nexustandards.com/finance · 2 taught
Finance, Insurance and the Economy
NRS-F4 Capital markets, investment and sustainable finance; NRS-M8 Financial risk
2standards1discipline
Illustrative: an implied-volatility surface over strike and maturity with its smile and term structure, or a rolling spectrogram
Risk Academy, led by the Nexus Consortium · Finance and Economics · Department of Financial Markets and Investment
Concentration, stewardship, private equity and credit, valuation uncertainty and fiduciary duty
Asset management, private markets and institutional investors
Asset management, private markets and institutional investors covers how asset managers, pension funds and other institutional investors hold and oversee long-term risk: portfolio concentration, stewardship, private equity and private credit, valuation uncertainty and fiduciary governance, as how risk is understood, never investment advice.
- Courses
- In preparation
- Levels
- In development
- Labs
- In development
- Portfolio concentration
- Stewardship and governance
- Long-horizon and system-level risk
- Private equity
- Private credit
- Valuation uncertainty
- Fiduciary duty
- Pension system resilience
Courses in development extend the scope to one further subject: Long-horizon investment risk and stewardship.
02Maps
Build a twin of any place
Search any place or open the world; the layers and generators follow asset management, private markets and institutional investors on the planet map, the globe and in 3D.
- Terrain 0 to 66 m
- 30 power plants, 11,875 MW
- 7 refineries and chemical works
- 2 port land
- 29 named works
- 154 named industrial sites
- Surface water extent, OPERA DSWx (HLS): read live when the 3D twin opens
- Built-up and settlement extent, HBASE 2010: read live when the 3D twin opens
Drag to move, right drag or Shift with a drag to turn and tilt, Ctrl with the wheel to zoom. Keyboard: arrows move, Shift with arrows turn and tilt, + and – zoom, 0 resets, V steps through the views, Escape clears.
Flat plan of the same data: relief as contours from the inline grid, the plants by capacity, the industrial points by kind and the numbers below. The 3D twin opens on devices that can draw it, once its data and code have been checked.
The boundaries, names and designations shown do not imply any judgement on the legal status of any territory, or any endorsement or acceptance of such boundaries. Countries: Natural Earth (public domain).
03Live map
People and hazards in the Arctic
Where people live, night-time lights and the floods and fires public institutions answer to, over the Arctic.
The interactive map needs JavaScript; the layer list and sources are below.
Layers 2
People and hazards
Keyboard, with the map focused
Hold Ctrl or ⌘ and scroll to zoom
Latest available
NASA GIBS / EOSDIS · ASTER GDEM (METI, NASA) · Blue Marble (NASA) · © OpenStreetMap contributors (ODbL) · Natural Earth
Loading the latest NASA imagery.
Drag to move. Ctrl or ⌘ and scroll, pinch or the buttons to zoom; hover for the values under the pointer; reset returns to the region.
People and hazards, framed on the Arctic.Satellite and model products as NASA publishes them, each with its own date. They are indicators, not assessments of any place.
Data: NASA GIBS · ASTER GDEM · Blue Marble · © OpenStreetMap contributors · Natural Earth · NASA EONETSources and licences
- We acknowledge the use of imagery provided by services from NASA's Global Imagery Browse Services (GIBS), part of NASA's Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
- We acknowledge the use of imagery provided by services from NASA's Global Imagery Browse Services (GIBS), part of NASA's Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
- Center for International Earth Science Information Network (CIESIN), Columbia University. 2018. Gridded Population of the World, Version 4 (GPWv4): Population Density, Revision 11. NASA Socioeconomic Data and Applications Center (SEDAC). Licensed under CC BY 4.0. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). doi:10.7927/H49C6VHW. CC BY 4.0
- VIIRS Black Marble night-time lights, NASA Goddard Space Flight Center; distributed by the NASA Level-1 and Atmosphere Archive and Distribution System (LAADS DAAC); imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
- VIIRS near-real-time products (flood, land surface temperature, snow cover, corrected reflectance), NASA LANCE; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
- NASA Fire Information for Resource Management System (FIRMS), VIIRS 375 m active fire product, NASA LANCE; vector tiles via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
- ASTER GDEM is a product of METI and NASA (ASTER Global Digital Elevation Model V003, NASA LP DAAC); imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). Cite as: NASA/METI/AIST/Japan Spacesystems and U.S./Japan ASTER Science Team (2019). ASTER Global Digital Elevation Model V003. doi:10.5067/ASTER/ASTGTM.003. NASA open data
- Made with Natural Earth. Free vector and raster map data @ naturalearthdata.com. Public domain
- © OpenStreetMap contributors (ODbL), via NASA GIBS (coastlines, boundaries, roads and place names). Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). ODbL
- Blue Marble, NASA Earth Observatory; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into H3 cells where shown (modified). NASA open data
- Context on the globe and flat map: coastlines, boundaries, roads and place names from NASA GIBS reference layers (OpenStreetMap data, ODbL, © OpenStreetMap contributors); Blue Marble imagery as an optional base; 3D terrain and the elevation read-out from the ASTER GDEM elevation colour index (5 m to 200 m classes, exaggerated for legibility). Boundaries are drawn as published and imply no position on any territory.
- Globe: MapLibre GL JS 6.9.1, BSD-3-Clause, © MapLibre contributors.
- Live events: NASA Earth Observatory Natural Event Tracker (EONET); events are indicative and keep their original source links.
