Bell Sports, a division of Vista Outdoor, is an American maker of bicycle and motorcycle helmets. BRG Sports, owner of Riddell football helmets, sold the Bell, Giro, C-Preme, Blackburn brands to Vista in 2016; the company started in 1923 as Bell Auto Parts, named for its location in California. Roy Richter began working for Bell Auto Parts in 1933, and, in 1945, purchased the store for $1,000, he produced its first race car helmets in 1954. The Bell Helmet Company was established as a division of his Bell Auto Parts store in 1956. Bell introduced its Star model, the first full-face motorcycle helmet on the market, in 1968. In 1971, Bell produced the first full-face off-road motorcycle helmet. Bell's first production helmet was made in 1954, it was the result of months of development. Richter, with the help of veteran naval pilot Frank Heacox, reverse engineered numerous helmets including some used in military aviation. Heacox played a key role in developing Bell Helmet's first products, most by using the helmets himself, both in races and on the street.
These experiences with the prototypes led to many useful suggestions. That first helmet, named the Bell 500, featured a polyurethane foam liner insider a hand-laminated fiberglass outer shell. Laminating and polishing helmets by hand was expensive but Richter believed it resulted in a stronger helmet. Several members of the famous Bill Stroppe Lincoln Team wore the Bell 500 in the Carrera Pan-American Road Race in 1954. A Bell helmet was used in the Indianapolis 500 for the first time by Cal Niday in 1955. Niday suffered several major injuries. Despite suffering a skull fracture Nidal credited the helmet for preventing more serious injury. By 1956 helmet sales were far above projections; this resulted in the formation of the Bell Helmet Company as a subsidiary of Bell Auto Parts. The helmet operation employed at least four people working full-time producing helmets in a facility next door to the original Bell Auto Parts location; the company merged with football helmet manufacturer Riddell to form Bell-Riddell in 1980.
The Bell-Riddell motorcycle division was sold in 1991. The remaining company was re-named Bell Sports. In 1999, the auto racing division was sold and split into two separate companies called Bell Racing Company and Bell Racing Europe. Bell Sports reacquired Bell Helmets in 2002. In 2005, it reacquired Bell Racing Company, was itself merged into Easton-Bell Sports in 2006. Vista Outdoor acquired the company in 2016; the Bell Star MIPS is the entry-level model of the Bell Star line of motorcycle helmets. It is made using a foam EPS liner; the EPS liner is designed to deal with main impact forces while the MIPS helps prevent brain injuries such as concussions by reducing rotational forces. Bell Racing USA and Bell Racing Europe, are independent companies that use the Bell mark under license. Roy Richter Official website
Private equity in the 2000s
Private equity in the 2000s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks; the development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. As the 20th century ended, so, did the dot-com bubble and the tremendous growth in venture capital that had marked the previous five years. In the wake of the collapse of the dot-com bubble, a new "Golden Age" of private equity ensued, as leveraged buyouts reach unparalleled size and the private equity firms achieved new levels of scale and institutionalization, exemplified by the initial public offering of the Blackstone Group in 2007; the Nasdaq crash and technology slump that started in March 2000 shook the entire venture capital industry as valuations for startup technology companies collapsed.
Over the next two years, many venture firms had been forced to write-off large proportions of their investments and many funds were "under water". Venture capital investors sought to reduce size of commitments they had made to venture capital funds and in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market. By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. PricewaterhouseCoopers' MoneyTree Survey shows that total venture capital investments held steady at 2003 levels through the second quarter of 2005. Although the post-boom years represent just a small fraction of the peak levels of venture investment reached in 2000, they still represent an increase over the levels of investment from 1980 through 1995; as a percentage of GDP, venture investment was 0.058% percent in 1994, peaked at 1.087% in 2000 and ranged from 0.164% to 0.182% in 2003 and 2004. The revival of an Internet-driven environment have helped to revive the venture capital environment.
