Nuveen's Fifth Annual EQuilibrium Global Institutional Investor Survey: Institutional Investors Broaden Their Reach in Private Market Allocations
Nuveen's fifth annual EQuilibrium Global Institutional Investor Survey reveals significant shifts in institutional investment strategies, based on responses from 800 institutions managing $19 trillion in assets. 66% of investors plan to increase private asset allocations over the next five years, with over 90% now holding both private equity and private credit, up from 45% in 2021.
The survey highlights three key trends: renewed interest in real estate cycles, expanded role of private markets in portfolios, and increased focus on impact investing among insurers. Private infrastructure and real estate saw the largest year-over-year increases in allocation plans, rising to 50% and 37% respectively in 2025. Notably, 65% of investors planning to increase real estate allocations are focusing on digital infrastructure, particularly data centers.
In the environmental sector, 73% of respondents acknowledge the need for both traditional and renewable energy sources. While 44% have net zero commitments and 25% plan to implement them within 12 months, 45% identify nature loss as a top economic risk, though only 30% are increasing their focus on nature-related themes.
Il quinto rapporto annuale EQuilibrium Global Institutional Investor Survey di Nuveen rivela significativi cambiamenti nelle strategie di investimento istituzionale, basati sulle risposte di 800 istituzioni che gestiscono 19 trilioni di dollari in asset. Il 66% degli investitori prevede di aumentare le allocazioni in asset privati nei prossimi cinque anni, con oltre il 90% che ora detiene sia private equity che private credit, in aumento rispetto al 45% nel 2021.
Il sondaggio evidenzia tre tendenze chiave: rinnovato interesse per i cicli immobiliari, ruolo ampliato dei mercati privati nei portafogli e maggiore attenzione agli investimenti a impatto tra gli assicuratori. Le infrastrutture private e il settore immobiliare hanno registrato i maggiori aumenti anno dopo anno nei piani di allocazione, raggiungendo rispettivamente il 50% e il 37% nel 2025. È notevole che il 65% degli investitori che intendono aumentare le allocazioni immobiliari si stia concentrando sulle infrastrutture digitali, in particolare sui data center.
Nel settore ambientale, il 73% dei rispondenti riconosce la necessità di fonti di energia sia tradizionali che rinnovabili. Mentre il 44% ha impegni di zero emissioni nette e il 25% prevede di implementarli entro 12 mesi, il 45% identifica la perdita di biodiversità come un rischio economico principale, anche se solo il 30% sta aumentando la propria attenzione sui temi legati alla natura.
La quinta encuesta anual EQuilibrium Global Institutional Investor Survey de Nuveen revela cambios significativos en las estrategias de inversión institucional, basándose en las respuestas de 800 instituciones que gestionan 19 billones de dólares en activos. El 66% de los inversores planea aumentar las asignaciones a activos privados en los próximos cinco años, con más del 90% ahora manteniendo tanto capital privado como crédito privado, un aumento del 45% en 2021.
La encuesta destaca tres tendencias clave: un renovado interés en los ciclos inmobiliarios, un papel ampliado de los mercados privados en las carteras y un mayor enfoque en la inversión de impacto entre los aseguradores. Las infraestructuras privadas y el sector inmobiliario vieron los mayores aumentos año tras año en los planes de asignación, alcanzando el 50% y el 37% respectivamente en 2025. Es notable que el 65% de los inversores que planean aumentar las asignaciones inmobiliarias se están enfocando en la infraestructura digital, especialmente en los centros de datos.
En el sector ambiental, el 73% de los encuestados reconoce la necesidad de fuentes de energía tanto tradicionales como renovables. Mientras que el 44% tiene compromisos de cero emisiones netas y el 25% planea implementarlos en 12 meses, el 45% identifica la pérdida de la naturaleza como un riesgo económico principal, aunque solo el 30% está aumentando su enfoque en temas relacionados con la naturaleza.
누빈의 제5회 연례 EQuilibrium 글로벌 기관 투자자 설문조사는 19조 달러의 자산을 관리하는 800개 기관의 응답을 바탕으로 기관 투자 전략의 중요한 변화를 보여줍니다. 66%의 투자자들이 향후 5년 동안 사모 자산 할당을 늘릴 계획이며, 현재 90% 이상이 사모 지분 및 사모 신용을 보유하고 있으며, 이는 2021년의 45%에서 증가한 수치입니다.
