When the East Sussex local authority pension fund in southern England wanted to cut its exposure to fossil fuels, it needed to be sure there were no oil and gas stocks in the benchmarks its passive funds tracked.
LPs like emerging managers as a source of outsized returns. However, LPs also view them as risky, and the decision to back a new team is made tougher when incumbents are returning to market quicker and with many products.
Billionaire Melinda French Gates is still promising to give away most of her wealth—just not necessarily all to the Gates Foundation she started with her ex-husband.