However, as a percentage of the overall private equity market, venture capital has still not reached its mid-1990s level, let alone its peak in 2000. Meanwhile, as the venture sector collapsed, the activity in the leveraged buyout market declined significantly. Leveraged buyout firms had invested in the telecommunications sector from 1996 to 2000 and profited from the boom which fizzled in 2001. In that year at least 27 major telecommunications companies, filed for bankruptcy protection. Telecommunications, which made up a large portion of the overall high yield universe of issuers, dragged down the entire high yield market. Overall corporate default rates surged to levels unseen since the 1990 market collapse rising to 6.3% of high yield issuance in 2000 and 8.9% of issuance in 2001. Default rates on junk bonds peaked at 10.7 percent in January 2002 according to Moody's. As a result, leveraged buyout activity ground to a halt; the major collapses of former high-fliers including WorldCom, Adelphia Communications, Global Crossing and Winstar Communications were among the most notable defaults in the market.
In addition to the high rate of default, many investors lamented the low recovery rates achieved through restructuring or bankruptcy. Among the most affected by the bursting of the internet and telecom bubbles were two of the largest and most active private equity firms of the 1990s: Tom Hicks' Hicks Muse Tate & Furst and Ted Forstmann's Forstmann Little & Company; these firms were cited as the highest profile private equity casualties, having invested in technology and telecommunications companies. Hicks Muse's reputation and market position were both damaged by the loss of over $1 billion from minority investments in six telecommunications and 13 Internet companies at the peak of the 1990s stock market bubble. Forstmann suffered major losses from investments in McLeodUSA and XO Communications. Tom Hicks resigned from Hicks Muse at the end of 2004 and Forstmann Little was unable to raise a new fund; the treasure of the State of Connecticut, sued Forstmann Little to return the state's $96 million investment to that point and to cancel the commitment it made to take its total investment to $200 million.
The humbling of these private equity titans could hardly have been predicted by their investors in the 1990s and forced fund investors to conduct due diligence on fund managers more and include greater controls on investments in partnership agreements. Deals completed during this period tended to be smaller and financed less with high yield debt than in other periods. Private equity firms had to cobble together financing made up of bank loans and mezzanine debt with higher equity contributions than had been seen. Private equity firms benefited from the lower valuation multiples; as a result, despite the limited activity, those funds that invested during the adverse market conditions delivered attractive returns to investors. Meanwhile, in Europe LBO activity began to increase. In 2001, for the first time, European buyout activity exceeded US activity with $44 billion of deals completed in Europe as compared with just $10.7 billion of deals completed in the US. This was a function of the fact that just six LBOs in excess of $500 million were completed in 2001, against 27 in 2000.
As investors sought to reduce their exposure to the private equi
Fenway Park is a baseball park located in Boston, Massachusetts near Kenmore Square. Since 1912, it has been the home for the Boston Red Sox, the city's American League baseball team, since 1953, its only Major League Baseball franchise, it is the oldest ballpark in Major League Baseball. Because of its age and constrained location in Boston's dense Fenway–Kenmore neighborhood, the park has been renovated or expanded many times, resulting in quirky heterogeneous features including "The Triangle", Pesky's Pole, the Green Monster in left field, it is the fourth-smallest among MLB ballparks by seating capacity, second-smallest by total capacity, one of eight that cannot accommodate at least 40,000 spectators. Fenway has hosted the World Series 11 times, with the Red Sox winning six of them and the Boston Braves winning one. Besides baseball games it has been the site of many other sporting and cultural events including professional football games for the Boston Redskins, Boston Yanks, the Boston Patriots.
April 20, 2012 marked Fenway Park's centennial. On March 7 of that year, the park was added to the National Register of Historic Places. Former pitcher Bill Lee has called Fenway Park "a shrine", it is a pending Boston Landmark. Today, the park is considered to be one of the most well-known sports venues in the world; the Red Sox moved to Fenway Park from the old Huntington Avenue Grounds. In 1911, owner John I. Taylor purchased the land bordered by Brookline Avenue, Jersey Street, Van Ness Street and Lansdowne Street and developed it into a larger baseball stadium. Taylor claimed the name Fenway Park came from its location in the Fenway neighborhood of Boston, created late in the nineteenth century by filling in marshland or "fens", to create the Back Bay Fens urban park. However, given that Taylor's family owned the Fenway Realty Company, the promotional value of the naming at the time has been cited as well. Like many classic ballparks, Fenway Park was constructed on an asymmetrical block, with consequent asymmetry in its field dimensions.
