The three Rs of investing: Risk, return, and resilience

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CalPERS active equity rebuild delivers highest alpha in three decades

CalPERS active equity rebuild delivers highest alpha in three decades

CalPERS’ three-and-a-half-year overhaul of its $242 billion global equities portfolio has delivered the program’s highest alpha in almost three decades, after the pension giant deployed $65 billion back into active strategies and dramatically tightened manager selection.

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Austria’s VBV strives to give young savers more risk exposure

Günther Schiendl, chair of Austria's VBV Pension Fund board explains how he's enabling younger savers to access more equity investment. However, despite long-held plans to develop the allocation to private equity, US tariff and trade policy has halted the strategy for now.

Maryland’s Andrew Palmer reflects on 40 years in investment industry

After a decade in the top investment job at the $69 billion Maryland State Retirement Fund, Andrew Palmer will retire at the end of June. He speaks to Amanda White about his achievements and reflections on an industry where he has worked for 40 years.

UK fixed income investor PIC ponders the long term risk of government debt

Rob Groves, CIO of the UK's Pension Insurance Corporation, describes a cautious, heavily regulated strategy focused on fixed income. PIC is on the look out for undervalued corporate credit opportunities appearing in the current market, but few opportunities have appeared yet.

Arizona navigates spike in capital calls in uncertain private equity market

The recent market volatility has put the brakes on any pickup in private equity distributions LPs had hoped for in 2025. A board meeting of Arizona State Retirement System heard that IPO activity remains muted and the majority of exits are concentrated in sponsor-to-sponsor deals and strategic sales.

GIC, Temasek eye trillions of growth in climate adaptation market

Singapore’s two largest asset owners, GIC and Temasek, see attractive opportunities in climate adaptation solutions – a relatively underfunded area compared to decarbonisation. The former has already made selective adaptation investments and said the opportunity set across public and private debt and equity could increase to $9 trillion by 2050.

Kentucky CERS: Trustees push back on hurried oil and gas investment

The board of trustees for the $10 billion Kentucky County Employees Retirement System has knocked back the fund's request to invest in an oil and gas fund. It also expressed frustrations that a specially convened board meeting was called on short notice.

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