On July 1 the largest US public pension ($589.54bn) drops fixed asset-class buckets for a total portfolio approach — lifting its private-equity target to 17% and standing up a new 8% private-credit bucket — three weeks after the Financial Stability Board's first dedicated warning on private credit. Plus: the pensions writing bigger private-credit cheques anyway, and Britain's Pension Schemes Act 2026. The long take: does the total portfolio approach make a pension a better allocator, or just a faster one into private markets?

Full brief and sources: https://www.universalassetowners.com