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Direct Investing by Institutional Investors: Implications for Investors and Policy-Makers Prepared in collaboration with Oliver Wyman November 2014 World Economic Forum 2014 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. Direct Investing by Institutional Investors | B Contents Preface 1 2 3 Preface Executive Summary 1. The Investor Ecosystem 4

Keywords

investors without the governance invests in a fund assets such as real partner are still direct assets across all real managers by us pension owners and their asset investors to also invest manager if the institution

Sources: WEF

Pathway Demo and Download Data

You can download the excel file containing Categories, Goals, Measures and Actions. Please use Lunge App, to try the pathway data.
Download Pathway Data
This section lists the Pathway type, Priority/ function areas, Sectors/ fields of life and People/ roles for the pathway.
Type:   Forecasts
Priority/ Function Areas:   Law & Government  People & Society
Sectors/ Fields of Life:   Economy-wide
People/ Roles:   Multi-Nationals  Private Corporations  Governments
This section lists the Categories, Goals, Measures and Actions included in the pathway.
Categories:   investor   chief   institution   group   world   officer   manage   management   investing   manager   asset   assets   invest   model   investment   direct   forum   structure
Profiles:   the aum   the trends   the future   no skills   the market   the enthusiasm   another instance   this funds   the emergence   this issue   kimmitt prints   the offices   no opportunities   an assets   the investor   the use   a programme   which model   it decision   the dynamics   its capabilities   all institutions   a record   the investors   this trend   whose subsidiaries   a institution   the threat   the approach   the resources   a specialist   a subset   a class   this teams   a study   the strategies   dyck buying   the role   the growth   the management   the evolution   an servicing   the initiative   this maturity   the sector   this investments   a manager   the concept   this offices   the life   a economics   the subsidiary   the costs   a set   vol issue   the volume   a fund   the combination   the compensation   dc plans   it success   it drivers   the effect   brady head   a agreement   each class   a entity   a institutions   the difference   the governance   an investors   the model   a investment   the amount   this filter   the motivation   the man   the point   the need   the restructuring   the discussion   ao owner   we research   this approach   the environment   the maturing   a initiative   its venture   both sides   its programme   the industry   the type   this report   the company   a division   a figure   the team   an cios   that investors   this type   the scale   that approach   a owner   the complexity   the pool   the agent   the report   analysis funds   the challenge   an institutions   a perspective   the entity   the crisis   a principal   this investors   both owners   u trustees   the infrastructure   the number   a number   the wave   the value   this publication   its holdings   the study   the availability   the drivers   the chain   an governments   a participant   the manager   a investor   the institution   all rights   the lobbyists   the consensus   we interviews   the extent   such strategy   director head   an networks   that tions   a team   an sectors   the commitment   the demands   a commitment   the focus   the impact   the switching   the timing   the strategy   its gramme   the shift   the story   the majority   the key   the influences   willmer calpers   we view   its allocation   the volatility   the size   the trust   the benefits   the notion   the structures   it funds   this example   smas smas   this section   the group   a series   the knowledge   the institutions   the 1980s   the relationship   an platforms   the landscape   a type   it investment   the decision   an managers   the constraints   the owner   ifm investors   the process   a change   the capabilities
Goals:   develop allow structures   control positions value   underperform fund investments   direct greater focus   start large programme   foster offer specialists   use fund structure   structure viable deal   pursue investment strategy   estimate global assets   apply requisite amount   understand direct programme   redefine strategic position   require management time   consider reverse point   access complexity opaqueness   push associated fees   exclude needed assets   support desk research   control direct investments   apply asset allocations   asses value risk   ing demonstrating ups   overcome many intermediaries   explore diversified ways   facilitate global passport   drive potential returns   invest foundations endowments   give return chance   lead faced constraints   capture best opportunities   need cash flows   exit important challenge   edit economic forum   play important role   win make ability   improve leading frameworks   make full commitment   run structure ability   offer special gratitude   set joint venture   make sizeable commitments   define key challenge   reduce experience fees   define clear mandate   set broad divisions   overcome institutional constraints   educate broader organization   share responsibilities tasks   require time partnership   coinvesting trends size   match additional expenses   manage mitigated risks   use direct investing   keep larger allocations   adjust institutional infrastructure   accept liquidity risk   enable asset allocations   constrain direct investment   cite ownership structure   deliver positive analysis   prioritize own interests   meet return goals   retain direct investments   serve single client   need mega investor   build formal structure   constrain market factors   ing large institutions   coinvesting greater variety   explore infrastructure developments   increase lending capacity   reduce comprised likelihood   hold infrastructure asset   improve alignment value   support direct investing   grow balance sheets   build programme institutions   create capital markets   require management capabilities   build shared view   enable retention recruitment   diversify country market   bring practical lenges   invest directinvesting trend   select specific level   constrain investment resources   need riskadjusted yields   implement figure scale   manage investing investing   develop historical perspective   outsource more one   overcome governance restrictions   gain make approval   include institutionalized element   value transaction options   direct equity infrastructure   build select skills   gain scale investing   manage risks institutions   implement governance structures   take support functions   include liquidity buffers   offer client propositions   manage additional centres   constrain investment coinvestment   build transparent portfolio   invest growing confidence   apply should disadvantage   develop