In a triumph for structured finance, these packages of junk loans have up to now confounded any perils.
Many institutions, wary of the asset class’s notorious volatility, keep their exposure low despite raw material price climbs.
Why big allocators on this side of the Atlantic, like CalSTRS, CPPIB, and OMERS, are seeding Old World newbie companies.
The cash flow is solid, except for occasional problems like pandemic-reduced traffic volumes.
And where the Grave Dancer is branching out into other things instead, juggling businesses like logistics, health care, and energy.
Private credit, real estate, emerging markets. Here are the ways CIOs at HOOPP, the James Irvine Foundation, and two others are solving the allocation puzzle.
CPPIB and CalSTRS are among the many institutions that have put money into the expanding Asian economic powers.
With good results in hand, he is shifting the allocation of his California transit agency pension fund and health care trust, aiming for still better performance.