The United Nations Joint Staff Pension Fund is waiting to invest money in alternatives more than a year after advisers recommended investing in private equity and hedge funds. US-based investment consultants and actuaries published a report for the pension fund in April 2007, that recommended allocating up to 6% in alternatives.

Specifically, it recommended up to 3% each in private equity and “real-return” assets, which would include inflation-protected fixed income as well as commodities, infrastructure and hedge funds. However, the fund’s $40.6bn (€26bn) of assets remain invested entirely in equities, bonds and property.