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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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Beyond asset classes: Active credit becomes the test case for Florida’s portfolio evolution

Florida State Board of Administration has built an active credit portfolio spanning public and private markets, CIO Lamar Taylor says the initiative could be the first step in a broader shift away from traditional asset-class investing towards a framework centred on return drivers and risk exposures.

Why sustainability pays for US timberland manager RMS

Alabama-based timber manager RMS has developed its own index to measure biodiversity in its forests. The move is in response to a jump in the number of asset owners asking biodiversity questions.

Aware Super maps AI exposure as it sharpens whole-of-portfolio risk focus

Australia’s third-largest pension fund Aware Super is taking stock of its investment exposure to AI and the initial analysis suggests at least 15 per cent of the fund’s assets are exposed to the thematic. In a project deep dive, head of investment strategy Michael Winchester says finding the portfolio's true concentration around AI will require looking beyond simple dollar aggregation.

Japan University Fund doubles alternatives book as direct fund investing ramps up

The $75 billion Japan University Fund is furthering its push to direct fund selection in alternatives alongside the fund-of-funds approach it has favoured so far. Naoya Sugimoto, co-CIO and head of global investment, says it’s a “natural direction” in the fund’s journey as the young endowment looks to take more control of the manager selection process.

Silver is the new gold: France’s UMR targets opportunities in ageing economy

French pension organisation UMR has launched a multi-asset thematic program that will target opportunities in Europe’s ageing economy. It’s part of a broader strategy to increase diversification in private markets where it sees secondary markets as an increasingly important tool.

CPP: Why doing the right thing in TPA can look like losing

CPP Investments has argued that a TPA portfolio has a high chance of appearing to have underperformed when evaluated against traditional SAA benchmarks, even when the underlying investment decisions are sound. In a recent paper, the fund argues TPA portfolios should be judged on a broader scorecard.

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