The park was designed by architect James E. McLaughlin, the General Contractor was the Charles Logue Building Company; the first game was played April 20, 1912, with mayor John F. Fitzgerald throwing out the first pitch and Boston defeating the New York Highlanders, 7-6 in 11 innings. Newspaper coverage of the opening was overshadowed by continuing coverage of the Titanic sinking a few days earlier. In June 1919 a rally supporting Irish Independence turned out nearly 50,000 supporters to see the President of the Irish Republic, Éamon de Valera, it was the largest crowd in the ballpark. Fenway Park had drawn low attendance, its lowest occurring late in the 1965 season with two games having paid attendance under 500 spectators, its attendance has risen since the Red Sox' 1967 "Impossible Dream" season, on September 8, 2008, with a game versus the Tampa Bay Rays, Fenway Park broke the all-time Major League record for consecutive sellouts with 456, surpassing the record held by Jacobs Field in Cleveland.
On Wednesday, June 17, 2009, the park celebrated its 500th consecutive Red Sox sellout. According to WBZ-TV, the team joined three NBA teams; the sellout streak ended on April 11, 2013. The park's address was 24 Jersey Street. In 1977, the section of Jersey Street nearest the park was renamed Yawkey Way in honor of longtime Red Sox owner Tom Yawkey, the park's address was 4 Yawkey Way until 2018, when the street's name was reverted to Jersey Street; the address is now 4 Jersey Street. Some of the changes include: In 1934, a hand-operated scoreboard was added, with what was considered high-technology- lights to indicate balls and strikes; the scoreboard is still updated by hand today from behind the wall. The National League scores were removed in 1976, but restored in 2003 and still require manual updates from on the field. In 1946, upper deck seats were installed. In 1947, arc lights were installed at Fenway Park; the Boston Red Sox were the third-to-last team out of 16 major league teams to have lights in their home park.
In 1976, metric distances were added to the conventionally stated distances because it was thought at the time that the United States would adopt the metric system. Today, only Toronto's Rogers Centre lists metric distances. Fenway Park retained the metric measurements until mid-season 2002. Fenway's first message board was added over the center field bleachers. In 1988, a glass-protected seating area behind home plate named. After Ted Williams' death in 2002, it was renamed the.406 Club in honor of his 1941 season in which he produced a.406 batting average. The section was renamed again in 2006 to the EMC Club. In 1999 the auxiliary press boxes were added on top of the roof boxes along the first and third base sides of the field. In 2000, a new video display from Daktronics, measuring 23 feet high by 30 feet wide, was added in center field. Before the 2003 season, seats were added to the Green Monster. Before the 2004 season, seats were added to the right field roof, above the grandstand, called the Budweiser Right Field Roof.
In December 2017 Samuel Adams renamed the deck the "Sam Deck." Before the 2008 season, the Coke bottles, installed in 1997, were removed to return the light towers to their original state. The
A merchant bank is a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodities cloth merchants. Merchant banks' purpose was to facilitate and/or finance production and trade of commodities, hence the name "merchant". Few banks today restrict their activities to such a narrow scope. In modern usage in the United States, the term additionally has taken on a more narrow meaning, refers to a financial institution providing capital to companies in the form of share ownership instead of loans. A merchant bank provides advisory on corporate matters to the firms in which they invest. Merchant banks were in fact the first modern banks, they emerged in the Middle Ages from the Italian grain and cloth merchants community and started to develop in the 11th century during the large European fair of St. Giles at the Champagne fairs; as the Lombardy merchants and bankers grew in stature based on the strength of the Lombard plains cereal crops, many displaced Jews fleeing Spanish persecution were attracted to the trade.
The Florentine merchant banking community was exceptionally active and propagated new finance practices all over Europe. Both Jews and Florentine merchants perfected ancient practices used in the Middle East trade routes and the Far East silk routes. Intended for the finance of long trading journeys, these methods were applied to finance the medieval "commercial revolution". In France during the 17th and 18th century, a merchant banker or marchand-banquier was not just considered a trader but received the status of being an entrepreneur par excellence. Merchant banks in the United Kingdom came into existence in the early 19th century, the oldest being Barings Bank; the Jews could not hold land in Italy, so they entered the great trading piazzas and halls of Lombardy, alongside the local traders, set up their benches to trade in crops. They had one great advantage over the locals. Christians were forbidden from any kind of lending at interest, since such activities were equated with the sin of usury.