conducive framework   provide invest flexibility   reach enabling mass   overcome agency hurdles   gain asset type   create reached frameworks   turn new capability   avoid principalagent challenges   gain services coinvestments   perform direct investing   provide capital policymakers   expect major shift   use external manager   build own infrastructure   adopt direct strategy   pursue exposed investing   make take decision   disadvantage relative investors   face same challenges   constrain wealth funds   develop own coinvestment   support directinvesting managers   require manage ability   reduce intermediary layer   develop policies procedures   estimate institutional aum   ing allow mandates   constitute effective framework   tailor transaction structure   invest beliefs resources   create own circle   attract investing talent   retain investment decisions   put particular strain   build governance mechanisms   develop successful programme   play greater role   use asset manager   offer need capital   broaden product lines   increase experience sophistication   offer term returns   describe based outcomes   see fund bonuses   tackle wide range   take similar approach   overcome including constraints   make emerging investment   represent alternative option   carry incentives structures   estimate global base   exclude accessed investments   diversify investor base   access class loans   add most value   offer most discretion   emphasize different cultures   create investment club   retain investment decision   have ownership stakes   access price volatility   fill left gap   exploit asset managers   face similar set   take investor perspective   prompt regulatory constraints   fund growth infrastructure   include led transactions   run directinvesting teams   retain use flexibility   invest growth trajectory   summarize institutional investing   use few institutions   direct mega investors   save state building   help other assets   engage political academic   require investment processes   cover value chain   enable broader range   provide broader discussion   leverage unique strengths   mean related authority   invest asset owner   pool investment costs   build common view   conduct own process   mature managers relationship   constrain investment frameworks   diversify asset allocation   reach traditional alternatives   permit largescale deals   make clearer choice   explore related trends   run directinvesting programme   make asset focus   sidestep use need   increase invest amount   relate more liquid   emerge expected scenario   invest direct investing   deal allow willingness   acquire com pany   fire asset manager   adapt investment guidelines   wind direct programmes   share similar horizon   make additional ment   mitigate demonstrate need   formalize governance structure   avoid potential losses   pay management fees   generate deal flow   iron given issues   choose investment direct   manage different types   anticipate following developments   include greater flow   limit invest ability   address new risks   build common understanding   attract broader pool   influence asset selection   supply investment talent   feature broad trends   oversee investment activities   introduce additional complications   invest ways models   generate cumulative need   protect moving interests   figure family offices   invest significant proportion   make estimate risks   drive change industry   develop future developments   build tools processes   assess direct investments   build relationship trust   make material difference   govern fund constraints   impact invest ability   form dent boutiques   make broad range   offset equity markets   impact inves tors   examine drive forces   develop analysis steps   supplement directinvesting programme   shape regional agendas   manage embarking institutions   cover asset classes   take main sources   build investing capabilities   access become investments   perform megasized funds   achieve desired returns   meet fund management   develop equity capabilities   meet institutional investor   filter unlikely institutions   include ethical principles   obtain expertise institutions   seek talented managers   play major role   manage press policymakers   constrain identifying investment   invest office building   associate related data   manage associated challenges   run largescale owners   displace traditional growth   identify direct investments   develop investing grammes   provide investment opportunities   develop investing capabilities   incubate next generation   invest compensation talent   increase pay amount   develop investment environment   explore make extent   invest niche classes   balance make need   finance asset sale   make honest assessment   bench internal team   leverage fixed costs   invest delegated models   give institution control   expect limited growth   operate shopping centres   switch specific strategy   implement governance structure   form partner ship   complement investment strategies   swfs saving challenges   can management capabilities   form major allocation   run direct programmes   offer investing models   define asset focus   cover direct investments   reit private debt   invest note allocation   invest traditional model   manage downside risks   access highquality team   expand directinvesting capabilities   stabilization wealth funds   highlight need issues   offer wider range   overcome principalagent challenge   manage functions value   own limit stake   pursue targeted strategy   create balances checks
Measures:   various jurisdictions   underperform relative   potential counterparties   unlikely institutions   large funds   knockon effects   regional agendas   front employee   intermediary relationships   relative levels   additional control   different types   wealth funds   global rates   fund management   high returns   most source   resource infrastructure   new foundations   near strategy   specific fund   detail data   own circle   seed asset   fund bonuses   large programme   asset markets   modern theory   public scrutiny   structure interviews   predictable framework   widespread failure   attractive environment   liquid market   low charges   early investing   overall value   direct market   dominant institutions   asset allocations   regulatory environment   infrastructure asset   crossborder investments   operational decisions   invest talent   security concerns   mediumsized investors   top performers   expect revenue   broad divisions   local specialists   detail information   great scrutiny   focus managers   disproportionate stakes   operational expenses   central role   preferential ment   outside experts   harmonize set   fair price   next years   available capital   kimaoui head   investor confidence   multiproduct offering   mexican cities   external value   performance volatility   risk institutions   particular focus   good value   rise allocations   modern industry   solo investors   lead investor   important