A common artifact of Pensions & Endowments allocating the aggregations of forever money entrusted to their plenary powers of discretionary authority is the formation of clubs of individual Pensions and Endowments who come together to participate in a particular financing for a particular enterprise.
These clubs are by nature deliberative.
The involve conversations among investors who fundamentally share the same purpose and exercise the same powers, for that shared purpose, to agree the facts of the case, and the meaning and consequences of those facts, as they effect the cost, qualifications, timing and terms of the financing being agreed.
This is the work of experts in the prudent stewardship of forever money.
Our common sense doesn’t really have a seat at this table (our place is downstream, and after the fact, to hold these experts accountable to our common sense for how they exercise their expertise, according to the law).
But deliberation is the process by which these fiduciary clubs are formed, and how they conduct their business, for the duration of each club (which only continues for as long as the financing agreement in which the club participates also continues).
By contrast, Asset Owners don’t form clubs, and don’t deliberate about facts and consequences. They hire (“mandate” or “select”) Asset Managers, who may or may not deliberate, depending on the nature of their mandate.
Shifting to Equity Paybacks 