As central bank policies pushed pension systems throughout the world into risk markets by depressing bond yields, the equity markets have rallied. Many pension pools, weighted heavily toward stocks, are approaching fully funded status after a tremendous 2013. In fact, global pension assets burgeoned by $3 trillion last year. Yet their beneficiaries are living longer than ever. As demographics shift in both the eastern and western worlds, it has become clear that actuarial assumptions have underestimated future liabilities. How are these dynamics changing funds' allocation strategies? How can funds balance their risk-and-return profile to meet future obligations? Should they migrate to a liability-driven strategy involving long-duration fixed-income assets? What role can global pension funds play in providing capital through direct lending, and what are the opportunities and barriers in that marketplace?