- Live: NASA EONET Events are indicative, not authority warnings.
- NASA GIBS: We acknowledge the use of imagery provided by services from NASA's Global Imagery Browse Services (GIBS), part of NASA's Earth Science Data and Information System (ESDIS).
- Optional layers (3 sources in the layer list: live, forecast, observed and context) print their provider credit on the map and here when switched on; forecasts are model output and derived indices are estimates.
Layers and dates
- Population density, 2020: Population: CIESIN, Columbia University, Gridded Population of the World v4.11 (2018), NASA SEDAC, CC BY 4.0 · static
- Night-time lights, daily: VIIRS Black Marble (VNP46A2), NASA LAADS DAAC · 12 Oct 2026
- Flood water, 3-day composite: VIIRS Global Flood Product, NASA LANCE · 14 Oct 2026
- Active fires and thermal anomalies: VIIRS NOAA-20 375 m (FIRMS), NASA LANCE FIRMS · 13 Oct 2026
- True colour: VIIRS NOAA-20 corrected reflectance, NASA LANCE · 13 Oct 2026
04The subject
The subject, methods and measures and debates and bodies
The field and its scope
For staff of pension funds, asset managers, sovereign funds and their trustees and supervisors who need to understand how long-horizon investors hold and oversee risk.
Quantities and units
Methods and their limits
Each method is listed with what it assumes and where it fails.
What the field debates
Bodies that set practice, and the data they publish
Bodies and standards are named so learners can find and apply their published work; the Academy teaches their use and links to the publisher, and no affiliation is implied.
05The method
Smoothed valuations and the allocation to private markets
Private assets are valued by appraisal, which smooths reported returns; smoothing understates volatility, and a mean-variance allocation built on reported volatility puts far more into private markets than one built on the true risk.
Sources: Getmansky, Lo and Makarov, An econometric model of serial correlation and illiquidity in hedge fund returns (2004); Markowitz, Portfolio selection (1952); Kaplan and Schoar, Private equity performance: returns, persistence, and capital flows (2005).
06At a glance
At a glance, standards and evidence, research and evidence, what is changing and learning
Asset management, private markets and institutional investors at a glance
risksacademy.comfinance-economicsdiscipline
- Open, 0
- In preparation, 1
- Subtopics, 8
Nexus Standards it teaches and relies on
The Nexus Standards the discipline teaches toward, grouped by master standard, with the disciplines that teach each.
Nexus Standards at the AcademyThe Academy proposes how each discipline teaches toward the Nexus Standards; the mapping is open for public review.
Research and tools
Research and preprints as they are published, by discipline, with the faculty's other tools.
The hub lists the newest research and preprints for Asset management, private markets and institutional investors, each with its source and date. Open the research hub
What is changing now
Recent developments in asset management, private markets and institutional investors, each with its source; sources checked on 16 October 2026.
Courses in this discipline
Courses for this discipline are in development; until they open, study it through the connected courses and open lessons below.
The course catalogue lists every open course of the Academy.
07Console
How Asset management, private markets and institutional investors is taught, as a process you can run
Press Play to run this process from this page's own data.
08Practice
Practice, learning and connections
How technology helps and what risk it brings
Achievements in this discipline
Course achievements
One for each course with this as its primary discipline, earned when you pass the course's assessed activities.
Department: Financial Markets and Investment
Earn two discipline achievements in the Department of Financial Markets and Investment. In development.
An achievement is a record of the learning completed and assessed here. How recognition works.
Where the subject is practised
The two Foundry systems where it is practised
- FoundryNXS-GRX systemPhysical risk at asset levelData room
- NXS-EOP systemAsset locations and their exposureMaps room
Foundry system pages describe what each system and its rooms are designed to do; the courses teach the methods these systems apply.
Across the ecosystem
09Take part
Take part in Finance and Economics
Start from who you are.
10References
Core references and where to begin
Start with Markowitz, then Jensen, then Fama.
11Questions
Questions, answers and key terms
Is study here free?
Yes. Every course and learning material of Risk Academy, led by the Nexus Consortium, is free to study, self-paced or with a cohort. Ordinary participation has no fee; paid work, internships and fellowships are separate arrangements.
What does completing a course give me?
A completion record: the course, its version, the date and what was assessed, private by default and shared by you. It stacks into discipline, department and programme achievements. A record states what was studied and assessed and does not certify competence; it is not a licence, a professional title or an employment status.
Where do the data and the places come from?
Every faculty teaches on a twin of a real place built from open data; each layer carries its provider, licence and date, and every result on the Academy states its source. Maps and figures are indicators for teaching, never an assessment of a place.
How do I take part beyond the courses in asset management, private markets and institutional investors?
Form a competence cell of three to seven people, study a shared pathway, take a supervised assignment in the National Working Groups, or bring a cohort from your institution. For organisations.
Key terms
Term
Stewardship
The responsible allocation, management and oversight of capital on behalf of beneficiaries.
Term
Mark-to-model
Valuing an asset with a model when no reliable market price exists.
Term
Concentration risk
Risk from large exposures to one counterparty, sector or factor.
Term
Fiduciary duty
The legal duty to act in the best interests of the beneficiaries whose money is managed.
ReportsContribute
Contribute evidence from this page.
Reports is the Consortium's quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.
Risk Academy
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Asset management, private markets and institutional investors
Prepare with a related course
Open courses in connected disciplines teach the methods this discipline will build on.