Future Fund boosting EM exposure, expertise

Australia's Future Fund plans to selectively raise its exposure to emerging markets, pointing to the expansion of that universe. It is also looking to make more direct investments into private equity – to the extent that it can, given that it must use external managers to run all its portfolios. The A$85 billion ($78.1 billion) sovereign wealth fund has thus far concentrated most of its asset allocation in developed markets, but that is changing. Chief investment officer David N…