Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
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
A six-to-eight minute extended brief. Norway's $2.1T fund admits its real-estate strategy underperformed and pivots toward sectors AI is reshaping; PIF anchors a State Street Saudi equity ETF; Ontario Teachers halves its US-dollar exposure; FSB flags private-credit transparency; and 2026 h
An afternoon follow-on to the morning brief — Bank of America's ~$20B private-credit disclosure, the Fed Vice Chair's May 8 speech on corporate-lending migration, and the European / semi-liquid rotation.
Private credit hits its first real liquidity test as redemption gates close at Blue Owl and Blackstone funds — yet CalPERS, APG and Nest keep buying. CalPERS retires strategic asset allocation for a total portfolio approach on July 1, and Mubadala buys into the world’s largest offshore win
Foreign governments were net sellers of US securities in March while private investors bought $162bn — the clearest sign yet that the marginal buyer of Treasuries is no longer official money. Plus: China’s holdings hit a 17-year low, and central banks bought 244 tonnes of gold.