PRCIM Research Institutional insight. Independent thinking.

PRCIM Research

Institutional insight. Independent thinking.

Latest Articles

Rituals of Rigor: What Institutional Diligence Looks Like Versus What It Does
Market Structure

Rituals of Rigor: What Institutional Diligence Looks Like Versus What It Does

Institutions describe a research process of expert networks, proprietary models, and independent verification. The reality, under mandate pressure and committee timelines, is often something compressed, benchmark-anchored, and largely inherited. A candid look at the gap — and where genuine independence could be inserted.

The Valuation Smile: Semi-Liquid Vehicles and the Arithmetic of Deferred Pain
Asset Allocation

The Valuation Smile: Semi-Liquid Vehicles and the Arithmetic of Deferred Pain

Interval funds and evergreen structures have re-packaged private assets with a liquidity promise they were never designed to keep. When the redemption window opens in a downturn, the marks on the statement and the cash behind them may tell very different stories.

Seven Allocations Quietly Redefining Institutional Portfolios After the Bond-Equity Breakdown
Asset Allocation

Seven Allocations Quietly Redefining Institutional Portfolios After the Bond-Equity Breakdown

The simultaneous drawdown in stocks and bonds in 2022 ended the era of treating the 60/40 model as self-evident. Here are seven allocation shifts gaining real traction among US endowments, pensions, and family offices — and the questions to ask before committing capital to each.

When the Street Speaks in Unison: Structural Incentives and the Cost of Homogenized Analysis
Market Structure

When the Street Speaks in Unison: Structural Incentives and the Cost of Homogenized Analysis

Sell-side consensus is not merely imperfect — it is structurally predisposed toward convergence. This piece examines why unaffiliated research firms have repeatedly identified inflection points that bank-affiliated analysis missed, and what that implies for how institutional portfolios source conviction.