Liability Driven Investment vs Alternatives Assets

From AI-CIO magazine: 

"In terms of creativity and innovation at endowment versus corporate pensions, I think liability-driven investment solutions is a trend that makes it less interesting for a CIO to manage a plan," said one public pension CIO who refused to be identified. "Liabilities hedging is no fun (or at least less fun than building a portfolio of alternative investments). In the public space, funding ratios are also a huge hurdle to overcome. Low funding ratios make liquidity constraints more acute and therefore limit the type of investments and/or the size of the allocation to illiquid investments, which in turns potentially lowers expected returns, and thus the attractiveness of the job."