May 2026

Quebec pension giant bets big on Brazil’s power grid

Two of Latin America's largest energy infrastructure investors are consolidating their Brazilian transmission assets into a single platform, betting on the country's grid modernization push. La Caisse de dépôt et placement du Québec and Colombia-based Grupo Energía Bogotá (GEB) have signed a final agreement to merge their respective Brazilian power transmission holdings into a jointly controlled, 50/50 venture under the name Verene Energia S.A. The combined entity will hold 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and over...

Pensions UK outlines steps for pension investment in UK growth assets as barriers persist

Pensions UK has set out practical steps to enable schemes to invest more in UK growth assets, as it emerged that almost half (48 per cent) of the trade body’s members believed the government was doing 'a little' to facilitate a pipeline of investable opportunities. The report, and accompanying call to action, comes one year after the Mansion House Accord was signed, a voluntary commitment by 17 of the UK’s largest pension providers to increase investment in unlisted assets in...

Analysis of climate risk reporting across UK pension schemes

By XPS Group 2025 has shown that climate change is no longer a distant risk. It's a force that's already shaping economies, societies and investment markets. While government policy remains fragmented, UK pension schemes remain exposed to the risks of worsening climate outcomes, and to opportunities that arise from a faster transition to a green economy. Our fourth annual Task Force on Climate-related Financial Disclosures (TCFD) review examines how 49 UK pension schemes, representing £420bn in assets, are addressing climate change...

Private Climate Governance of Finance: “Net Zero” Prospects and Politics

By Cynthia A. Williams In 2021, as part of the COP26 climate negotiations in Glasgow, the Glasgow Financial Alliance for Net Zero (“GFANZ”) was announced. This Alliance of banks, asset managers, and insurance companies, among other financial institutions, with more than $130 trillion of assets under management when announced, was based on a pledge by the participating companies to work towards net-zero status in their businesses by 2050 or sooner. Led by former UK Bank of England Governor Mark Carney, who is now the U.N.’s Special Envoy...

Just two of the world’s top financial institutions have commitments to phase out fossil fuels

Only two of the world’s 400 largest financial institutions have ‘robust commitments’ in place to phase out fossil fuels, new analysis from the World Benchmarking Alliance (WBA) has found. According to the WBA’s Financial System Climate Assessment, around one third of the assessed firms have ‘initial signs of transition planning towards a low-carbon economy’, including setting metrics and targets to drive and monitor progress, or embedding transition planning within governance structures. However, just 26% were found to have transition plans that cover financed activities, rather than focusing...

US. Labor unions oppose Senate crypto bill ahead of Thursday committee markup: report

Five labor organizations urged the U.S. Senate to oppose the pending crypto market structure bill, warning that the legislation would expose worker retirement accounts to cryptocurrency volatility. The opposing groups include the AFL-CIO, Service Employees International Union, American Federation of Teachers, National Education Association, and American Federation of State, County and Municipal Employees, CNBC reported Tuesday. According to CNBC, SEIU, AFT, NEA, and AFSCME wrote in a previously unreported May 9 letter that the bill “jeopardizes the stability of workers’ retirement plans, including...

Private credit is cracking, but pension funds aren’t blinking

Close to US$300bn flowed into private credit vehicles from institutional investors in 2025, and the money keeps coming — despite the sector's most turbulent stretch in years. Major pension systems are not just holding their private credit allocations; several are actively expanding them. Europe's largest pension investor, Dutch manager APG, plans to raise its private markets exposure above 30 percent of assets and could increase its private debt allocation to between 2 and 4 percent from roughly 1.5 percent currently, according to Reuters. In the...

Goldman Sachs Retirement Survey 2025: Retirement Could Cost $2.5 Million by 2043, and Most Americans Are Not Saving Fast Enough to Keep Up

Goldman Sachs estimates the total cost of retirement will reach $2.57M by 2043, up from $1.75M in 2033, driven by 4% annual spending growth and retirement duration expanding to 21 years as households age 65+ now spend ~$122K annually versus $60K in 2000. Essential costs like housing (21% to 36% of income), childcare (10% to 25%), college (9% to 33% for private), and healthcare (12% to 33%) have squeezed savings capacity, with 67% of workers reporting too many...

Iran Conflict: How Long, and How Bad?

By Goldman Sachs The unprecedented US and Israeli coordinated attack on Iran has resulted in the largest energy supply disruption in history. With seemingly no end to the conflict in sight, its potential duration, impact on global energy supplies, and economic and market implications are Top of Mind. Chatham House’s Sanam Vakil and longtime US Middle East advisor Dennis Ross agree that an end to the conflict doesn’t look imminent owing to (the lack of) incentives on Iran’s side and...

Pension Systems, Demographic Aging, and the Home Bias Puzzle: Global Evidence

By Brian Peters This paper tests whether pension system growth mediates the relationship between demographic aging and cross-border portfolio diversification. Using a panel of up to 188 countries from 1990 to 2024, we find that demographic aging robustly predicts pension system growth (Z₁ = +69.2***, p = 0.0002, N = 1,225, 42 countries), establishing the first stage of the mediation chain. However, pension fund growth does not uniformly translate into changes in external portfolio allocation: the second stage (pension spending...