April 2026

Market Turmoil Sparked by Iran War Wiped Out $233B in Public Pension Funding

A 3.5% aggregated investment loss spurred by war in the Middle East wiped $233 billion from the 100 largest U.S. public pension plans in March, dropping their funded levels to 83.7% from 87% in February, according to actuarial and consulting firm Milliman. It was the first time the dataset recorded investment losses in more than a year, and it halted the progress of the aggregate funded level’s steady rise from almost 80% funded 12 months earlier. Milliman estimated that individual...

Australia. Solving the $326 billion ‘stranded’ pension asset problem

More than 1.5 million Australians aged 65 and over have left money sitting in superannuation accumulation phase, paying tax at 15 per cent on investment earnings when they could be in the tax-free pension phase and receiving higher retirement income. A dialogue paper published by the Actuaries Institute, It’s Time: Here’s How to Turn Superannuation into a Retirement Income System, puts the aggregate value of those “stranded” balances at $326 billion. the additional tax cost to those individuals exceeds $2 billion...

Analysis-Brazil shackles public pension funds after Banco Master meltdown

Brazil’s biggest bank failure in recent history has led to an aggressive crackdown on public pension funds, which were among its creditors, limiting their portfolios in ways that could make it harder to hit their long-term targets. The new restraints for public pension funds, which manage some $73 billion in Brazil, are part of the widening fallout from the liquidation of Banco Master, with consequences for politicians, a state-run lender and even central bankers. Although Master was not considered a systemic...

Pension funds urged to account for climate risk in private assets

Ortec Finance has urged global pension funds to gauge the physical climate-related risks associated with holding private assets, which are typically less liquid and held for much longer than equities or bonds. "Investments made now into infrastructure or real estate typically have a 15-year plus time horizon, so these are highly likely to be affected by rising physical climate risks," Ortec Finance managing director for climate scenarios and sustainability Maurits van Joolingen said. Ortec Finance estimates private infrastructure assets in the...

Japan pension fund GPIF urges stronger stewardship to boost long-term returns

Japan’s Government Pension Investment Fund (GPIF) said on Friday it will step up expectations for external asset managers to strengthen stewardship activities, including deeper corporate engagement, as part of efforts to enhance long-term investment returns. Stewardship — including environmental, social and governance (ESG) considerations — would be pursued from the perspective of improving long-term returns, said the world’s largest pension fund, with about US$1.8 trillion in assets under management, in its 2025/2026 stewardship activities report, which outlined its approach for the five-year period through March...

Asia-Pacific Climate Report 2025: Unlocking Nature for Development

By Asian Development Bank Nature is a core economic asset in Asia and the Pacific, with around 75% of GDP directly or indirectly tied to nature through sectors like agriculture, fisheries, and tourism. Yet, nature remains largely invisible in economic planning. When ecosystems degrade, economies face higher health and disaster costs, reduced productivity, shrinking fiscal revenues, and weakened debt sustainability. The report highlights that ecosystem services—such as pollination, water purification, and climate regulation—provide multiple benefits, underpinning food security, public health, livelihoods...

How we bridge the gap in climate innovation and investment in Latin America

By Georgina Mondino & Maximiliano Frey Latin America still attracts only a small share of global venture capital – just 2%– which helps explain why only five of its cities appear in StartupBlink’s latest Global Startup Ecosystem Index among the top 100 innovation hubs: São Paulo, Mexico City, Bogotá, Santiago and Buenos Aires. But the region is rich in ideas, talent and purpose-driven entrepreneurs who have already proven their ability to create value on a global scale. Over the past decade, Argentina...

US. New York City to Spend $4 Billion From Pension Funds on Affordable Homes

A 33-story mixed-income high-rise in Midtown Manhattan, with rents as low as $1,000 for one-bedroom apartments. A 30-unit apartment building in the Bronx for survivors of domestic violence who have struggled with homelessness. A Brooklyn building for formerly incarcerated women and their families. These are some of the affordable housing projects that have been financed in the past several years with money from New York City’s public pension funds, which provide retirement benefits for the city’s police officers, teachers, firefighters...

Europe’s biggest pension investor eyes private markets boost

 Europe's biggest pension investor, APG, will increase its allocation to private markets to ​just over 30% and sees current credit market flux as a potential buying opportunity, its chief investment ‌officer for private investments told Reuters. APG invests around 600 billion euros ($702.00 billion) for clients including ABP, the Netherlands' biggest pension fund. Around 26% of its assets are currently in private markets but it would add more after ongoing changes to investment rules in the Netherlands, Patrick ​Kanters said. The...

EU finance faces growing risks from geopolitical pressures, watchdogs warn

European financial watchdogs have warned that the war in the Middle East and fast-growing private finance markets could increase risks for the EU financial system. The European Supervisory Authorities — the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) — said geopolitical tensions could affect financial markets through higher energy prices, inflationary pressures and weaker economic growth, ESMA announced on Tuesday. They said they had previously warned about the...