The Daily Brief

Ashby Monk

Good morning, Seattle. Here now, the news:

  • India is apparently still talking about a new SWF for acquiring foreign energy assets.
  • CalPERS has dramatically cut its venture portfolio — from 7% of its alternatives exposure to just 1%.
  • The Texas Permanent School Fund is dumping its hedge fund of funds. It plans to go it alone and start investing directly.
  • New York’s Governor is thinking about using pension assets to finance much needed infrastructure in the State. This is either a very good idea, or a very, very bad idea; it all depends on governance.
  • Oman’s State General Reserve Fund is reported to have “…at least $15 billion in cash reserves apart from its asset investments.” So if we assume that most long-term investors would want their cash levels under 5%, $15 billion in cash should translate into an overall AUM of at least $300 billion for the SGRF. That’s big!

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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