In this handbook, the term “institutional investor” covers a number of different entities that invest funds, typically in order to support a particular purpose. Institutional investors include pension funds (U.S. public pension funds, ERISA plans, and foreign pension funds) and sovereign wealth funds, as well as nonprofit organizations such as universities, private foundations, and public charities. The term also includes large family offices. Institutional investors can be divided into two major groups: those that have fiduciary duties because they are, in effect, investing funds for the benefit of other persons, and those that do not have fiduciary duties.
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