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From Opportunity to Constraint: Structural Inequities in Public Pension Fund Investing

Odd J. Stalebrink

Public Budgeting & Finance2026https://doi.org/10.1111/pbaf.70018article
ABDC C
Weight
0.50

What the paper says

Abstract This study examines how structural features shape participation in private equity across U.S. state and local public pension systems. Using panel data from the Boston College Public Plans Database the analysis introduces the concept of structural asymmetries to explain persistent differences in access to illiquid investment strategies. Descriptive evidence shows that private equity participation expanded unevenly over time, with larger systems increasing exposure more rapidly after the Great Recession. Fixed‐effects models indicate that fund size and liquidity capacity are the most consistent determinants of participation, while fiduciary discipline and actuarial assumptions exhibit limited explanatory power once structural constraints are considered.

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https://doi.org/https://doi.org/10.1111/pbaf.70018

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@article{odd2026,
  title        = {{From Opportunity to Constraint: Structural Inequities in Public Pension Fund Investing}},
  author       = {Odd J. Stalebrink},
  journal      = {Public Budgeting & Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/pbaf.70018},
}

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From Opportunity to Constraint: Structural Inequities in Public Pension Fund Investing

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.