Why Pension Funds Bet on Rookie Managers
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Why Pension Funds Bet on Rookie Managers
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About this listen
Why do pension funds entrust billions of dollars to first-time fund managers with limited track records? In this episode of Marginally Speaking, Professor Vasudha Nukala speaks with Professor Amit Goyal (University of Lausanne) about a puzzling trend in institutional investing.
Drawing on new research into private equity allocations, Goyal explains why pension funds increasingly back “rookie” managers, how incentives and information frictions shape these decisions, and why experience does not always translate into capital access. The conversation sheds light on how opaque investment processes influence retirement outcomes across global markets.
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