WEBVTT

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Over the past decade,
Principal Investors--Pensions,

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Sovereign Wealth Funds, and Family Offices—

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have doubled in scale

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to roughly $43 trillion in assets under management.

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That's about 30% of global capital. At that scale,

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they're not just participating in markets, they're shaping them.

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Principal Investor capital
is patient,

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it seeds innovation,
and it's global.

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But the environment
has changed.

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Geopolitical uncertainty is higher,
capital is more concentrated,

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holding periods are longer,
and liquidity is tight.

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AI is reshaping portfolios,
creating both opportunity

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and risk.

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Our Principal Investor report explores how the old asset owner

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playbook is no longer enough.

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So, what does global leadership look like in this new era?

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First, moving from allocators to active owners.

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A larger number of leading investors are moving beyond fund

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commitments into

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direct investing, co-investments,
and platform building.

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They're not just accessing value,
they're creating it with where they

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invest and how they engage with their portfolio companies.

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Second, moving from broad portfolios to

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conviction-led strategies.

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Capital is concentrating
into fewer,

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deeper GP relationships

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and is more
focused on unique themes,

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both global and domestic.

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The question is no longer
"where can we invest?”

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it's "where do we
have a real edge?"

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And third, moving from static portfolios to dynamic

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capital allocation. Liquidity...
flexibility... speed.

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These are becoming
strategic advantages.

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The institutions pulling ahead are more focused, more active,

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and far more deliberate in how they create value.

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Because in this new era,

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leadership isn't about
managing capital.

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It's about shaping where and how that capital creates value.