Pension funds, insurance companies and SWFs don't reason like individuals, they have to put their money to work and for them the vast majority is govt. bonds an

Pension funds, insurance companies and SWFs don't reason like individuals, they have to put their money to work and for them the vast majority is govt. bonds anyway, even in the past 10 years. By the same token they have to decide what to do with the 15-20% which isn't bonds. Just as a matter of portfolio construction you don't want to be in equities, don't want to be in Venture. Only Real Estate and Infrastructure are left