Maru Kun

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But in the 1970s, the relaxation of the ‘prudent man’ investment rule allowed pension funds to invest in less conventional ways, such as private equity (PE) and venture capital (VC), while the Employee Retirement Security Act of 1974 permitted pension funds and insurance companies to invest in a greater variety of funds, such as equities, high-yield debt, PE and VC.
The Value of Everything: Making and Taking in the Global Economy
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