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.
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Explainers
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Latest in Explainers
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.
Pension Funds
Liability-Driven Investing (LDI), Explained
LDI matches pension assets to pension promises. How it works, why leveraged versions broke in the UK in 2022, and what allocators learned.
Institutional Investing
The Endowment Model (Yale Model), Explained
Pioneered at Yale, the endowment model trades liquidity for higher long-run returns through private equity, venture and real assets. How it works and where it strains.
Sovereign Wealth Funds
The Norwegian Model of Investing, Explained
Low cost, broad diversification, near-index public-market exposure and active ownership: how Norway's sovereign fund became a template for long-horizon investing.
Pension Funds
The World's Largest Pension Funds
Who the biggest pension funds are, how much they manage, and why pension capital is concentrating into a handful of giants.
Sovereign Wealth Funds
Sovereign Wealth Fund vs Pension Fund: Key Differences
Both are giant long-horizon investors, but they answer to different owners and different liabilities. How sovereign wealth funds and pension funds actually differ.
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