UAO Fiduciary
You own the externality: why universal owners pay for their companies' pollution
When a portfolio company offloads a cost onto the world, a diversified owner is the world. The bill comes back.
Contributor
UAO Editorial
UAO Fiduciary
Physical risk comes for the portfolio: insuring the uninsurable
Transition risk gets the attention. Physical risk sends the bill — and a diversified owner has nowhere to send it on.
UAO Fiduciary
The allocation gap: why 86% of owners keep raising climate exposure as managers retreat
The loudest signal of 2025 was the retreat. The largest signal was the money, which kept moving the other way.
UAO Fiduciary
After the exodus: what's left of the Net-Zero Asset Owner Alliance
The headline departures are real. So is the capital that stayed — and the targets that still bind it.
UAO Fiduciary
When protecting beta becomes a fiduciary obligation, not a choice
The universal-ownership thesis has an uncomfortable implication: for the largest funds, ignoring systemic risk may itself be a breach of duty.
UAO Fiduciary
Pecuniary only? How H.R. 2988 would reshape what US pensions can weigh
A bill that passed the House by ten votes would narrow the lens through which American retirement fiduciaries are allowed to see risk.
UAO Fiduciary
The new duty: what the UK Stewardship Code 2026 changes for asset owners
The Code that took effect on 1 January redefines the job itself — and resets the bar every large owner is measured against.
Private Markets
Cap Rates in Real Estate, Explained
Cap rates remain central to institutional real estate underwriting. This article explains how long-term capital allocators interpret, benchmark, and deploy this metric across geographies.
Pension Funds
Pension Fund Governance: Best Practices for Investment Committees
Effective pension fund governance hinges on robust investment committee design, clear fiduciary accountability, and systematic manager evaluation. This article outlines institutional best practices used by leading funds.
Private Markets
The NCREIF Index, Explained
The NCREIF Index remains the institutional real estate market's primary performance metric. We explain its construction, governance, use cases, and why asset owners rely on it for private real estate decisions.
Private Markets
GP-Led Secondaries in Private Equity, Explained
GP-led secondaries have grown into a $100+ billion market segment, reshaping how large pension funds and endowments manage private equity exposure. We explain the mechanics, risks, and implications for long-term allocators.
Private Markets
Brownfield vs Greenfield Infrastructure: What's the Difference?
Institutional allocators must distinguish between brownfield and greenfield infrastructure investment strategies. Each presents distinct risk-return profiles, capital efficiency metrics, and governance considerations for long-term portfolio construction.