The pensions sector is an important investor group in global financial markets and a key holder of government and corporate debt. This paper examines the evolution of pension fund asset allocations around the globe and documents important structural changes. Over time, pension investors have shifted from fixed income securities to mutual fund shares. In the meantime, they have also reallocated from traditional investments into alternative investments. Evidence from US pensions suggests that the decline in the fixed income share is due to both private and public debt. […]