Chart of the Day
The Alternatives Machine Is Still Getting Bigger
Private markets are becoming too large to be treated as "alternative" in the old sense.
Contributor
UAO Editorial
Video Briefing
UAO Daily Video Brief — May 19 (full-length): NBIM Concedes Real Estate, Sovereigns Underwrite AI
A six-to-eight minute extended brief. Norway's $2.1T fund admits its real-estate strategy underperformed and pivots toward sectors AI is reshaping; PIF anchors a State Street Saudi equity ETF; Ontario Teachers halves its US-dollar exposure; FSB flags private-credit transparency; and 2026 h
Video Briefing
UAO Afternoon Update — May 15: the bank-interconnection question
An afternoon follow-on to the morning brief — Bank of America's ~$20B private-credit disclosure, the Fed Vice Chair's May 8 speech on corporate-lending migration, and the European / semi-liquid rotation.
Studio Briefing
UAO Daily Video Podcast — May 15: the bank-interconnection question
The FSB's private-credit warning, Bank of America's $20B disclosure, and the European / semi-liquid rotation — through the eyes of universal asset owners. A daily, fully-AI-hosted institutional briefing for sovereign wealth funds, pensions, endowments and large family offices.
Video Briefing
UAO Daily Video Brief — May 20: Private Credit’s Liquidity Test & CalPERS Retires Asset Allocation
Private credit hits its first real liquidity test as redemption gates close at Blue Owl and Blackstone funds — yet CalPERS, APG and Nest keep buying. CalPERS retires strategic asset allocation for a total portfolio approach on July 1, and Mubadala buys into the world’s largest offshore win
Video Briefing
UAO Daily Video Brief — May 21: Who funds the US now?
Foreign governments were net sellers of US securities in March while private investors bought $162bn — the clearest sign yet that the marginal buyer of Treasuries is no longer official money. Plus: China’s holdings hit a 17-year low, and central banks bought 244 tonnes of gold.
UAO Research
Allocating Across a Fragmenting World
Reserve diversification, friend-shoring and a more fragmented order. The new map a universal owner has to allocate across.
UAO Research
Stewardship at Scale: Can a Universal Owner Shape What It Owns?
If you own the whole market, you cannot sell your way out of a bad system. Can universal owners actually shape what they own?
UAO Research
How Infrastructure Moved From the Alternatives Bucket to the Core
Inflation-linked, long-duration, and increasingly data-driven. Why asset owners are reclassifying infrastructure as a core holding.
UAO Research
Demographics: The Most Predictable Force a Universal Owner Can't Diversify Away
Aging populations are a slow, certain force the universal owner cannot diversify away. What it does to liabilities, duration and returns.
UAO Research
The Energy Transition Is an Allocation Problem, Not a Slogan
The transition is a multi-trillion-dollar capital-formation problem. For universal owners it is an allocation question, not a slogan.
UAO Research
Private Markets Meet the Liquidity Question
Record dry powder, a backed-up distribution cycle, and the denominator effect. Private markets meet the liquidity question.