elements   additional complications   independent organization   parallel policymakers   leverage capital   detail cover   directinvesting approach   natural candidates   principal agent   time requirements   small scale   longterm attractiveness   specialist areas   macroinvestment requirements   asset type   general partners   considerable investments   fix costs   small team   management time   tight sheets   common view   weak markets   asset focus   economic forum   organizational cultures   ing fees   important points   deal flow   pension funds   dedicate investments   global aum   valua management   average fees   global head   direct stakes   longterm record   essential part   invest assets   largescale investments   illiquid markets   major owners   certain markets   robust work   largescale deals   future developments   cheap software   earlystage investors   regular changes   fast growth   increase involvement   local investor   active programme   high risk   broad series   longterm investing   detail view   structure manager   specific segments   unique challenges   process models   common understanding   global investments   total assets   key drivers   postcrisis years   large institutions   shop centres   indirect costs   intellectual property   large investor   broad activities   blow ups   investment officer   indepth knowledge   transparent portfolio   great use   great ability   substantive commitments   precise definitions   clear vision   alternative classes   relative investors   individual investment   class loans   significant investments   directinvesting trend   common exception   national borders   partner ship   flexible man   invest investments   broad pool   advance allocations   concentration risks   client propositions   illiquid investments   manager beliefs   intermediary layer   management talent   early industrialists   overall base   more classes   good returns   operational control   public infrastructure   third fund   timeconsuming chores   potential benefits   major role   traditional products24   available talent   fullyfledged investor   direct fund   longterm horizon   own infrastructure   midmarketfocused fund   expertise institutions   key models   capital policymakers   wyman allocation   uninvested amount   direct figure   expertise type   right direction   net assets   reduce demand   geographic region   early days   senior officer   broad context   high fees   strong investment   establish manager   large player   narrow range   multilateral banks   traditional funds   decision inhouse   external managers17   medium strategy   specific asset   delegate model   longterm returns   decisionmake authority   different kinds   new ability   investment activities   major advantages   uncertain reasons   particular investment   main categories   select case   major growth   lack scale   many years   private infrastructure   responsible guidelines   such value   most value   legal framework   delegate investing   chief officer   large ones   large investments   term returns   specific strategy   significant partnership   huge challenge   right culture   large number   full use   economic substance   innovative structures   partner interests   current level   key cities   suburban mall   lower structures   grow size   fund managers   central aspects   fund structure   significant investment   wellformulated articulation   private market   direct partnerships   rapid growth   top talent   future initiative   opportunistic basis   opportuni ties   different process   economic factors   traditional markets   measurement governance   talented managers   external providers   principal investments   specific level   global centre   ownership stakes   low point   mega fund   private programme   international settlements   trade equity   traditional manager   various amendments   new opportunities   third parties   policyrelated discussion   many exceptions   invest focus   growth trajectory   first funds   common development   highlight data   follow years   disperse shareholders   asset allocation   way models   potential outcomes   broad range   right level   multiple parties   senior director   mandate culture   limit figure   tutional investment   multiple dimensions   highquality team   additional scenarios   nascent products   global project   public equities   ing changes   additional information   material difference   direct investors   investment environment   new challenges   positive rates   legal risks   local market   tough constraints   direct invest   broad class   financial services   competitive environment   investment resources   full ownership   prefer approach   great mitment   institutional portfolios   bank industry   certain scale   solo infrastructure   volume changes   directinvesting team   investment portfolio   low rates   coinvest ments   hire staff   asset base   clear framework   private transactions   specific requirements   investable assets   insur assets   traditional investments   sovereign funds   directinvesting teams   alternative option   large amounts   new owner   perceive issues   asset owner   total figure   potential investees   legal partnerships   private fund   individual clients   particular strain   general framework   broad size   develop riskscomplexity   capital market   relationship funds   liquidity gates   delegate coinvestment   direct investor   increase allocations   additional ties   natural resources   sophisticate teams   stitutional investors   most classes   domestic environment   such flexibility   potential tunities   strict funding   increase size   potential scenario   national assets   sufficient scale   fix equities   direct capabilities   analytic tools   many owners   same time   simple allocations   delegate models   programme owners   various forms   conducive frameworks   competitive advantage   same challenges   emerge markets   early institutions   operate company   major blow   big platform   illiquid classes   new product   use intermediaries   productive partnerships   major institutions   monitor process   separate accounts   great potential   comparative advantages   strong sibility   realize value   large ecosystem   direct grammes   keen investors   riskadjusted yields   swift decisionmaking   principalagent challenge   traditional model   reverse point   pharmaceutical company   foreign assets   indepen boutiques   same asset   family offices   transformation element   nonlifeinsurance assets   traditional ments   successful company   invest investors   small amount   disproportionate attention   new development   conducive framework   midtown secondaries   investment costs   risky developments   appropriate strategy   underlie growth   additional expenses   usabased group   illiquid value   inhouse capabilities   more areas   expect scenario   asset sale   swiss development   regulatory constraints   additional responsibilities   minimal volume   negative change   key assets   general management   contractual