Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
The fund finance market — covering subscription lines, NAV loans, hybrid facilities and GP financing — is estimated at approximately US$1 trillion. It has become a standard part of private markets investing that every institutional LP should understand.
ABP manages over €530 billion for 2.8 million Dutch public sector employees — making it Europe's largest pension fund and one of the ten biggest in the world. Its asset allocation is shifting sharply toward infrastructure and private equity ahead of a 2027 pension system overhaul.
Evergreen and semi-liquid structures have grown from under US$10 billion in annual flows in 2020 to a projected US$74 billion in 2025. Asset owners use them to access private markets without the pacing constraints of traditional closed-end funds.
NAV lending — borrowing against a fund's net asset value — has grown from a niche tool to a mainstream part of private equity finance. Asset owners increasingly encounter it as a structural feature inside their PE allocations.
Both are Singapore state investment institutions, but Temasek is an active owner of companies while GIC is a long-horizon reserves manager. Understanding the distinction matters for anyone tracking Asian sovereign capital.
The Warsh Fed held rates, erased the last cut, and nine members now dot a hike this year. The world's largest fund just recovered $68bn from its Q1 rout. One chart.
Agent-based stress test of 'Water & food-system stress as a sovereign-stability factor' — 2 blind-spot probes for the desk. 0pp, calibration-gated.