The Allocator Briefing — May 20: Private Credit’s Liquidity Test, and CalPERS Retires Asset Allocation

Private credit hits its first real liquidity test — redemption gates close at Blue Owl and Blackstone funds and US defaults hit a record — yet CalPERS, APG and Nest keep buying. CalPERS retires strategic asset allocation for a total portfolio approach on July 1; US corporate pensions are the best-funded since 2007; and Mubadala buys into the world's largest offshore wind farm beside USS and La Caisse. The long take: is the Canadian/Australian operating model becoming the American one — and does its value survive US public-pension governance? Full brief and sources: universalassetowners.com