Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
UK Mansion House and the Megafund Turn: DC Consolidation, LDI Memory, and the Productive Finance Bet
The November 14, 2024 Reeves Mansion House speech, the Pensions Investment Review interim report, and the Pensions Schemes Bill route a £400 billion LGPS pool consolidation and a DC megafund threshold of £25 billion. The 2022 LDI episode and a thinning gilt term premium frame the policy choice.
The UK pension system holds roughly £3 trillion of assets across defined benefit, defined contribution, and Local Government Pension Scheme schemes. The Mansion House Compact of July 10, 2023, signed by nine large DC providers, committed 5 percent of default fund AUM to unlisted equities by 2030. Chancellor Rachel Reeves's November 14, 20...
US State Pensions 2026: USD 5.5 Trillion of Trust Money, an 80 Percent Funded Aggregate, and the CalPERS, CalSTRS, Texas TRS Allocation Reset
Federal Reserve Z.1 puts US state and local defined benefit assets at roughly USD 5.5 trillion at end 2024, with Pew Charitable Trusts marking the aggregate funded ratio in the 80 to 85 percent band on a market value basis. The 2024 fiscal year delivered a median public plan return near 9.7 percent, but discount rate compression, a 25 percent and rising allocation to alternatives, and an anti ESG patchwork from Florida, Texas, and West Virginia have replaced the funded status story with an asset strategy story. CalPERS at USD 540 billion, CalSTRS at USD 358 billion, and Texas TRS at USD 211 billion are the marginal price setters.
US state and local pension assets stood at approximately USD 5.5 trillion at end Q4 2024 per Federal Reserve Z.1 table L.120.b, against accrued liabilities that the Public Plans Database and Pew Charitable Trusts mark in the USD 6.7 to 6.9 trillion range, leaving an aggregate unfunded liability near USD 1.4 trillion and an aggregate funde...