November 16, 2021
With inflation going up, and fixed income markets yielding next to nothing Calpers has to move into alternative assets. The question is whether a 10% shift is enough. I would say it isn’t, but as a fiduciary it is tough when you have such bad data in these markets…when the GP of the fund is setting the marks on the asset, you create the opportunity for malfeasance.
Inveniam delivers monthly or quarterly marks with total observability of inputs. These mark’s are delivered by our partners, Cushman & Wakefield, Houlihan Lokey, Deloitte, ValuStrat, JLL, CBRE, and Mercer. In 15 years the concept of an alternatives manager setting mark’s for assets in their own fund will be be like 40 Act funds (Mutual funds) acting as their own custodian or administrator. Price discovery and data surety will then pave the way for global trading of private market assets. We will see the first big benefit in DAO’s sponsored by Banks. Partners like Apex, Deloitte, and Tokeny help us get there faster.