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A lot of sovereign wealth funds are now ageing and that matters for how you approach asset allocation as when you're scaling up your fund you're more likely to simply follow an existing template, i.e. mirror your peers, there's also an issue of scale. As funds get larger that can provide a constraint on the markets they want to invest in. You can still make selective contrarian bets but your portfolio is likely to be more fixed.
During crisis moments some might again step in when valuations are low, but they'll be less contrarian, they'll generally be more cautious of placing additional funds into the private markets as it would require a significant relaxation of risk tolerance, particularly where faced with extended holding periods of their existing commitments.
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