Underwriting Backtests in Systematic Investing: How to Separate Evidence from Noise

Systematic investing is in oversupply. Equity statistical arbitrage managers can run thousands of signals across hundreds of stocks. Macro quant teams can test dozens of model variants across rates, FX, commodities, and futures curves. The ...
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6 min read

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Structured Credit: Why SRT and CLO Are Different GamesHow Hedge Funds Are Really Using Generative AI — And Why It Matters for Manager SelectionThe Rise of PIK: A Double-Edged Sword for Private CreditHedge Funds, Repos, and the Hidden Plumbing of LeverageUnderstanding Hedge Fund Quantitative Metrics: A Handy Cheatsheet For InvestorsNAV Lending: Liquidity Tool or Leverage Trap in Private Markets?

Prediction Markets: The New “Implied Probability” Curve (and What Allocators Should Do With It)

Prediction markets are no longer a niche pastime. They are becoming a scalable market structure for pricing discrete outcomes—elections, policy decisions, macro prints, and corporate events—using exchange-style contracts. Two forces make ...
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7 min read

Apples-to-Apples: Assessing Evergreen Hedge Funds vs. Closed-End Private Funds

Allocators routinely compare hedge fund track records against private fund IRRs. That’s a category error. Evergreen vehicles report time-weighted returns (TWR); closed-end programs are cash-flow engines best judged by money-weighted return ...
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6 min read

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Designing Failure-Tolerant Hedge Fund Programs: Preparing for Blow-Ups, Gates and Forced Deleveraging

Hedge funds are now core to institutional portfolios, not tactical side bets. Industry assets are approaching USD 5 trillion, with record inflows from institutions in 2024–25 and capital concentrating in a small group of large platforms. ...
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11 min read

Risk Mitigation with Hedge Funds: An Allocator's Approach -and the Lessons That Endure

Institutions are putting hedge funds back to work as risk tools, not side bets. The signal is clear: BlackRock’s Investment Institute has urged allocators to lift hedge fund weights by up to five percentage points, its largest guidance on ...
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5 min read

Cat Bonds: What Allocators Need to Know Now

Catastrophe bonds (cat bonds) have moved from niche to mainstream allocator tool. Record primary supply in 2025—$10.5bn in Q2 alone and a $54–56bn outstanding market mid-year—reflects insurers’ demand for alternative capital and investors’ ...
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7 min read

Dutch Pensions: What’s Changing and Why Markets Care

The Netherlands is shifting from DB-style promises to DC-style accruals under the Future Pensions Act (Wtp). A sizeable share of assets plans to transition around January 2026, with a follow-up wave likely in January 2027. The shift ...
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4 min read

Life Settlements as an Investment Asset Class

Life settlements—the purchase of life insurance policies from original holders—have gained traction as a niche alternative asset class offering actuarially driven returns and structural diversification. Institutional investors, including ...
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7 min read

Evaluating Hedge Funds in a Crowded Market: How Allocators Can Separate Durable Alpha from Disappearing Edge

Hedge funds are more plentiful than ever, but true alpha has never been scarcer. Crowding, high cash yields, and performance dispersion make today’s environment particularly unforgiving for allocators. For CIOs and family offices, the ...
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5 min read

The Path to Redemption: Rethinking Decisions When Good Managers Fail To Perform

Every allocator knows the experience. A hedge fund manager with a stellar track record suddenly falters. Performance dips, peers outperform, and questions surface in the Investment Committee. Do you stay patient and give the manager room ...
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6 min read
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