UAO Research
The $13-Trillion Question: How Sovereign Wealth Rewrote the Map of Global Capital
Sovereign funds now steward well over $13 trillion. The Gulf giants — PIF, ADIA, Mubadala, QIA — are rewiring the map of global capital.
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If You Own the Whole Market, What Exactly Is Your Job?
When you own a slice of the entire economy, beating the market is the wrong objective. The thesis that defines this audience.
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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
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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
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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
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Private credit's first untested cycle
A universal owner cannot diversify away from private credit. At $1.5–2 trillion and embedded in pension, insurance and sovereign portfolios,
UAO Research
The regulator warns, the allocators add
A global regulator spent this month warning about private credit. The world's largest asset owners spent it allocating more. That
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
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