In today's edition: Why SAA isn't going anywhere; EQT enters the sports franchise fray; Investors seek defence investing guardrails. Fresh Insights reveals TPAs face significant hurdles to adoption.

Plenty of column inches have been devoted to the total portfolio approach over the past 18 months or so (Side Letter, 3 March). Regular readers will know that a more uncertain and volatile investment landscape, in conjunction with rising private markets allocations, has prompted some of the world's most prominent institutions to explore more flexible ways of investing.

The strategic asset allocation debate continues as limited partners weigh traditional frameworks against emerging total portfolio models. While theoretical benefits are clear, practical implementation barriers — including data complexity, governance overhead, and manager resistance — slow widespread adoption.

Market volatility and geopolitical uncertainty further complicate allocation decisions, pushing investors toward dynamic approaches that can adapt across public and private markets simultaneously.