arrangements   horizontal ists   special gratitude   own process   target management   tobebuilt infrastructure   longterm policymakers   clear choice   underlie control   potential factors   investment talent   invest policymakers   great challenge   tool processes   external managers   consistent rules   large ment   desire returns   define group   proportionate rights   pure form   unique survey   clear mandate   commit investors   asset manager   future owners   critical activities   specific types   long history   major allocation   long time   indefinite period   relative cost   manager relationship   permanent capital   right investment   huge impact   first time   large scale   liquid classes   global markets   investment processes   specific classes   complicate dynamics   experience manager   institutional investment   absolute terms   partial flotation   likely assets   manage accounts   local company   rect investing   market emergence   lacklustre results   cyclical factors   total investing   strong returns   former president   particular regions   horizon flexibility   decision implications   private partnerships   historical approach   relative yields   great control   broad classes   office building   quick decisions   low fees   academic circles   invest strategy   main models   ongoing goals   market factors   large transactions   large deals   realistic option   longterm inflation   private lps   outside shareholders   russian fund   important factors   additional detail   distress debt   central countries   large proportion   institutionalize element   significant time   niche classes   indirect investor   flexible improvements   indirect investments   typical approach   new team   legal reporting   agency hurdles   private partners   service activities   practical lenges   desk research   beneficial owner   relate challenges   pension disability   specific investments   first investment   directinvestment approach   economic growth   robust structure   liquidity risk   proprietary note   longterm funding   attractive yields   major decisions   longterm thinking   superior money   offset factors   share view   future figure   talented personnel   large insurers   middle class   19th century   unconstrained investments   mainstream rise   invest capabilities   major impact   increase value   right model   internal teams   specific results   potential deals   increase proportion   political pressures   sovereign management   next decades   private paper   great diversification   myriad issues   mature projects   20th century   direct trends   investment programme   increase confidence   vertical specialists   lead investors   domestic investors   accumulate development   far details   domestic policymakers   unique strengths   define benefit   due diligence   lead managers   limit partner   high levels   traditional mandates   global alternatives   governance structure   own interests   exist funds   oppor tunities   long term   qualitative appreciation   operate performance   evergreen funds   particular classes   public equity   equity capabilities   modern funds   potential lps   institutional aum   coinvestment rights   institutional segments   responsible goals   investment club   investmentrelated risks   critical issues   broad investment   contrast impact   private investments   longterm markets   potential losses   longterm investors   institutional market   long returns   viable deal   follow subsection   plausible scenarios   give class   institutional capital   wide range   associate complexities   first equity   overall portfolio   flow rights   institutional management   additional intermediaries   real desrochers   popular model   start point   overall growth   significant projects   longerterm assets   second institutions   great focus   strategic decisions   specific investors   certain activities   internal coinvestment   growth infrastructure   large investors   global requirements   spin-dry powder   financial crisis   directinvesting opportunities   popular form   unlisted funds   increase ties   more half   traditional models   major funds   same model   cial expectations   small investors   evolve relationship   senior stakeholders   global study   remain segments   successful teams   principalagent challenges   cost allocation   public pensions   distinct structures   new tools   geographical territories   great role   institutional risk   exit capital   next generation   late century   direct programmes   emerge rise   return preference   highprofile assets   value chain   corporate growth   external experts   particular needs   extensive interviews   governance mechanisms   special ists   political environment   exist strengths   exter managers   governance framework   investment institutions   original partnership   longterm performance   new model   value figure   frame work   key challenge   estate debt   illiquid changes   shortterm pressures   private targets   conducive environment   total aum   investment decisions   private capabilities   many individuals   establish performers   delegate investment   national concerns   large platforms   modern markets   able insurers   investment strategies   public companies   term advisor   ongoing management   diligence process   extensive research   right kind   nongeneral account   creation institutions   distress model   correct price   critical mass   external party   commercial reasons   future managers   canadian funds   specific deal   direct selection   traditional growth   full commitment   external factors   nomic rates   flow claims   traditional investment   transaction options   discretionary accounts   note allocation   different methods   qualify team   brownfield infrastructure   expec tations   lesscorrelated substitute   retail investors   limit growth   detail discussion   operational risks   longterm liquidity   exist creation   particular sectors   financial centre   underwrit bonds   policy makers   intermediate specialist   global economy   small institutions   traditional strategies   recent source   cumulative need   multiassetclass applications   investor base   assetowner agenda   marketable class   large players   investment decision   domestic concerns   certain classes   operate officer   broad discussion   key variable   substantial concerns   direct strategy   competitive compensation   governmental funding   particular types   outsourced management   underlie entity   strong evidence   traditional classes   equi ties   significant mandates   alternative assets   investment benefits   impractical investments   sensitive assets   brownfield deals   private spotlight   institutional investor   global passport   individual owners   future experience   high salaries   similar strategies   supportive policy   grow confidence   staff structure   great lack   volatile returns   private coinvestments   product lines   finance need   longterm assets   specific investment   new offices   many intermediaries   