UAO Research
What a Universal Owner Actually Owns When It Owns AI
Concentration risk on one side, a productivity regime change on the other. What a universal owner actually owns when it owns AI.
Contributor
UAO Editorial
UAO Research
Why the World Keeps Trying to Copy Canada's Pension Funds
Independent governance, in-house teams, and real assets. How CPP Investments and Ontario Teachers' built the template the world now copies.
UAO Research
The $13-Trillion Question: How Sovereign Wealth Rewrote the Map of Global Capital
Sovereign funds now steward well over $13 trillion. The Gulf giants — PIF, ADIA, Mubadala, QIA — are rewiring the map of global capital.
UAO Research
If You Own the Whole Market, What Exactly Is Your Job?
When you own a slice of the entire economy, beating the market is the wrong objective. The thesis that defines this audience.
Daily Brief
Official sellers, private buyers — who funds the US now | May 21
March TIC data: governments sold US securities, private money bought $162bn. China at a 17-year low. Central banks bought 244 tonnes of gold. One chart, one take.
UAO Research
When the universal owner becomes the lender of first resort: what happens to global capital when nonbanks set the marginal price?
UAO Research · May 21, 2026 · Geopolitics, Capital Flows & Currency · Feeds: Capital Flow Watch The March Treasury data carried a quiet structural
Daily Brief
Private credit gates close as pensions add | May 20
Blue Owl and Blackstone funds hit redemption limits, defaults at a record — yet CalPERS, APG and Nest keep buying. Plus: CalPERS retires asset allocation. One chart, one take.
UAO Research
Is the Canadian operating model becoming the American one? CalPERS, the total portfolio approach, and the governance it demands
UAO Research · May 20, 2026 · Pensions & Retirement · Feeds: Pension Strategy Watch On July 1, the largest public pension in the United
UAO Research
When the world's largest sovereign fund concedes the playbook didn't work: what NBIM's real-estate pivot tells universal owners about the next decade in private real assets
UAO Research · May 19, 2026 · Sovereign Capital · Feeds: Sovereign Wealth Monitor When the world's largest sovereign fund publicly admits a
Daily Brief
Norway concedes its real-estate book — and a $940bn Gulf opening | May 19
NBIM pivots its $2.1T fund toward AI-adjacent sectors, PIF anchors a Saudi ETF, OTPP halves its dollars — and the FSB names private credit's transparency problem.
UAO Research
Private credit's first untested cycle
A universal owner cannot diversify away from private credit. At $1.5–2 trillion and embedded in pension, insurance and sovereign portfolios,
UAO Research
The regulator warns, the allocators add
A global regulator spent this month warning about private credit. The world's largest asset owners spent it allocating more. That