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The UAO Insider

The weekly briefing on the people, relationships, appointments and strategic moves shaping the world's largest pools of long-term capital.

Who’s in. Who’s out. Who’s writing the cheques.

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A 5-minute Friday read · Every item carries a dated public source · Zero rumor, zero filler

Inside every issue

Seven fixed sections. The same running order every Friday, so you always know where to look.

01

People Moves

Every consequential hire, exit and promotion across the mega-funds — sourced, dated and tabulated. The CIO carousel never stops turning; we keep the seating chart.

02

On the Circuit

Where influence gathers: the conferences, panels and private rooms where trillions shake hands. If the LP world is in Berlin, you’ll know who’s there and why it matters.

03

Capital Society

New offices, delegations and partnerships — the diplomatic map of institutional capital. One recent week: Korea’s US$232bn sovereign fund planting its flag in Tokyo.

04

Mandates & Money

Who got funded, who’s searching, who anchored what — like ADIA quietly writing US$675m into a single India real estate fund. Follow the cheques, not the press releases.

05

Quiet Signals

The under-reported moves that whisper before they shout. Gulf funds deploying US$26bn straight through a regional war was a Quiet Signal before it was a consensus.

06

Name to Know

One rising decision-maker each week — on your radar before they’re on everyone else’s.

07

Room to Watch

The committee, office or team where the next big allocation decision is quietly being made.

Be in the room.

The people side of the world’s biggest money, free in your inbox every Friday.

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Sourced or it doesn’t run. Every single item links to a real, dated public source.
Professional, not personal. A hard editorial firewall: public, professional developments only.
Built on the Registry. Backed by our ranked database of the world’s 100 largest asset owners and their leaders.

The latest issue

The US$80bn Treasury Cut That Is Really a Liquidity Call

Norway asks to hold roughly US$80bn less in Treasuries and says it never needed that many; Oregon cuts private equity again; and the executive who built HOOPP's C$24bn private equity book turns up in Abu Dhabi.

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UAO Insider
People, power, relationships and influence across the world's largest asset owners.
Issue 11 · Saturday 5 September 2026 · Week of 29 August–4 September
In this issue
Norway asks to hold roughly US$80bn less in Treasuries and says the quiet part out loud: it never needed that many. Oregon, the plan that wrote KKR its first pension cheque, cuts private equity again. And the woman who built HOOPP's C$24bn private equity book turns up in Abu Dhabi — reporting to a CPP Investments alumnus.
The Lead

The US$80bn Treasury Cut That Is Really a Liquidity Call

The world's largest sovereign fund has told its owner how much government paper it actually needs. The number is a lot smaller than what it holds.

On 2 September Norges Bank published two letters to Norway's Ministry of Finance, both dated 1 September and both signed by governor Ida Wolden Bache and Norges Bank Investment Management chief executive Nicolai Tangen. The first recommends that the government sub-index of the Government Pension Fund Global's bond benchmark be cut from 70 to 50 percent, and that governments be weighted by market value rather than GDP, because high public debt is now a general feature of developed economies rather than a distinctive feature of a few.

Read the full issue → Get the next one by email

Past issues

The US$80bn Treasury Cut That Is Really a Liquidity Call
The UAO Insider

The US$80bn Treasury Cut That Is Really a Liquidity Call

Norway asks to hold roughly US$80bn less in Treasuries and says it never needed that many; Oregon cuts private equity again; and the executive who built HOOPP's C$24bn private equity book turns up in Abu Dhabi.

UAO Editorial · Sep 5, 2026
Net investment returns for the six months to 30 June 2026: Ontario Teachers' 9.5%, Norway's GPFG 9.4%, CDPQ 5.1%, OMERS 4.8%.
The UAO Insider

The $184bn Half That Nobody Should Bank On

Norway books a record half and warns you off it, the Caisse beats its equity index and still misses its benchmark, and IMCO's CIO resigns — along with the job itself.

UAO Editorial · Aug 14, 2026
CalPERS Posts 14.8%. The Harder Number Is 85%.
The UAO Insider

CalPERS Posts 14.8%. The Harder Number Is 85%.

CalPERS records its strongest return in five years and reaches 85% funded status. Plus: BlackRock at $15.34 trillion, Taiwan's $3 billion climate mandate, and PIF's nonbinding I Squared agreement.

UAO Editorial · Jul 18, 2026
The UAO Insider

UAO Insider: Resilience Becomes the Portfolio

The world's sovereigns and central banks are not just changing asset classes — they are changing what "safe" means. Grids, gold, the AI stack and simpler operating models.

UAO Editorial · Jul 4, 2026
The UAO Insider

UAO Insider — Issue 3

People, power and influence across the world’s largest asset owners. The week of 5–12 June 2026.

UAO Editorial · Jun 13, 2026
The UAO Insider

UAO Insider — Issue 2

People, power and influence across the world’s largest asset owners. The week of 29 May–5 June 2026.

UAO Editorial · Jun 7, 2026