Companion files · The Private Markets Career Guides
Institutional Investing from the Inside: Asset Allocation, Asset-Liability Management, Manager Selection and Governance at Pension Funds, Endowments and Insurers.
These are the companion files of the book. One workbook rebuilds the Ashgrove Public Employees’ Retirement System, the fictional US public pension plan the book follows through a full policy cycle: capital market assumptions, the old and new policy portfolios, the funded ratio projection and a Monte Carlo, the FY2026 attribution, the rebalancing rule and the liquidity stress test, the fee budget and the manager search arithmetic, with an endowment and an insurer for comparison. A toolkit holds the checklists of Appendix B in an editable form.
The archive holds the workbook, the toolkit and 00_START_HERE.md. No macros, no circular references, no external links. The workbook recalculates in Excel, LibreOffice or Google Sheets.
Chapters 2, 4 to 6, 8 to 10 and 13
One Inputs sheet holds every assumption: capital market assumptions and correlations, both policy portfolios, plan data, FY2026 returns, fees, the search and the stress test. One sheet per topic, and a Checks sheet that puts the figures printed in the book beside the cells that compute them.
Download the workbook329 KBAppendix B
Investment policy statement contents, capital market assumptions review, asset-liability study, manager search and request for proposal topics, watch list and termination, quarterly board report and liquidity stress test.
Download the toolkit40 KBRead first
What each file holds, which sheet answers which chapter, and the two inputs to change first.
Download the read-me2 KB| The funded ratio | Assets of $26.2 billion against a liability of $33.1 billion at 30 June 2026: 79.1 percent |
| The policy portfolio | Expected compound return 6.50 percent for the old policy, 6.77 percent for the new one, against a 7.0 percent assumed return |
| The year | FY2026: 10.67 percent for the total fund against 11.25 percent for the policy benchmark, minus 58 basis points |
The files are provided as they are, without warranty of any kind. The model is illustrative: the pension plan, the endowment, the insurer and the sovereign fund are fictional, the model is annual and simplified, and the figures are the book’s assumptions, not market data or forecasts. Nothing here is investment, actuarial, legal, tax or accounting advice.