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Do Alternative Investments Belong in Pension Fund Portfolios?

As pension funds in the United States have grown in assets to $7.66 trillion in 2018, according to Pensions and Investments, their investment decisions such as a choice to allocate to alternative investments have attracted a lot of attention from academics and practitioners alike. Performance evaluation is a daunting task because it is typically done within an asset-liability framework and driven by many actuarial assumptions regarding benefit payouts, contributions and accruals of liabilities as well as investment assumptions regarding individual investments and their correlation structures. The significant role of hidden assumptions in conventional models makes evaluation results ambiguous and often difficult to interpret.