What is going on at Mercer???

Does anyone know what is going on at Mercer Alternatives? They've been doing a lot of marketing which they never used to do which seems to be working since they just closed a >$4bn fund. But in the last year they lost the Global Head of Alts, one of the co-CIOs, Head of Real Estate, Head of Real Assets, and a couple other senior people on the PE, VC and Infra teams.

Is it bad culture? Bad performance? or something else? 

This doesn't seem to happen at Cambridge, Asia, Meketa, Stepstone, NEPC or anywhere else. 

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