Daniel GrizeljIntroduction What do pension funds, insurance companies, banks, and sovereign wealth funds have in common? They are all looking for above-average returns in a market with a somewhat unfavorable risk/reward. This is a trend that started well before 2024. In 2021, for example, The Wall Street Journal discussed the emerging trend of pension funds moving into riskier alternative assets "to make up for billion-dollar shortfalls and fulfill future retirement promises." The quote below is from an ...