considerable investment   diversify portfolios   many investor   reputational risks   several types   longterm experience   develop countries   major shift   large portion   transaction structure   investment guidelines   second makers   wellestablished figure   fund growth   joint ventures   several decades   brazilian experience   specific managers   significant scale   longterm commitment   large sums   longterm capital   private firms   able scale   performance information   longterm estate   past years   rate changes   expect flow   private owners   potential gains   lessstructured venture   longerterm nership   liquidity needs   alternative markets   only approach   real assets   institutional investments   regulate sectors   fiduciary sibility   current report3   similar costs   historical perspective   emerge projects   requisite amount   direct investors21   global agendas   capital markets   transparent market   internal investment   select assets   invest ment   mas evolution   right alternatives   first commitment   institutional infrastructure   new construction   financial market   traditional alternatives   internal approval   multigenerational funds   direct scale   additional recommendations   predominant instrument   estimate capability   certain funds   general partner   invest models   medical research   delegate structures   direct performance   public opinion   alternative outcomes   investment management   new staff   similar strategy   international organization   key countries   more investing   inherent risk   far fees   global increases   fund challenges   investable class   institutional constraints   political willingness   relative markets   institution control   private funds   sufficient flow   potential investments   foreign investors   internal stakeholders   comparable loan   significant volumes   adverse scenario   downside scenario   spin-dry source   strategic vision   overall strategy   meaningful scale   successful programme   simplify illustration   portfoliowide concentrations   good interests   potential assets   operational flexibility   emerge changes   expect investing   such markets   different requirements   significant group   separate entity   foreign institutions   important interlinkages   important steps   operational partner   new regulation   model models   key driver   mega investors   sizeable commitments   medium term   high quality   grow class   secondary market   direct investment   partner compensation   longterm owners   invest investing   direct strategies   potential opportunities   megasized funds   fund gaps   sovereign wealth   economic cooperation   certain types   significant control   upside scenario   return spectrum   management inhouse   own destiny   important challenge   current regulations   bank loans   direct models   consistent strategy   economic rates   alternative investments   major class   invest programmes   strong sheet   financial markets   lowercost funding   directinvesting programme   total returns   main ways   solo approach   develop markets   huge volatility   alternative managers   significant part   good functions   resourceintensive tasks   institutional subsegments   lend capacity   significant programme   important model   domestic ones   underlie assets   direct model   policy procedures   direct inves   tion managers   keen interest   private assets   private debt   similar approach   common arrangements   investment funds   active ship   close activities   important role   investment team   annual requirements   specific trends   specific challenges   golden age   function value   institutional concerns   new number   ment resources   asset management   private director   specific propositions   few points   increase interest   additional risks   senior head   support development   liquidity challenges   institu invests   early firms   good opportunities   management fees   last structures   new firms   right packages   low sentiment   fundamental requirements   ing exposure   equity targets   alternative products24   institutional asset   first project   broad set   longterm man   permanent partnerships   external officers   asset selection   readymade portfolio   joint venture   state principles   define pensions   prove record   key constraints   attractive valuations   illiquid investment   gp reasons   business owner   define contribution   few years   particular investing   steady increase   riskadjusted returns   general rule   corporate bond   investment opportunities   institutional inves   new risks   financial perspectives   significant development   define funds   desirable characteristics   key classes   low figure   investor perspective   asset owners   new projects   similar set   dent boutiques   operational management   necessary terms   position value   investmentre framework   longterm funds   designer head   secondary diligence   current report   safe assets   economic fundamentals   next institutions   available returns   aggregate partnerships   separate business   cessing infrastructure   traditional control   wide implications   positive tunities   model growth   press need   necessary pace   particular strengths   realise investments   largescale generalist   investment mandate   decisionmake inhouse   internal team   future ventures   virtuous circle   semistructured model   investment strategy   direct universe   follow example   institutional investors   illiquid asset   private estate   corporate infrastructure   main reasons   multiple failures   kamal head   emerge classes   ethical principles   additional ment   retail clients   great flow   diversification benefits   regulatory charges   ultimate control   different complexities   hold corporation   unlisted organisation   large companies   investor constraints   direct rates   private equity   grow trend   investor scale   responsibili ties   operational capabilities   specialize professionals   historical rise   european elements   debt transactions   global wealth   collective experience   solo investing   internal capabilities   larg funds   external manager   selective approach   far expertise   investment infrastructure   typical process   underlie asset   improve returns   strong record   broad relationship   multilateral fund   considerable lenges   institutional investing   comparative advantage   executive officer   rise stars   longterm investing2   unlisted equities   shortterm performance   investment capabilities   collective investment   longterm infrastructure   preferential access   significant proportion   operational events   predictable flows   great allocation   different cultures   directinvesting capabilities   broad market   private specialists   liquid assets   direct increases   direct source   direct section   many institutions   source screening   broad environment   platform investment   governance structures   private markets   new proach   most investments   regular basis   belief resources   end date   regulatory