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A Blackstone- and pension-backed operator pledged $30bn to build 5GW of AI data centres in India; Gulf sovereign funds kept spending through the war; and the IEA's numbers say power, not capital, is the real ceiling on the compute boom. Three things for long-horizon allocators. Full brief: https://w
The FSB's June plenary reframes systemic risk around correlated, simultaneous shocks — and names two fresh ones. Plus record private-credit defaults and Norway's paused stewardship engine. Three things for long-horizon allocators. Full brief: https://www.universalassetowners.com
Gulf sovereign funds kept deploying through the Iran war, mostly into developed markets — even as official reserve managers eased off the dollar. Today's Capital Flow Watch: where Gulf capital went, the split inside the Gulf, and what a fragmenting "safe haven" means for allocators. (1) The Gulf did
On July 1, the largest U.S. public funds move in opposite directions on private markets. Alaska Permanent trims as its CIO calls the illiquidity premium "gone"; Washington, Connecticut and Virginia build private-credit targets; the FSB warns on a market it can half-see. Three things for long-horizon
The five biggest Gulf sovereign funds deployed nearly $26bn in three months — faster than their five-year pace — even as the Iran war shut the Strait of Hormuz. In this brief: the headline number; the emerging-markets tilt at PIF and ADIA; and PIF's spend-and-prune quarter. Full brief: universalasse
China's two May factory surveys point in opposite directions as Wall Street closes its best month of 2026 at a record and oil sits 20% off its peak. Three things for long-horizon allocators. Official China PMI stalls at 50.0 while the private survey jumps to 51.8 · S&P 500 closes May at 7,580 · Oil
Meta's May 27 AGM defeated every shareholder proposal — the AI-data-governance measure topped out at ~27%, and even the world's largest fund couldn't move it. Three signals for universal owners: the stewardship ceiling, the proxy-season AI pattern, and AI debt concentrating in investment-grade credi
Korea's NPS — the world's third-largest pension — votes today on lifting its domestic-equity target. Indonesia's INA discloses $4.2bn deployed with 30% in digital infrastructure. New York City stretches its pension timetable for a $5bn long-run cost. Chart: five mega-allocators tilting home in one y
On July 1 CalPERS ($589.54bn) drops fixed asset-class buckets for a total portfolio approach — lifting its PE target to 17% and adding a new 8% private-credit bucket — three weeks after the Financial Stability Board's first dedicated private-credit warning. CalPERS adopts TPA · The FSB warns on priv
Sovereign wealth funds crossed $15tn in 2025 and the Gulf 7 drove 43% of all sovereign dealmaking — increasingly into AI and compute. Plus: Indonesia's INA joins the data-centre boom, and the Gulf spends into the dislocation. Sovereign capital crosses $15tn · Indonesia joins data centres · The Gulf
Long-dated government-bond yields hit multi-decade highs across the US, Japan, Germany, and the UK at once on a Middle East oil shock. Plus Europe's growth-down, inflation-up forecast and Bank Indonesia's surprise hike. Three things for the people who allocate long-horizon capital. Full brief: https
Private-credit defaults hit a record 6% — and most of it is hiding in payment-in-kind. The Big Three split their stewardship for the 2026 proxy season. And the Fed reshuffles its risk ranking, with private credit jumping from 9th to 4th. The Risk Radar edition. Full brief: https://universalassetowne
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