All IPE articles in July/August 2021 (Magazine)
View all stories from this issue.
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Interviews
On the record: Unlisted priorities
Two pension funds discuss how their strategies for non-listed investments are evolving
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Opinion Pieces
Notes from Switzerland: Work in progress
History repeats itself, first as tragedy, second as farce: now another referendum result in Switzerland is poised to obstruct changes designed for a long-term impact.
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Features
Research: Stewardship is key to the ‘S’ pillar
Simon Klein and Amin Rajan show the reliance of social-related passive funds on equities
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Features
Perspective: Swensen’s legacy grows
The late David Swensen achieved a remarkable performance edge for the Yale Endowment, can it be replicated by pension funds
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Opinion Pieces
Letter from US: Hybrid plans in focus
The move from defined benefit (DB) pension plans to defined contribution (DC) has been ongoing for years in the US, both in the private and public sector. But more recently many state and local governments have adopted hybrid designs.
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Interviews
Exit interview: Ivonne Forno
Ivonne Forno, former CEO of Laborfonds, reflects on her experience of building one of Italy’s most successful pension institutions
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Opinion Pieces
ESG: progress but still much road to travel
Good things are happening in the land of ESG. Aspects of the European Commission’s sustainable finance action plan regulation have certainly been frustrating, but the sustainable finance disclosure regulation (SFDR), for example, does look like it could end up having a beneficial effect, even though there are still problems associated with it and the effect is perhaps not the one that was envisaged for the SFDR.
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Country Report
ESG gains ground
Italian pension funds are increasingly making their investment choices with ESG factors in mind
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Opinion Pieces
Governance must be the embedded solution
Europe now has approaching two decades of experience with the investment outsourcing that is loosely called fiduciary management, or sometimes outsourced CIO (OCIO), to use the US terminology.
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Opinion Pieces
Guest Viewpoint - Cyril Demaria: Three lessons on private market investing
Writing our book Asset Allocation and Private Markets has led its authors to revisit an old adage, venture on an unusual path, and confront an academic theory.
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Features
Fixed Income, Rates, Currencies: Trickier than usual
Amongst the myriad of investment conundrums facing investors, one of the more pressing today is whether – or not – the US economy will overheat. Though the Federal Reserve has done a good job assuring the markets that while (US) inflation data may indeed print higher than “target”, Chair Jerome Powell will be “looking through” any rises. They have argued that these should be temporary and a dovish outlook will remain.
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Features
ESG & private markets: Crying out for standards
Growing awareness of ESG is fuelling pressure for definitive metrics to assess company performance
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Asset Class Reports
Portfolio strategy – Credit report
As the institutional investment community heads towards a post-COVID new normal, private credit remains a favourite among investors despite inflationary headwinds. In this report, we also cover the record amounts of capital raised by private-debt funds last year, the latest developments ESG in private markets, and how the digital transformation accelerated by COVID is impacting private debt.
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Features
Private credit: Floating to safety
Despite inflationary headwinds, the outlook for private credit remains strong
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Features
Private credit fundraising: A record year for private-debt funds
Record amounts of capital were raised by private-debt funds in 2020 but the outlook may be less strong in the short term
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Opinion Pieces
Social risks impact on employer covenant
The UK’s Department for Work and Pensions (DWP) recent consultation – Consideration of social risks and opportunities by occupational pension schemes – seeks to assess how trustees understand ‘social’ factors and how they aim to integrate financially material social factors into investment and stewardship activities.
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Country Report
Country Report: Pensions in Italy
Italian pension funds are growing their allocation to illiquid asset classes at an increasing pace, spearheaded by a number of innovative institutional collaborations. In addition, the sector is more and more making investment choices with ESG factors in mind, as we analyse in our latest in-depth on Italy’s pensions. The report examines the impact of COVID-19 on the health of the country’s second-pillar pensions system, and finds why its future growth is dependent on more decisive policymaking.
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Features
Long term matters: It’s corporate tax, stupid
Bill Clinton used the slogan “It’s the economy, stupid” to help him win the 1992 US presidential election. The same now applies to corporate tax in 2021.
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Country Report
Second-pillar pensions: The virtuous circle that will not start
Italy’s second-pillar pension system is developing but the industry awaits more decisive policymaking
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Features
Briefing - Growth private equity: From margin to multiple
Private equity may have a reputation for buying cheap, levering up and selling high. But with a record $30bn (€25bn) sitting in European growth vehicles, true business growth is expected to play a greater role in coming years.