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US endowment returns rocket on SpaceX windfall

US endowment returns rocket on SpaceX windfall

Early venture bets on SpaceX have ballooned into major portfolio positions at some US university endowments, with new analysis estimating the aerospace firm contributed as much as 10.6 percentage points to annual returns. Michael Markov, founder of US quantitative researcher Markov Processes International, says the windfall is now creating a concentration risk that investors cannot ignore.

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‘AI-washing’ risk grows as tech due diligence on managers lags

The pace of change in AI models poses a significant challenge to the due diligence frameworks employed by asset owners, whose own ability to adapt is being outstripped by the technological advancements they’re being asked to assess.

NY Common joins allocator push on company AI transparency

The $273 billion New York State Common has upped the pressure on portfolio companies to report on how artificial intelligence usage is contributing to layoffs, as AI governance becomes a growing focus in the proxy voting and engagement activities of asset owners.

Chicago Teachers leans into diverse managers; exceeds targets

Chicago Teachers is bullish on allocating to diverse managers, more than doubling its target allocation to more than half of the fund's AUM. Its CIO explains how the strategy adds value through access to differentiated strategies and competitive fee structures.

Future Fund looks to slash external tech spend in cost-cutting drive

Australia's Future Fund is hoping to find tens of millions in cost savings by consolidating arrangements with external data and tech providers and putting a number of roles under review as it reconsiders resourcing in a volatile investment environment that it “expects to endure”.

CalPERS ties pay to collaboration, total fund results under TPA

The $556 billion CalPERS is considering a more complete integration of “collaboration” and total fund results as performance metrics for its executives and investment team as it makes headway in its shift to the total portfolio approach.

The future belongs to investors who can adapt

Canada's HOOPP has officially adopted the total portfolio approach since the start of 2026. Unpacking the move, the fund's managing director and head of total portfolio group Jacky Lee writes that while the approach doesn't magically make the return better, the fact that it frees the investment team from outdated processes and gives investment leaders the flexibility to act is what gives it an edge.

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