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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CPP, NBIM CEOs swap notes on leading through teams, not bureaucracy

In a high-level exchange between two of the world's largest and most sophisticated asset owners, CPP Investments’ chief executive John Graham shared a leadership lesson with Norges Bank Investment Management chief executive Nicolai Tangen: having an aligned senior team is one of the most critical things a leader can build. The two funds, which are consistently leaders in transparency, also exchanged playbooks on managing bureaucracy at large organisations.

The Austin advantage: Texas Teachers talks optimism, innovation and growth

Jase Auby, TRS's celebrated CIO, explains why TPA doesn't fit with its culture; why community push back on data centres could turn out to be an investor advantage, and argues the case for continuing to invest in fossil fuels. Top1000funds.com sat down with the CIO in his Austin office for an all-encompassing conversation.

Temasek lifts China exposure by $7.7b, commits to doubling AI bet

Singaporean sovereign wealth fund Temasek saw its exposure to China surge by $7.7 billion in the last reporting period as valuations rebounded in the world’s second-largest economy. It is also planning to more than double its exposure to the AI value chain within the next five years.

TPA: Built on essentials, shaped by levers

As asset owners grapple with the appropriateness of a total portfolio approach for their fund, new ICPM research has outlined building blocks to be considered in the process including some essential “enablers”, like governance structures, and optional “levers”, like incentive architecture. ICPM managing director Adrian Trollor unpacks the framework.

PGGM: Impact begins at home

PGGM is preparing to build out the third element to its impact strategy targeting biodiversity. By focusing on food and the circular economy, PGGM aims to create most impact at home. Top1000funds.com looks at the fund's impact journey.

Why traditional investment committees can amplify group biases

Investment committee meetings, a governance cornerstone at every asset owner organisation, run the risk of amplifying group biases and social dynamics, and can push the IC towards recommending more extreme investment positions collectively than the average of their individual views. Bernhard Scherer, head of portfolio implementation at ADIA, unpacks the thesis in a new paper.

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