이 설문조사는 세 가지 주요 트렌드를 강조합니다: 부동산 주기에 대한 재조명, 포트폴리오에서의 사모 시장의 확대된 역할, 그리고 보험사들 사이에서의 임팩트 투자에 대한 증가된 관심. 사모 인프라 및 부동산은 할당 계획에서 가장 큰 연간 증가를 보였으며, 각각 2025년에는 50%와 37%로 증가할 것으로 예상됩니다. 특히, 65%의 투자자가 부동산 할당을 늘릴 계획이며, 디지털 인프라, 특히 데이터 센터에 집중하고 있습니다.
환경 부문에서는 73%의 응답자가 전통적인 에너지와 재생 에너지 모두의 필요성을 인정합니다. 44%는 탄소 중립 목표를 가지고 있으며, 25%는 12개월 이내에 이를 이행할 계획이지만, 45%는 자연 손실을 주요 경제적 위험으로 인식하고 있으며, 겨우 30%만이 자연 관련 주제에 대한 관심을 높이고 있습니다.
Le cinquième rapport annuel EQuilibrium Global Institutional Investor Survey de Nuveen révèle des changements significatifs dans les stratégies d'investissement institutionnel, basés sur les réponses de 800 institutions gérant 19 trillions de dollars d'actifs. 66 % des investisseurs prévoient d'augmenter leurs allocations d'actifs privés au cours des cinq prochaines années, avec plus de 90 % détenant désormais à la fois des capitaux privés et des crédits privés, contre 45 % en 2021.
Le sondage met en évidence trois tendances clés : un intérêt renouvelé pour les cycles immobiliers, un rôle élargi des marchés privés dans les portefeuilles, et un accent accru sur l'investissement d'impact parmi les assureurs. Les infrastructures privées et l'immobilier ont connu les plus grandes augmentations d'année en année dans les plans d'allocation, atteignant respectivement 50 % et 37 % d'ici 2025. Notamment, 65 % des investisseurs prévoyant d'augmenter leurs allocations immobilières se concentrent sur les infrastructures numériques, en particulier les centres de données.
Dans le secteur environnemental, 73 % des répondants reconnaissent la nécessité de sources d'énergie traditionnelles et renouvelables. Bien que 44 % aient des engagements de zéro émission nette et que 25 % prévoient de les mettre en œuvre dans les 12 mois, 45 % identifient la perte de la nature comme un risque économique majeur, même si seulement 30 % augmentent leur attention sur les thèmes liés à la nature.
Die fünfte jährliche EQuilibrium Global Institutional Investor Survey von Nuveen zeigt signifikante Veränderungen in den institutionellen Anlagestrategien, basierend auf den Antworten von 800 Institutionen, die 19 Billionen Dollar an Vermögenswerten verwalten. 66 % der Investoren planen, ihre Allokationen in private Vermögenswerte zu erhöhen in den nächsten fünf Jahren, wobei über 90 % jetzt sowohl Private Equity als auch Private Credit halten, ein Anstieg von 45 % im Jahr 2021.
Die Umfrage hebt drei wichtige Trends hervor: erneutes Interesse an Immobilienzyklen, erweiterte Rolle der privaten Märkte in Portfolios und verstärkter Fokus auf Impact Investing unter Versicherern. Private Infrastruktur und Immobilien verzeichneten die größten jährlichen Zuwächse bei den Allokationsplänen und steigen bis 2025 auf 50 % bzw. 37 %. Auffällig ist, dass 65 % der Investoren, die planen, ihre Immobilienallokationen zu erhöhen, sich auf digitale Infrastruktur konzentrieren, insbesondere auf Rechenzentren.
Im Umweltsektor erkennen 73 % der Befragten die Notwendigkeit sowohl traditioneller als auch erneuerbarer Energiequellen an. Während 44 % sich zu Netto-Null-Verpflichtungen verpflichtet haben und 25 % planen, diese innerhalb von 12 Monaten umzusetzen, sehen 45 % den Verlust der Natur als ein wichtiges wirtschaftliches Risiko, obwohl nur 30 % ihren Fokus auf naturbezogene Themen erhöhen.