change   pending ways   unfunded commitments   respon sibility   significant events   structural volatility   emerge constraints   direct transactions   solo partnerships   mega investor   severe crisis   likeminded institutions   investment deals   academic research   appropriate level   many constraints   specific region   solo commitments   information flow   longterm investments   sufficient time   more control   selective opportunities   sovereign markets   pro cesses   solo section   develop market   public foot   longterm appreciation   traditional coinvestment   public corporation   scalable pipelines   more information   privatepublic market   direct investments   harmonise market   underly fund   largescale owners   base deals   first half   global operator   new institutions   historic lows   available pool   list investment   emerge alternatives   considerable energy   big commitments   nal managers   trend size   strategic position   private aum   urban development   majority ownership   direct ment   large impact   international programme   extensive experience   asset classes   unacceptable burden   shortterm buffers   foreign capital   applicable rules   important source   coinvestment opportunities   middle ground   specific tasks   core estate   early examples   list equities   ownership structure   invest programme   multiple layers   multideal structure   future case   financial expectations   global base   transparent rules   many investors   risky assets   new classes   future investing   inaugural report   nes models   various websites   nonfinancial factors   institutional model   intense capabilities   future models   most discretion   certain things   insufficient resources   small size   insurance shift   potential capability   effective framework   reportingsupporting activities   due activities   investment vehicles   last decade   single client   external market   source assets   operational experience   global assets   new processes   refur bishment   typical arrangements   considerable complexity   compensation schemes   potential country   operational challenges   chal lenges   foreign affairs   late 1980s   potential partners   multiple clients   potential investors   most institutions   relate trends   honest assessment   key activities   alternative assets16   major players   critical evolution   ongoing basis   sufficient knowledge   particular class   round source   principal challenges   balance sheets   selffunded owner   downside risks   direct investing   mature infrastructure   direct programme   price volatility   logistic parks   excessive risks   outsourced investment   concentration creation   broad trends   transparent set   key decisions   initiative elements   financial institutions   standard risks   border investors   diversify roles   more coinvestments   small platforms   ongoing sale   real estate   theground knowledge   similar horizon   intellectual stewardship   main sources   value risk   familiar team   fund investments   flexible profile   large clients   staff models   direct commitments   largescale programmes   improve proportion   major investors   institutional base   development investing   low fund   experience culture   formal structure   traditional programmes   experience staff   return goals   particular opportunity   good access   specific class   esg process   support functions   sustainable advantage   right analysis   illiquid assets   liquidity buffers   mean fees   external fund   urban communities   programme institutions   partnership models   large allocations   potential returns   vary levels   exist class   manager funds   steady performance   estimate risks   attractiveness investing   hardtofind talent   additional centres   inhouse capability   vary appetites   attractive frameworks   asset managers   special thanks   right clients   right incentives   allin service   global managers   structural constraints   unrealized value   project pipelines   equity markets   particular point   mdb capacity   invest universe   infrastructure developments   great variety   annual report   pro grammes   nondiscretionary mandates   follow developments   investment frameworks   potential shift   dominant model   emerge market   18th centuries   intensive diligence   institutional assets   management capabilities   alphabetical order   target strategy   traditional coinvestments   traditional fund   significant discretion   lead institutions   many investments   direct principal   mega segment   good investmentperformance   liquid illiquid   new capability   timely information   standard way   underlie increase   diversify portfolio   investable universe   direct frameworks   directinvesting managers   balance portfolio   broad organization   few institutions   practical approach   clean projects   senior investments   various models   asset pensions   detail presentation   manage director   time horizon   available supply   full range   long horizon   different models   important accounts   domestic assets   legal figure
Actions:   refocuse attention   complement strategies   delegate much   encourage thinking   create frameworks   impact tors   sell assets   face investors   increase capacity   control pay   share expertise   reduce complexities   offer capital   follow one   avoid losses   need investor   obtain them   institutionalize formation   manage billion   see pooling   reshape investing   enable investments   keep pace   withstand volatility   define challenge   deliver performance   constitute framework   see future   match assets   develop capabilities   gain type   direct overview   leverage 26   offer combination   develop programme   organize findings   offer returns   include mandates   deliver run   build institutions   make cosponsorship   conduct process   support risks   affect cost   manage value   coinvesting am   address impact   take approach   provide elements   choose size   take stake   filter institutions   spend time   facilitate passport   consider that   catch attention   constrain factors   expect growth   delegate investing   include issues   feature trends   include principles   exit challenge   manage challenges   retain control   balance preferences   raise firms   pose threat   build infrastructure   foster specialists   outsource steps   ehnes andr   inject talent   retire system   demonstrate prudence   buy stakes   finance it   develop perspective   give control   own company   attract pool   invest investing   form allocation   represent 40   build teams   promote growth   identify volume   create club   invest many   need yields   use scale   diversify allocation   describe models   change story   constrain investment   mean authority   drive growth   select types   build view   reduce amount   concering allocation   deliver some   source diligence   consider approaches   gain control   enable diversification   need experience   perform screening   provide institution   observe investing   see bonuses   come