The Daily Brief

In 2008, Harvard Management Company learned what pension funds had known since 2002: liabilities matter.

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Good morning!

  • In 2008, Harvard Management Company learned what pension funds had known since 2002: liabilities matter. (I also find it interesting to see how fast Harvard went from being a case study of “how to run an endowment” to being the case study of “how not to run an endowment”. It’s really quite remarkable.)
  • Here’s a really nice piece in the WSJ highlighting the irony of public pensions’ passion for private equity.
  • Malaysia’s Khazanah is apparently looking to raise $3 billion by listing its big healthcare subsidiary, Integrated Healthcare.
  • Kazakh’s Samruk-Kazyna will sell “non-specialized assets”. I’m not quite sure what that means or whether it’s part of the ‘People’s IPO’. But when there’s a new boss, there are generally new priorities. And so it goes at SK.
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