Daily Brief
Official sellers, private buyers — who funds the US now | May 21
March TIC data: governments sold US securities, private money bought $162bn. China at a 17-year low. Central banks bought 244 tonnes of gold. One chart, one take.
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UAO Research
When the universal owner becomes the lender of first resort: what happens to global capital when nonbanks set the marginal price?
UAO Research · May 21, 2026 · Geopolitics, Capital Flows & Currency · Feeds: Capital Flow Watch The March Treasury data carried a quiet structural
Daily Brief
Private credit gates close as pensions add | May 20
Blue Owl and Blackstone funds hit redemption limits, defaults at a record — yet CalPERS, APG and Nest keep buying. Plus: CalPERS retires asset allocation. One chart, one take.
UAO Research
Is the Canadian operating model becoming the American one? CalPERS, the total portfolio approach, and the governance it demands
UAO Research · May 20, 2026 · Pensions & Retirement · Feeds: Pension Strategy Watch On July 1, the largest public pension in the United
UAO Research
When the world's largest sovereign fund concedes the playbook didn't work: what NBIM's real-estate pivot tells universal owners about the next decade in private real assets
UAO Research · May 19, 2026 · Sovereign Capital · Feeds: Sovereign Wealth Monitor When the world's largest sovereign fund publicly admits a
Daily Brief
Norway concedes its real-estate book — and a $940bn Gulf opening | May 19
NBIM pivots its $2.1T fund toward AI-adjacent sectors, PIF anchors a Saudi ETF, OTPP halves its dollars — and the FSB names private credit's transparency problem.
UAO Research
Private credit's first untested cycle: what a universal owner should actually do with the FSB warning
UAO Research · May 15, 2026 · Stewardship, Governance & Risk · Feeds: The Universal Owner Risk Radar A universal owner cannot diversify away from
Daily Brief
The regulator warns, the allocators add | May 15
The FSB flags private credit; pensions commit $84.8B anyway; Norway stress-tests fragmentation.
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