development   disadvantage investors   build portfolios   direct infrastructure   serve client   pull risks   represent partners   focus investing   provide discussion   protect portfolios   fund infrastructure   reit debt   enable range   display appetites   organize themselves   enable some   ing tasks   manage which   commit money   manage risks   manage investing   lead many   make coinvestments   form ship   seek opportunities   fill gap   examine trend   offer discretion   make majority   run teams   use funds   drive industry   pull plug   enable allocations   publish information   perform task   sell asset   gain that   pool resources   strengthen control   underestimate needs   meet institutions   retain discretion   apply allocations   avoid complication   remove layers   require investment   estimate aum   offer accounts   edit forum   include pooling   conduct investing   lead motivation   implement structures   increase likelihood   require investments   spot concentrations   face expiration   create markets   increase opportunities   take stakes   add value   fund transactions   manage assets   gain exposure   push fees   ing cities   create ties   add figure   negotiate fees   redefine position   directinvesting changes   direct investing   mitigate concerns   avoid 29   address risks   run programme   boost investing   lead institutions   leverage investing   require processes   make it   selectionsourcing activities   define mandate   create cive   build structure   apply approach   grab attention   pursue investments   pay overview   influence approaches   leverage skills   prompt constraints   overcome challenge   highlight issues   analyse impact   demon value   make decision   make volume   make inroads   increase creation   develop culture   cite structure   employ infrastructure   offer propositions   speak which   evolve maturity   tailor offering   measure activities   tailor involvement   constrain agent   move parts   putt applications   offer documents   tailor structure   pool costs   bring investing   underperform investments   define it   offer transition   create circle   face choice   exceed benefits   perform funds   exercise control   permit investment   define contribution   build knowledge   gain access   fuel shift   gain advice   can capabilities   win ability   allocate capital   include buffers   associate data   outsource portion   deliver control   repair gaps   anticipate developments   have claims   invest assets   coinvesting level   constrain frameworks   own stake   deal key   see investing   build skills   add communication   see benefits   hire trends   limit ability   mitigate risk   match investors   meet desire   shape adoption   make use   reach mass   lack control   face detail   enable liquidity   experiment level   restrict lending   provide compensation   offer reason   catch investment   see globe   rienced investors   consider deals   make focus   recycle investment   obtain institutions   formalize structure   retain decisions   control 58   maintain relationships   raise money   raise capital   accept risk   reduce impetus   develop structures   make choice   constrain investing   estimate allocation   delegate most   expect shift   require partnership   face set   gain fees   double size   supplement programme   add allocations   take positions   create complexities   turn capability   require change   require capabilities   implement scale   overcome intermediaries   carry structures   delegate sourcing   see disintermediation   see opportunity   adopt strategy   need help   release investing   mirror that   disrupt ed   open smas   deepen relationships   invest million   mitigate need   enable it   explore none   figure overview   develop grammes   recognize need   access infrastructure   reflect ideas   offer reasons   follow exits   directinvesting programmes   manage ment   increase sophistication   cover expenses   invest trajectory   adjust infrastructure   enable allocation   offer models   call what   need cesses   invest proportion   list ties   generate sources   iron issues   define investing   leverage 28   improve performance   consider point   set venture   enable them   gain coinvestments   advance research   foster understanding   reserve part   enable sheets34   enable renting   figure offices   describe outcomes   assess investments   estimate assets   create capital   expand capabilities   direct investors   explore developments   reduce risks   package alternatives   invest owners   require ability   constrain coinvestment   enhance frameworks   manage them   encourage investors   tailor portfolios   share tasks   invest confidence   pay salaries   enhance transparency   propose development   manage benefits   ing ups   reach return   require lot   align interests   tackle range   coinvesting size   include years   lessen dependency   access investments   introduce complications   enable activities   use experts   explore products   pursue strategy   boost emergence   retain decision   form boutiques   reach evolution   provide definitions   ramp allocations   see approach   formalize processes   provide opportunities   total base   have exposure   generate flow   adapt guidelines   use manager   need flows   see leamon   afford cost   change growth   take decisions   provide benefits   gain much   experience funds   incubate generation   rent capabilities   leverage offering   sell sentiment   acquire stake   invest cppib   make ment   invest size   spur changes   run fund   develop partnerships   outsource one   apply amount   structure investments   gain investing   keep allocations   adjust ments   open markets   run programmes   underwrite deals   employ agent   develop steps   refine approach   improve access   identify risks   discuss methodology   incubate 37   ease reliance   asses network   stabilization funds   directinvesting activities   structure deal   fire manager   run ability   suit interests   retain sibility   drive returns   attract much   minimize liabilities   create pipelines   build mechanisms   exclude investments   compete delivery   gain approval   enable recruitment   define shift   deliver analysis   retain flexibility   make risks   diversify portfolios   direct policymakers   avoid many   cover classes   develop environment   invest ments   create opportunities   demonstrate value   cover elements   run owners   lease focus   require investors   grow sheets   offer ties   educate organization   take sources   derisking industry   take concerns   explore extent   use intermediaries   leverage mdbs   manage institutions   own assets   improve frameworks   apply disadvantage   reward investors   control value   offer way   create checks   undertake investing   adopt more   influence selection   offer investments   solo investing   include element   adopt approach   stabilize markets   consolidate list   invest institution   limit investments   create funds   offer range   increase allocations   make commitment   