The Jewish newcomers, on the other hand, could lend to farmers against crops in the field, a high-risk loan at what would have been considered usurious rates by the Church. In this way they could secure the grain-sale rights against the eventual harvest, they began to advance payment against the future delivery of grain shipped to distant ports. In both cases they made their profit from the present discount against the future price; this two-handed trade was time-consuming and soon there arose a class of merchants who were trading grain debt instead of grain. The buying of future crop and the trading of grain debt is analogous to the future contract market in modern finance; the court Jew performed underwriting functions. Financing took the form of a crop loan at the beginning of the growing season, which allowed a farmer to develop and manufacture his annual crop. Underwriting in the form of a crop, or commodity, insurance guaranteed the delivery of the crop to its buyer a merchant wholesaler.
In addition, traders performed the merchant function by making arrangements to supply the buyer of the crop through alternative sources—grain stores or alternate markets, for instance—in the event of crop failure. He could keep the farmer in business during a drought or other crop failure, through the issuance of a crop insurance against the hazard of failure of his crop. Merchant banking progressed from financing trade on one's own behalf to settling trades for others and to holding deposits for settlement of "billette" or notes written by the people who were still brokering the actual grain, and so the merchant's "benches" in the great grain markets became centers for holding money against a bill. These deposited funds were intended to be held for the settlement of grain trades, but were used for the bench's own trades in the meantime; the term bankrupt is a corruption of the Italian banca rotta, or broken bench, what happened when someone lost his traders' deposits. Being "broke" has the same connotation.
A sensible manner of discounting interest to the depositors against what could be earned by employing their money in the trade of the bench soon developed. Once again this developed what was an ancient method of financing long-distance transport of goods; the medieval Italian markets were disrupted by wars and in any case were limited by the fractured nature of the Italian states. And so the next generation of bankers arose from migrant Jewish merchants in the great wheat-growing areas of Germany and Poland. Many of these merchants were from the same families, part of the development of the banking process in Italy, they had links with family members who had, centuries before, fled Spain for both Italy and England. As non-agricultural wealth expanded, many families of goldsmiths gradually moved into banking; this course of events set the stage for the rise of Jewish family banking firms whose names still resonate today, such as Warburgs and Rothschilds. The rise of Protestantism, freed many European Christians from Rome's dictates a
Coach America doing business as American Coach Lines, was a holding company for American bus services owned by New York-based private equity firm Fenway Partners operating under the Coach America, American Coach Lines, Gray Line names. Coach America consisted of all former Coach USA operations except for the midwestern United States, New York, New Jersey and New England, along with Lakefront Lines in Ohio. For the nine years of its existence, Coach America was based in Texas; the properties that became Coach America were owned by Scotland-based Stagecoach Group as Coach USA's Western, South Central, Southeastern divisions. Coach America was formed in 2003 when, after Stagecoach Group evaluated its Coach USA business, it decided to retain its scheduled and local transit services in the Northeast and North Central region and put the rest of the company up for sale; the South Central and West divisions of Coach USA were sold to Co.. LLC, with these companies continuing to use the Coach USA name for a time, but changing to Coach America.
The Southeast division was sold to a separate buyer, Lincolnshire Management, became American Coach Lines. In 2006, Coach America purchased American Coach Lines from Lincolnshire. In November of that same year, Kohlberg sold Coach America to another private equity firm, Fenway Partners. Coach America acquired the Ohio carrier Lakefront Lines in 2008. In early 2012, following a Chapter 11 bankruptcy, the assets of Coach America were sold in units. Stagecoach repurchased eight of the Coach America properties that it had sold in the 2003 divestiture, plus Lakefront Lines/Hopkins Transportation in Ohio. Tornado Bus Company bought the El Expreso operation, Professional Transportation, Inc. purchased Coach America's rail crew division, Transportation Management Services purchased the remainder of Coach America's operations, forming Horizon Coach Lines, except for the Los Angeles DOT contract, sold to MV Transportation. The Dallas office closed in July 2012. Coach America was organized into several divisions: Mountain: Based in Las Vegas with the Western Division office, this division consisted of subsidiaries based in Arkansas, North Dakota, Tennessee and Wyoming.
