Latest / The Fiscal Policy Podcast with Fexingo: Government Budgets, Stimulus, and Public Spending
How Government Pension Funds Are Investing Like Hedge Funds
Episode 65 digs into a surprising shift in public finance: government pension funds are piling into alternative assets — private equity, real estate, infrastructure, and hedge funds — at a pace that would have been unthinkable a decade ago. Lucas walks through the specific numbers from CalPERS, the California Public Employees' Retirement System, which now allocates nearly 40 percent of its portfolio to alternatives. Luna asks whether the higher fees and complexity are worth it, and they discuss the tension between chasing returns to close funding gaps and the risk of opaque, illiquid…
The skinny
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