UAO Research
Research & Commercial Insight
Private credit is the risk every regulator now names. Is the universal owner being paid for a danger that is, by their
Universal Asset Owners
Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
UAO Research
Research & Commercial Insight
Is "safe haven" still a place? The global capital map is fragmenting along an official-versus-private line. Capital Flow
UAO Research
Is the illiquidity premium still being paid? Pensions split at the July 1 turn.
UAO Research · June 3, 2026 · Pensions & Retirement · Feeds: Pension Strategy Watch For thirty years the textbook answer was settled: a pension
UAO Research
When a sovereign fund deploys fastest into its own war, is that resilience — or concentration risk wearing the mask of conviction?
UAO Research · June 2, 2026 · Sovereign / Gulf · Feeds: Sovereign Wealth Monitor The five biggest Gulf sovereign funds spent close to $26 billion
UAO Research
Sovereign funds are sprinting into private markets while pensions pull back. Is that a split in conviction — or in liquidity?
UAO Research · June 1, 2026 · Private markets / Institutional allocation · Feeds: the private-markets allocation theme The two largest tribes of universal owners
UAO Research
When you own the whole market but can't out-vote the founder, has AI stewardship hit its ceiling?
UAO Research · May 29, 2026 · Stewardship, Governance & Risk · Feeds: The Universal Owner Risk Radar A universal owner holds the AI build-
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When the world's biggest pools all tilt home at once, who is left to fund the global build-out?
UAO Research · May 28, 2026 · Capital flows · Feeds: Capital Flow Watch The hook is a single afternoon meeting in Seoul. South Korea&
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Does the total portfolio approach make a pension a better allocator — or just a faster one into private markets?
UAO Research · May 27, 2026 · Pensions & Retirement · Feeds: Pension Strategy Watch On July 1 CalPERS retires the strategic asset allocation model
UAO Research
The price of co-investing with a sovereign: when state capital becomes AI's marginal buyer
UAO Research · May 26, 2026 · Sovereign Capital · Feeds: Sovereign Wealth Monitor Sovereign capital crossed $15tn in 2025 and is now the foundational
Private Credit
Sizing Private Credit: A Due-Diligence, Liquidity and Covenant Checklist
A practical checklist for committees: separate skill from leverage and illiquidity premia, stress your own liquidity assuming gates, and read the covenant package before the yield.
UAO Research
Is the long bond still the anchor? When the term premium rises everywhere at once
UAO Research · May 25, 2026 · Macro / Capital Markets · Feeds: the duration theme that recurs in The Universal Owner Risk Radar For most
UAO Research
When the index manager stops being your proxy: does unbundling stewardship strengthen the universal owner's voice — or hollow it out?
UAO Research · May 22, 2026 · Stewardship, Governance & Risk · Feeds: The Universal Owner Risk Radar For most of the past decade, a