The Universal Owner — June 3: The illiquidity premium splits the pensions

Two of the largest U.S. public funds move in opposite directions on private markets at the July 1 fiscal-year turn — Alaska Permanent trimming as its CIO calls the illiquidity premium "gone," while Washington, Connecticut and Virginia build private-credit targets. We weigh the evidence, the Financial Stability Board's May warning, and what a universal owner should actually ask its managers. Full brief and sources: https://www.universalassetowners.com