Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
Public Market Equivalent benchmarking has become the industry standard for evaluating private equity performance. We examine methodologies, institutional implementation, and the implications for allocator governance.
Private equity compensation structures—management fees and carried interest—determine GP behavior, fund economics, and LP returns. Understanding their mechanics and market evolution is essential for allocators evaluating manager selection and fund terms.
Clawback provisions are contractual mechanisms enabling limited partners to reclaim distributions from general partners under specified underperformance conditions. They serve as a critical governance safeguard in private equity fund agreements, particularly for pension funds and sovereign wealth fu
Internal Rate of Return and Multiple on Invested Capital serve different purposes in private equity evaluation. Institutional investors must understand both metrics to assess true manager performance and allocate capital effectively.
Institutional investors evaluate private equity performance through three core metrics: DPI measures cash distributions, RVPI captures unrealized value, and TVPI combines both. Understanding these multiples is essential for CIOs allocating to private markets and assessing manager quality.
Collateralized loan obligations remain a core private markets tool for yield-seeking institutional investors. This guide covers structure, recent issuance trends, credit quality indicators, and governance considerations for CIOs evaluating CLO allocation.
TIAA is the roughly $1.5 trillion retirement provider built for US academia, healthcare and the non-profit sector, distinctive for putting guaranteed lifetime income at the centre of retirement saving.
Singapore manages an estimated S$2.5 trillion in reserves through three distinct institutions — GIC, Temasek and MAS. A guide to how the city-state's investment machine fits together.
Samruk-Kazyna is Kazakhstan's roughly $88bn national wealth fund — a state holding company that owns the country's strategic companies rather than a globally diversified portfolio. A guide to how it works.
Mumtalakat is Bahrain's roughly $18bn sovereign wealth fund, built to diversify the kingdom away from oil and gas. A guide to its strategic holdings, global portfolio and mandate.
Local Pensions Partnership is a UK Local Government Pension Scheme pool formed by Lancashire and the London Pensions Fund Authority. A guide to how it works and how the UK's megafund agenda is reshaping it.
Direct lending and broadly syndicated loans serve different portfolio roles. Direct lenders control terms and covenants; syndicated loan investors trade customization for market liquidity and diversification.