The Allocator Briefing — May 19 (full-length): NBIM Admits It, And The Pivot Toward AI-Adjacent Real Estate

A full-length edition. Norway's $2.1T sovereign fund tells parliament its real-estate strategy underperformed and rewrites the framework around sectors AI is reshaping; PIF anchors a State Street Saudi equity ETF; Ontario Teachers halves its US-dollar exposure; the FSB names private credit's transparency problem; and 2026 hyperscaler capex prints near $1T with sovereigns now an underwriting line. The long take: what NBIM's pivot tells universal owners about the next decade in private real assets. Full brief and sources: universalassetowners.com