One investment principle. Highly tailored strategies across diverse asset owners.
The following mandates highlight the breadth and bespoke nature of PNYX's work.
Different asset owners. One standard of investment discipline.
A family legacy supporting the future of the arts
Helping a European family foundation support an iconic international programme across generations while preserving a concentrated position in a family holding.
Read the storyStatutory review for New Zealand's Ministry of Finance
Evaluating investment strategy, policy and performance within the context of a maturing national fund.
Read the storyRenewing Alberta's Heritage Savings Trust Fund in Canada
Turning the ambition to build a true sub-sovereign wealth fund into a practical institutional and investment roadmap.
Read the storySupporting the creation of an active national investment platform in Europe
A proposed programme for stronger governance, modern public assets and a more institutional investment model.
Read the storyIndependent review of Colorado PERA's asset and liability projections
Testing the assumptions and scenarios used to assess a major public pension system's path to full funding.
Read the storyProtecting a family legacy while funding the future of the arts
Institutional context
A European family foundation carries the vision and name of its founding family into the future. Its investment portfolio supports an iconic international programme with a global reach.
Client challenge
The family legacy created a dual responsibility. The portfolio needed to protect capital across generations while providing reliable funding for the foundation's mission. A concentrated legacy exposure, private market commitments and recurring programme costs made liquidity and diversification central to every decision.
PNYX role
PNYX serves as the foundation's investment manager and CIO adviser. We provide a full suite of due diligence, portfolio monitoring and dynamic asset allocation.
Work performed
- Built a consolidated view across public and private investments.
- Designed a diversifying and defensive allocation around the concentrated legacy exposure.
- Connected programme spending, portfolio income, capital calls and liquidity reserves in one decision framework.
- Tested portfolio choices against forward-looking scenarios rather than relying only on historical relationships.
- Created monthly and quarterly reports for investment-committee review.
Outcome
The foundation gained a more resilient portfolio structure and increased its investment performance significantly, thus increasing grants and improving its impact dramatically while preserving family capital. Decision-makers can assess liquidity, risk and return in the context of the mission the assets exist to serve.
Relevance for comparable institutions
Family foundations and endowments that want their capital, governance and long-term purpose to reinforce one another.
Statutory review for New Zealand's Ministry of Finance
Institutional context
New Zealand's Government Superannuation Fund Authority oversees a closed public-sector retirement scheme within a statutory framework. As the Fund matures, its investment approach must continue to serve members while adapting to a shrinking liability horizon and changing market conditions.
Client challenge
The New Zealand Treasury required an independent five-year review that went beyond formal compliance. It needed a clear view of whether investment policy, governance and organizational arrangements remained fit for the Fund's next phase.
PNYX role
PNYX brought an asset-owner perspective to the statutory review. We examined the Fund as a connected system, linking governance and investment policy with portfolio construction, risk, performance and internal capability.
Work performed
- Reviewed investment policies, governance records, board materials, performance information and responsible-investment disclosures.
- Engaged with key personnel and observed decision processes alongside the documentary review.
- Applied an assessment framework covering legal sufficiency, decision utility, institutional fit and comparative good practice.
- Used peer benchmarking and forward-looking portfolio analysis to identify practical priorities.
Outcome
The review recognized GSFA's strong 2021–2025 investment performance, its effective core investment mandate and material improvements in governance since 2021. It also identified practical priorities for the Fund's next stage, including stronger alignment, oversight and organizational resilience.
Relevance for comparable institutions
Public pension and sovereign institutions that need independent challenge grounded in the realities of institutional investing.
Read the full report
Renewing Alberta's Heritage Savings Trust Fund in Canada
Institutional context
Alberta created the Heritage Savings Trust Fund to convert a share of the province's resource wealth into a lasting financial legacy, with the ambition for the Fund to become a true sub-sovereign wealth fund.