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Key Findings:
66% of investors plan to increase their private asset allocations over the next five years; over90% now hold both private equity and private credit compared with45% in 2021- Among alternative asset classes, private infrastructure and private real estate had the largest year-over-year jump in investors planning to increase allocations
65% of investors planning to increase allocations to real estate focused on digital infrastructure
"Aligned with what we're hearing from clients on a day-to-day basis, three main themes emerged from the survey this year," said Harriet Steel, Global Head of Institutional at Nuveen. "First, investors are considering ways to play the next real estate cycle; second, private markets will play an expanded role in portfolio construction with nearly
Returning Interest in Real Estate & Real Assets
"As institutions sharpen their focus on specialized real asset opportunities, the trend toward private market solutions continues to accelerate, reinforcing the role of real estate and infrastructure as core components of institutional portfolios," said Steel. "Long-term growth opportunities are back in focus and investors are reassessing the attractive return potential and effective inflation hedges of real estate and infrastructure, amid lingering concerns over deficits, trade policy and structural inflation risks."
Private infrastructure and private real estate saw the biggest year-over-year increases in the percent of investors planning to increase allocations from
Data centers have emerged as a leading priority, with
Insurers based in EMEA indicated particular conviction in private real estate, with
Within
Private Markets Powering Portfolio Construction
Institutional investors continue to deepen their commitment to private markets, with
"Private market flows remain resilient, with funding sourced from public asset outflows, cash reserves, and new capital," said Steel. "Even those adjusting allocations within private markets are largely reallocating rather than exiting."
Private infrastructure, credit and equity continue to attract significant attention, with nearly half of investors planning to expand allocations to these areas. Within these categories, investors indicated that private equity is where they plan to make the greatest increase.
A trend toward higher-yield, higher-risk fixed income is also emerging, with private fixed income now a leading focus. Nearly half of respondents are exploring new niche areas within private credit, such as energy infrastructure credit and fund finance (e.g., NAV lending).
As allocations to alternatives grow, nearly
Investors with higher allocations to alternatives are more likely to have dedicated investment teams, signaling a shift toward increasingly sophisticated decision-making in private market investments.
Insurers Lean into Private Markets and Impact Investing
Insurers are shifting toward strategic growth and specialization. While geopolitical risks and market volatility remain on their radar, insurers are expressing less concern over economic growth and recession risks in 2025 than they did in 2024.
This confidence is reflected in their foresight and early moves in reformulating their capital market assumptions, with only
As insurers look beyond short-term risks, private market allocations continue to expand, with nearly seven in 10 (
Insurers are also evolving their approach to responsible investing, placing greater emphasis on positive impact metrics and benchmarking to the United Nations' Sustainable Development Goals. Currently,
"Insurers are demonstrating an increasingly confident and sophisticated approach to portfolio construction, balancing long-term private market exposure with a commitment to impact-driven investing," said Steel. "Their focus is shifting to targeted opportunities in private credit, infrastructure, and sustainability-aligned investments."
This evolving strategy highlights insurers' role as forward-thinking institutional investors, leveraging private markets and impact-driven approaches to navigate a shifting financial landscape.
Balancing Pragmatism, Progress in Environmental Priorities
Institutions are grappling with the dual imperatives of addressing climate risk and capturing attractive return opportunities.
Investors are adopting a more balanced and pragmatic view of the energy transition, with
"We are seeing a shift toward strategies that combine the practicalities of current energy needs with the ambitions of a sustainable future," said Steel.
While fewer investors now view the low-carbon transition as inevitable —
Overall,
Interim milestones are gaining traction: More than half of institutions (
While
Among those prioritizing nature-based investments,
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has
Media Contact
Andrew Chironna | Andrew.Chironna@nuveen.com | 212.913.1015
About the Survey
Nuveen and CoreData surveyed 800 institutions globally spanning
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.
Nuveen, LLC provides investment solutions through its investment specialists.
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FAQ
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