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.
