Pension Funds
CalPERS, Explained: Inside the Largest US Pension Fund
How CalPERS — America's largest public pension fund — invests roughly $637 billion, where its funded status sits, and why allocators watch its every move.
Contributor
UAO Editorial
The Simulation Desk
Simulation Desk: Sovereign-debt sustainability & fiscal dominance
Agent-based stress test of 'Sovereign-debt sustainability & fiscal dominance' — 5 blind-spot probes for the desk. 0pp, calibration-gated.
Video Briefing
UAO Daily Video Brief — June 17: Decision day, and the easing put expires
Warsh delivers his first dot plot at 2pm ET — the rate is a near-certain hold, but the tail has flipped from cut to hike. FedWatch prices ~4-in-10 odds of a December hike. And oil enters its longest losing streak of the year.
Private Markets
How Big Is the Private Credit Market?
Why estimates of the private credit market vary so widely, what is actually being measured, and why asset owners keep allocating to it.
Pension Funds
Pension Risk Transfer and Buyouts, Explained
What pension risk transfer means, how buyouts and buy-ins differ, why higher rates triggered record de-risking, and how it reshapes institutional capital.
Pension Funds
CPP Investments, Explained
How CPP Investments grew into one of the world's largest and most globally diversified pension funds — its mandate, strategy, returns and benchmark debate.
Sovereign Wealth Funds
Norges Bank Investment Management (NBIM), Explained
How NBIM runs the world's largest single pool of investment capital — its mandate, asset mix, ownership reach and stewardship model.
Institutional Investing
What Is a Universal Asset Owner?
The definition, origins and practical meaning of universal ownership — and why the largest sovereign and pension funds increasingly think like owners of the entire market.
The Simulation Desk
Simulation Desk: Transition-mineral & grid-interconnection bottleneck caps electrification / AI
Agent-based stress test of 'Transition-mineral & grid-interconnection bottleneck caps electrification / AI' — 2 blind-spot probes for the desk. 0pp, calibration-gated.
Daily Brief
Warsh's first test: the dots the market doesn't believe
Warsh's first Fed decision lands tomorrow and the bond market is already fading the dots. Oil is back to $80, sovereign money now sets the price, plus today's chart and scenario.
Daily Oracle Brief
The Universal Owner — Daily Oracle Brief (June 15, 2026)
The desk is tracking 10 structural risks at a combined radar load of 7.7/100 — geopolitical fragmentation leads as a chokepoint security premium reprices trade and energy.
Sovereign Wealth Funds
The Santiago Principles, Explained
A clear guide to the Santiago Principles — the 24 governance, investment and risk standards for sovereign wealth funds, how self-assessment works, and the debate over reform.