Time for the weekend! Here’s some of the latest news for your reading enjoyment:
- It’s Not You, It’s Me: Citing domestic budgetary pressures, many SWFs are apparently continuing to pull their capital from third party asset managers. They withdrew $16 billion last quarter alone.
- Crabby LPs: According to the Australian Future Fund, gone are the days when it would pay performance fees for returns based on luck or lazy use of leverage. Amen.
- Insane LPs: A report out this morning says that sovereign funds are striking deals with private GPs that are “not even in writing.” Oh, yeah, I’m sure that’ll work out just great.
- Forcing LPs: California will soon be forcing all LPs to disclose their private equity fees. Good.
- C3PO Says: Hedge funds aren’t making money today. Private equity isn’t expected to make money tomorrow. What does this mean for pensions? According famed pension analyst C3PO . . . We’re doomed.
- Other People’s Money I: India’s new sovereign wealth fund has a unique funding model. According to reports, it is trying to source wealth from other sovereigns for its own fund. In other words . . . it’s not really a sovereign fund at all. It seems more akin to a state directed asset management business.
- Other People’s Money II: While we’re at it, India figures, let’s set up a few more of these sovereign funds. After all, it’s other peoples’ money!
- New SWFs: Turkey has reportedly set up the shell for its new SWF.
- Selfie: In which I argue that “Robo-Savers” will prevent retiremageddon and the savepocalypse.
Have a great weekend, everybody!