Northwest: This division based in Sacramento consisted of companies based in northern California, northern Nevada, Oregon. South Central: This division based in Houston comprised companies based in Texas and Louisiana. Southeast: This division, based in Orlando, consisted of the former American Coach Lines companies. West: Based in Las Vegas, this division comprised subsidiaries based in Arizona, southern Nevada, southern California. Crew Transport: Provided transportation to the industrial sector, with operations in 15 states. Peter Pan Bus Lines Coach America American Coach Lines
A pension fund known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pension funds have large amounts of money to invest and are the major investors in listed and private companies, they are important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about $6 trillion in assets. In January 2008, The Economist reported that Morgan Stanley estimates that pension funds worldwide hold over US$20 trillion in assets, the largest for any category of investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity; the Federal Old-age and Survivors Insurance Trust Fund is the world's largest public pension fund which oversees $2.72 trillion USD in assets. Open pension funds support at least one pension plan with no restriction on membership while closed pension funds support only pension plans that are limited to certain employees.
Closed pension funds are further subclassified into: Single employer pension funds Multi-employer pension funds Related member pension funds Individual pension funds A public pension fund is one, regulated under public sector law while a private pension fund is regulated under private sector law. In certain countries the distinction between public or government pension funds and private pension funds may be difficult to assess. In others, the distinction is made in law, with specific requirements for administration and investment. For example, local governmental bodies in the United States are subject to laws passed by the states in which those localities exist, these laws include provisions such as defining classes of permitted investments and a minimum municipal obligation. Commonwealth Superannuation Scheme Military Superannuation and Benefits Scheme Public Sector Superannuation accumulation plan Public Sector Superannuation Scheme State Super AustralianSuper AustSafe Super CareSuper Cbus Energy Super FIRSTSUPER HESTA Hostplus legalsuper LUCRF Super Media Super MTAA Super NGS Super REI Super TWUSUPER UniSuper ANZ Australian Staff Superannuation Scheme Retail Employees Superannuation Trust Aceprev Baneses Banesprev Centrus FAPES Forluz Funcef Fundação Banrisul Fundação CESP Fundação Itaubanco Petros PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil Sistel Valia Alberta Investment Management British Columbia Investment Management Corporation Caisse de dépôt et placement du Québec Canada Pension Plan HOOPP Ontario Teachers Pension Plan PSP investments Public Sector Pension Investment Board BC Pension Corporation, including the College Pension Plan, the Municipal Pension Plan, the Public Service Pension Plan, the Teachers' Pension Plan, WorkSafeBC Colleges of Applied Arts and Technology Pension Plan Healthcare of Ontario Pension Plan OMERS Administration Corporation Ontario Pension Board Ontario Teachers' Pension Plan OPSEU Pension Trust AFP Modelo Chile pension system Social Security Fund - managed by National Council for Social Security Fund Public Employees Pension Fund TAPILTAT, the Fund for Mutual Assistance of the Employees of Ioniki Bank and Other Banks, the multi-employer auxiliary pension fund Mandatory Provident Fund Employees' Provident Fund Organisation – a statutory body of the government of India that administers a compulsory Provident Fund Scheme, Pension Scheme and an Insurance Scheme.
Provident Fund is applicable across for employees across establishments. EPF is the largest social security organisation in India with assets well over ₹ 5 lakh crore as of 2014. National Pension Scheme – a defined-contribution–based pension scheme launched by the government of India open to all citizens of India on a voluntary basis and mandatory for the employees of central government who are appointed on or after 1 January 2004. Indian citizens between the age of 18 and 65 are eligible to join. See Japan Pension Service Government Pension Investment Fund, Japan Employees Provident Fund Caisse de dépôt et de gestion CMR Employees Provident Fund Nepal Stichting Pensioenfonds ABP Stichting Pensioenfonds Zorg en Welzijn The Government Pension Fund - Global The Government Pension Fund - Norway The pension system in Romania is made of three pillars. One is the state pension, the second is a private mandatory pension where the state transfers a percentage of the contribution it collects for the public pension, the third is an optional private pension.
