-60 bps using TPA

Stephen Gilmore says he can add 50 to 60 basis points to portfolio returns by using a total portfolio approach. In a long interview, Amanda White spoke to the CIO of CalPERS about why a TPA mindset can add value, simplify accountability and open new opportunities for investments.

Why West Virginia’s CIO is worried about its China divestment directive

The $28 billion West Virginia Investment Management Board will divest from Chinese state-owned companies and CIO Craig Slaughter has reservations about the decision. He outlines in an interview with Top1000funds.com about why the directive is an extension of a big threat facing investors: a decline in liberal democracy. 

USS paper urges governments to do more to support climate policy

A new report from USS and the University of Exeter, argues that investors who focus on decarbonising their portfolios won't change real-world decarbonisation and would have more impact on climate change by buying transition investments.

TRS strikes gold: Tiny allocation crushes its benchmark

This year, TRS doubled its tiny allocation to gold via a special fund that buys gold ETFs and mining companies. The strategy returned nearly 60 per cent, thanks to market conditions including inflation, geopolitics, government debt levels and de-dollarisation pushing gold higher.

Moving from risk 1.0 to risk 2.0

As investors move into 'risk 2.0', how should they change their modelling approach and investment toolkits? WTW global head of portfolio strategy Jeff Chee outlines in this column why investors should consider principles such as greater use of qualitative risk measures.

Private asset funds are no longer fit-for-purpose

The surging interest in generative AI has triggered a technological arms race, driving demand for data centres. Investors are looking to capitalise on what is often described as a generational opportunity, but as Blue Owl’s James Clarke cautions, there are several important factors to assess in partners for the long-term.

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