Comment by _marlowe_

You can thank the Fed. Pensions and their consultants publish an assumed rate of return, which is increasingly difficult to obtain in a sustained low interest rate environment. They have been increasing exposure to private markets to compensate for low returns in fixed income("yield seeking"). There is additional pressure since public and private pensions are typically underfunded, and overly aggressive return assumptions give cover to the states and companies that don't fund them to the extent they should.