Heather Gillers
speaker
548 appearances
11 recordings
1 series
first heard Nov 2018
last heard Oct 2021
Heather Gillers’s voice in public audio — every appearance, attributed to the second.
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Appearances
Examples would be like private equity, where you're investing in private companies, not in publicly traded stocks, or infrastructure like roads and bridges.
Sure, thanks for having me.
Many state and local government pensions are facing a pretty big gap between the assets they have on hand and the cost of the benefits they've promised in the future to current and retired workers.
And so they have to make up that gap somehow.
And most of the ways of finding money are politically difficult, like raising taxes or
taking money away from other stuff in the budget.
So many of them have resorted to trying to get as high investment returns as possible.
So alternative investments are typically not assets that can be traded on the public market, like stocks and bonds, where you know the price, you can buy them and sell them anytime.
They're fairly liquid, very liquid.
Alternative assets, on the other hand, are private market assets.
They're typically illiquid.
So examples would be like private equity, where you're investing in private companies, not in publicly traded stocks.
or infrastructure like roads and bridges or real estate, apartment buildings.
Hedge funds was a longtime popular alternative asset that's lost some of its favor with public pensions.
Private credit is one that's gaining steam.
That's private loans to companies, not bonds that are traded on the public markets, but private loans.
So stocks and bonds are traded on public markets.
You can pretty much always find a buyer.
You can always find out how much it costs.
And most importantly, you can pretty much cash out anytime.
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