Sovereign Wealth Funds
Saudi Arabia's Public Investment Fund (PIF), Explained
From a domestic holding company to one of the world's most consequential investors: how PIF works, what it owns, and what its 2026-2030 strategy signals.
Contributor
UAO Editorial
Private Markets
Private Equity Secondaries, Explained
The market for second-hand private equity stakes set another record in 2025. How secondaries work, who sells, who buys, and why the market has become core institutional infrastructure.
Private Markets
The J-Curve in Private Equity, Explained
Why every private equity fund looks like a loser in year two — and why disciplined allocators don't care.
Private Markets
The Denominator Effect, Explained
Why falling public markets can leave pension funds and endowments 'overallocated' to private equity without buying a single new asset — and what allocators actually do about it.
Asset Allocation
What Is an OCIO (Outsourced CIO)?
How institutions delegate their portfolios to an outsourced CIO, why the model grew into a multi-trillion-dollar market, and what they give up in return.
Family Offices
Single vs Multi-Family Office: How They Differ
When one family builds its own office and when several share one — the cost, control, privacy and scale trade-offs that decide it.
Private Markets
What Is Private Credit? An Allocator's Guide
How non-bank lending became a multi-trillion-dollar asset class, why pensions and sovereign funds keep allocating to it, and where the risks sit.
Pension Funds
Defined Benefit vs Defined Contribution Pensions
Who bears the investment risk, how each model invests, and why the decades-long shift from DB to DC quietly rewired the world's pension capital.
Endowments & Foundations
How Endowments and Foundations Invest: Perpetual Capital, the Payout Rule, and the Endowment Model
A practical explainer for institutional allocators: how endowments and foundations turn permanent capital into a spending engine — and why the rest of
Chart of the Day
Chart of the day — 2026-06-10
CalPERS retires asset-allocation targets July 1, rewires staff pay next week, and the private-credit split widens — plus one chart.
Podcast
The Universal Owner — Wednesday, June 10, 2026
CalPERS retires asset-allocation targets July 1, rewires staff pay next week, and the private-credit split widens — plus one chart.
Video Briefing
UAO Daily Video Brief — June 10: The biggest US pension deletes the rulebook
CalPERS retires strategic asset allocation on July 1 — the first US pension to adopt the total portfolio approach. We cover the switch, the staff-pay vote that decides whether it works, the private-credit split it's meant to settle, and the contested outperformance number behind it all. (1) CalPERS