Discuss for each type of institutional investor who has a stake in the portfolio, what it owes, how long it can invest and how much liquidity it needs

For a defined benefit pension, stakeholders include beneficiaries, the sponsor and regulators; liabilities are promised benefits; horizon depends on workforce age; liquidity needs rise as the plan matures. Sovereign wealth funds answer to the government and citizens; their liabilities and horizon depend on type, from short for stabilisation funds to very long for savings funds. Endowments serve the institution and future generations, with perpetual horizons and modest liquidity needs. Foundations fund grants, often under minimum spending rules. Banks owe deposits and have short horizons and high liquidity needs; insurers owe claims, with life insurers having long, predictable liabilities and property and casualty insurers shorter, less predictable ones. A trap is giving a reserve or stabilisation fund an equity-heavy, illiquid portfolio.