Alternatives: I have long argued that only a handful of so-called alternative investments consistently generate alpha, and these funds have captured most of the industry's assets. The size of this fund means it should have access to these funds, and the ability to negotiate a better fee arrangement. The best model for this is the Yale endowment fund, run by David Swensen.
It will be interesting to see if this huge new fund can avoid many of the errors that seem to trip up existing pensions and endowments. Based on its opening gambit -- the Uber investment -- I have some doubts.