Client challenge
Reaching that ambition required more than a larger portfolio or a change in asset allocation. PNYX identified that Alberta needed to connect intergenerational purpose with governance independence, investment capability, differentiated access and a credible path from today's structure to a stronger institution.
PNYX role
PNYX conducted a deep review of the Heritage Savings Trust Fund and developed a renewal framework spanning institutional purpose, governance, investment strategy, organizational design and implementation, including the establishment of the Heritage Fund Opportunities Corporation as its governing entity.
Work performed
- Benchmarked leading sovereign and sub-sovereign funds and their governance and investment models.
- Developed alternative governance and organizational structures.
- Tested long-term portfolio scenarios and options for broader investment access.
- Designed a phased pathway linking purpose, policy, asset mix, resourcing and stakeholder engagement.
Outcome
With PNYX support, Alberta established the Heritage Fund Opportunities Corporation to govern the Heritage Savings Trust Fund, translating political ambition into an institutional roadmap.
Relevance for comparable institutions
Governments seeking to turn public wealth into a durable institution with the governance and investment capabilities to serve future generations.
Supporting the creation of an active national investment platform in Europe
Institutional context
Growthfund, now the Hellenic Growth Fund, manages a broad portfolio of public enterprises and strategic holdings on behalf of the Greek State. Its expanding mandate aims to turn public assets into productive capital and strengthen Greece's long-term investment capacity.
Client challenge
The institution's scale creates a sophisticated investment challenge. Governance, sustainability, public enterprises, real assets and national development priorities must work as one portfolio rather than as separate programmes.
PNYX role
PNYX supported the development of an advisory framework connecting investment governance with forward-looking portfolio strategy, board and investment-committee support, and investment oversight.
Work performed
- Connected sustainability objectives to a governance-led multi-asset framework.
- Developed forward-looking methods for assessing public enterprises and investment assets consistently.
- Supported board and investment-committee consideration of portfolio priorities.
- Linked asset-level choices to portfolio resilience, cash flow and the institution's wider mandate.
Outcome
The work defined an integrated route for strengthening governance, investment oversight and forward portfolio strategy across a national portfolio.
Relevance for comparable institutions
Sovereign institutions and public holding companies moving from asset administration toward active ownership and institutional investment management.
Public record and coverage
Independent review of Colorado PERA's asset and liability projections
Institutional context
The Colorado Public Employees' Retirement Association (PERA) manages retirement benefits for public employees across the state. At the time of PNYX's review, PERA managed approximately US$73.4 billion in assets. Its long-term funding outlook depends on economic assumptions, investment performance, contributions and demographic experience.
Client challenge
Colorado's Pension Review Subcommittee sought an independent assessment of the economic and non-economic assumptions used to project PERA's financial position, the risks surrounding its path to full funding by 2048 and potential policy responses.
PNYX role
PNYX reviewed the actuarial and investment assumptions, developed forward-looking capital-market estimates and tested how macroeconomic and portfolio scenarios could affect the projected funding path. The work was delivered to the Colorado legislature in 2024.
Work performed
- Assessed the economic and non-economic assumptions underlying the projections.
- Identified shortcomings in the treatment of asset and macro-factor distributions, correlations, return asymmetry and tail risk.
- Estimated a 6.71% expected portfolio return against the 7.25% assumption and tested the sensitivity of the funding path to investment outcomes.
- Examined recurring actuarial losses and the possibility that accrued actuarial liabilities could be materially higher than reported, subject to further analysis.
- Compared policy options for improving the funded ratio and addressing downside risk.
Outcome
The report found a significant risk that PERA would not reach full funding by 2048, including an estimated 18% probability of falling below a 50% funded ratio. It recommended improved modelling to give decision-makers a clearer view of likely funding outcomes and downside risks. These estimates are scenarios rather than observed results or adopted policy.
Relevance for comparable institutions
Public pension systems and their oversight bodies seeking independent scrutiny of long-term assumptions and funding projections.
Report and coverage
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