Moody’s warns that without public cuts, liabilities will eat 30% of state income.

New law eliminates $3.4 billion in liabilities to stabilize state’s public pension plans.

UBS emerging markets equities research team

Government assessment finds structural flaws, ‘entrenched underperformance.’

Projections now show a 90% chance the program will run out of money in seven years.

The 2008 credit crisis highlighted the risks associated with having large sums of money invested in opaque, illiquid assets. Nine years later, little has changed to improve transparency in the alternative investments marketplace.

Doubts about good acquisition targets rise as some PE firms hold back on buying.