invest allocation   bring lenges   align schemes   fund development   do this   access team   shape tations   address agenda   take form   manage risk   bench team   control positions   build understanding   make point   lead funds   attract flows   ing institutions   increase focus   build flexibility   develop framework   leverage role   maintain control   cover investments   invest resources   deepen relationship   see g   generate need   express interest   direct develop   assess differences   identify performers   identify investment   develop presence   asses risk   manage funds   hold asset   invest spectrum   diversify market   desire focus   manage centres   address question   trust advisers   cost flexibility   support wyman   invest trend   require signifi   reach alternatives   address issues   deal willingness   address investing   improve state   highlight motivations   boost markets   develop fastest   create it5   increase returns   retain investments   improve value   liquidate positions   meet management   assure value   bring inhouse   launch firms   disrupt investments   achieve returns   access that   control investments   brownfield asset   supply benefit   provide information   discuss pros   enable man   lease high   subject firm   implement structure   enable retention   control most   limit makers   lead them   avoid dates   access volatility   prevent it   offer scale   use managers   demon strate   invest insurers   avoid challenges   require investing   take place   exit transaction   provide estimate   com pete   use investors   offer services   attract capital   constrain funds   position themselves   represent 36   affect investing   take advantage   provide policymakers   ing mandates   expect factors   direct focus   meet requirements   outsource tasks   save building   build trust   take root   take functions   reduce layer   invest talent   launch process   own set   access opaqueness   make worth   broaden lines   make decisions   build capabilities   reduce fees   relate liquid   take perspective   support research   acquire portfolios   attract investors   provide insight   pay disability   build processes   counteract this   retain inhouse   rethink relationship   build portfolio   mark something   define focus   make assessment   pay premium   emerge scenario   leverage elements   address it   improve returns   attract attention   oversee activities   lead constraints   spark speculation   insourced investing   involve assets   occupy areas   offset markets   become partner   take view   mitigate costs   hedge inflation   examine forces   understand programme   need tn   engage academic   acquire pany   note models   invest invests   identify which   increa exposure   leverage costs   impact each   increase potential   cover chain   steer arrangements   match expenses   influence compensation   help institution   provide capital   make investments   exclude pensions   value options   sidestep need   serve clients   constrain adoption   support managers   size investments   support investing   create market   enter bloomberg   adopt investing   slow deal   take risks   require participants   use experience   mit amounts   increase pool   provide investing   require layers   perform investing   identify investments   focus much   deliver returns   pay figure   constrain resources   operate centres   benefit growth   acquire portfolio   strain flow   offer rights   offset one   invest model   invest type   create appreciation14   require time   take investing   align compensation   emerge focus   take part   need question   invest investor   communicate strategy   exclude assets   size 4   increase supply   put strain   provide facility   impact changes   invest endowments   govern constraints   coinvesting variety   develop talent   take that   use beliefs   make commitments   apply a   invest investors   switch strategy   invest maturity   ing 1980s   generate returns   set gates   delegate levels   use structure   meet goals   increase transparency   play role   apply consis   prioritize interests   permit deals   have stakes   include flow   balance need   provide baseline   attract investments   represent option   mature relationship   help assets   seek managers   gain foothold   overcome hurdles   finance sale   reduce institutions   outsource management   shape agendas   invest building   spot j   use institutions   present predictions   follow failures   access loans   control asset   regain confidence   target investors   face pressures   support decisionmaking   use investments   meet needs   make many   offer control   explore trend   estimate base   shake confidence   diversify that   provide overview   invest models   improve alignment   explore ways   give chance   make range   invest sums   offer service   pursue press   impact ability   imply control   share time   cover assets   use investing   offer compensation   set divisions   explore implications   represent 15   develop coinvestment   choose direct   spot stars   feature set   pursue investing   increase amount   develop developments   maintain house   issue equity   cover survey   conduct deals   select level   constrain them   structure di   manage types   commit amount   include transactions   drive increase   encourage institutions   secure funding   explore perception   differ ences   sell stakes   exploit managers   invest owner   use terms   make investment   overcome challenges   protect interests   explore structures   swfs challenges   stabilization total   focus that   offer packages   increase evidence   supply talent   realize gains   capture opportunities   manage policymakers   put pressure   provide flexibility   reshape models   pay fees   experience na   represent investing   represent apac   provide incentives   leverage strengths   face gaps   fund vehicles   include organizations   approach investing   develop procedures   enable institutions   overcome restrictions   have access   make difference   originate execute   invest classes   overcome constraints   infrastructure institution   develop expertise   take sibility   leave trillion   receive capital   represent 24   summarize investing   bring challenges   acquire parks   offer gratitude   give implications   open capabilities   explore trends   support section   start programme   backoffice personnel   maintain team   meet investor   offer coinvestments   lay much   pursue asset   enable investors   provide tunities   compare cost   include factors   approach opportunities   diversify base   operationalize implications   wind programmes   face challenges   share horizon   use partnerships   position them   cover preqin   lend wyman   control much   commit million   support allocation   undertake investments   raise bln   manage investments   require institution   highlight growth   cross investors   displace growth   reduce likelihood   emphasize cultures   attract talent
This section lists the details about pathway-specific attributes.