Heather Gillers

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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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So fund managers often look to these alternative assets because there have been many cases where they yield those types of returns.

In a sense, they do for most funds because typically state and local government pension funds in the U.S.

are supervised by a board and a number of people on that board.

Those boards are typically made up of appointed and elected people.

And so a number of the people on those boards will be elected by the beneficiaries of the pension.

That's current and retired workers.

Well, there have been a lot of successes so far.

So private equity is one area where pension funds have been able to get some really good returns.

So this Ohio fund we wrote about earned 46% on its private equity portfolio in 2021, which was a banner year all around.

The public equity portfolio at most pension funds also did really well.

And this particular fund had some great success with its private credit portfolio as well.

There have also been some high profile screw ups where pension funds have ended up paying very high fees for pretty lackluster returns.

Well, the growth of alternative investments has been a pretty steady trend for two decades.

There's no reason to think that it would stop, particularly looking out at the coming decade where public market projected returns are pretty low.

You know, pension funds, just like every other investor, are going to be on a really, really serious hunt for yield.

And as that hunt becomes more cutthroat, private market investments are probably going to get more competitive.

It remains to be seen how well they'll pay off.

Thanks.

Thanks for having me.

WSJ Your Money Briefing · Pandemic Squeezes Pension Funds · 10 Dec 2020 podcast

When pensions can't rely as much on bonds for income, they have to take on maybe more risk or add more money from government budgets.

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