The Financial Supervisory Authority – Private Pension is responsible for the supervision and regulation of the private pension system. Public Pension Agency General Organization for Social Insurance Central Provident Fund Pension system in Switzerland Sosyal Güvenlik Kurumu Social Security Institution was established by the Social Security Institution Law No:5502, published in the Official Gazette No: 26173 dated 20.06.2006 and brings the Social Insurance Institution, General Directorate of Bağ-kur and General Directorate
An institutional investor is an entity which pools money to purchase securities, real property, other investment assets or originate loans. Institutional investors include banks, insurance companies, hedge funds, REITs, investment advisors and mutual funds. Operating companies which invest excess capital in these types of assets may be included in the term. Activist institutional investors may influence corporate governance by exercising voting rights in their investments. Although institutional investors appear to be more sophisticated than retail investors, it remains unclear if professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Lending credence to doubts about active investors' ability to'beat the market', passive index funds have gained traction with the rise of passive investors: the three biggest US asset managers together owned an average of 18% in the S&P 500 Index and together constituted the largest shareholder in 88% of the S&P 500 by 2015.
The potential of institutional investors in infrastructure markets is noted after financial crises in the early twenty-first century. Roman law ignored the concept of juristic person, yet at the time the practice of private evergetism sometimes led to the creation of revenues-producing capital which may be interpreted as an early form of charitable institution. In some African colonies in particular, part of the city's entertainment was financed by the revenue generated by shops and baking-ovens offered by a wealthy benefactor. In the South of Gaul, aqueducts were sometimes financed in a similar fashion; the legal principle of juristic person might have appeared with the rise of monasteries in the early centuries of Christianity. The concept might have been adopted by the emerging Islamic law; the waqf became a cornerstone of the financing of education, waterworks and the construction of monuments. Alongside some Christian monasteries the waqfs created in the 10th century AD are amongst the longest standing charities in the world.
Following the spread of monasteries and other hospitals, donating sometimes large sums of money to institutions became a common practice in medieval Western Europe. In the process, over the centuries those institutions acquired sizable estates and large fortunes in bullion. Following the collapse of the agrarian revenues, many of these institution moved away from rural real estate to concentrate on bonds emitted by the local sovereign; the importance of lay and religious institutional ownership in the pre-industrial European economy cannot be overstated, they possessed 10 to 30% of a given region arable land. In the 18th century, private investors pool their resources to pursue lottery tickets and tontine shares allowing them to spread risk and become some of the earliest speculative institutions known in the West. Following several waves of dissolution the weight of the traditional charities in the economy collapsed. New types of institutions emerged, yet despite some success stories, they failed to attract a large share of the public's savings and, for instance, by 1950, they owned 48% of US equities and even less in other countries.
Because of their sophistication, institutional investors may be exempt from certain securities laws. For example, in the United States, institutional investors are eligible to purchase private placements under Rule 506 of Regulation D as "accredited investors". Further, large US institutional investors may qualify to purchase certain securities restricted from retail investment under Rule 144A. In Canada, companies selling to accredited investors are waived from needing to file with the security exchange commission; as intermediaries between individual investors and companies, institutional investors are important sources of capital in financial markets. By pooling constituents' investments, institutional investors arguably reduce the cost of capital for entrepreneurs while diversifying constituents' portfolios, their greater ability to influence corporate behaviour as well to select investors profiles may help diminish agency costs. Institutional investors investment horizons' differ, but do not share the same life cycle as human beings.
Unlike individuals, they do not have a phase of accumulation followed by one of consumption, they do not die. Here insurance companies differ from the rest of the institutional investors. Therefore, they need liquid assets which reduces their investment opportunities. Others like pension funds can predict long ahead when they will have to repay their investors allowing them to invest in less liquid assets such as private equities, hedge funds or commodities. Other institutions have an extended investment horizon, allowing them to invest in illiquid assets as they are unlikely to be forced to sell them before term. In various countries different types of institutional investors may be more important. In oil-exporting countries sovereign wealth funds are important, while in developed countries, pension funds may be more important. Japan is home to the world's largest pension fund and is home to 63 of the top 300 pension funds worldwide; these include: Government Pension