EQuilibrium 2025 Global Institutional Investor Survey

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Nuveen’s fifth annual global institutional investor survey examines how evolving perspectives on markets, geopolitics and the environment are influencing asset allocation decisions, particularly in private markets.

We surveyed 800 global institutional investors representing $19 trillion in assets.

Private markets continue to dominate the institutional agenda, with significant planned increases in private equity, credit, infrastructure and real estate. Over 90% of investors now hold both private equity and private credit, compared with 45% in our first survey in 2021, highlighting the meaningful rise in private markets usage over the past five years.

The percent of institutions holding both private credit and private equity has more than doubled over the last five years, and investment shows no sign of slowing. Investors are amplifying their commitment to private investments, with 66% planning to expand their allocations over the next five years.

Institutions are increasingly pursuing a dual approach to private investments, balancing broad asset classes such as private equity, private credit, infrastructure and real estate with more niche opportunities in areas including agriculture, hospitality real estate and asset-backed lending.

Private market asset flows are sticky, with funding sourced from outflows in public assets, cash reserves and new capital. For investors planning cuts to certain private market allocations, the majority are reallocating to other private assets.

“The trillions of capital raised by private equity and private credit institutions is mostly undeployed given macro uncertainty or lack of M&A. A lot of that will be unleashed from 2025 through 2027 in opportunities that will drive additional sources of origination and AUM growth across private markets.” – U.S. Insurer, Portfolio Manager

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 the largest investment increases. Optimism around economic growth is likely a major contributor to private equity’s momentum.

Private infrastructure and private real estate saw the largest year-over-year increases in the percent of investors planning to grow allocations (15 and 13 percentage points, respectively). Within real estate, data centers have emerged as a top priority, with 65% of investors planning to increase allocations to real estate focusing on this sector, driven by the surge in demand for digital infrastructure.

“We invest in forestry and agriculture because they are truly uncorrelated to public markets. Private infrastructure debt is also a good fit for our portfolio because we have long-dated liabilities to match.” – German Insurer, Head of Strategy

Investors are gravitating toward higher-yield, higher-risk fixed income opportunities in 2025, with private fixed income leading the way — particularly in infrastructure and real estate debt. This marks a shift from last year when investment-grade fixed income was the top priority across both public and private markets.

Nearly half of respondents report expanding into new niche areas within private credit allocations, such as energy infrastructure credit and fund finance (e.g., NAV lending).

Institutions remain focused on diversifying their fixed income strategies to capture higher yields and optimize risk-adjusted returns.

“Private credit remains a standout for us, particularly more unique approaches. We’re focusing on strategies that offer value-add beyond traditional cash pay — such as equity kickers and warrants — while maintaining conservative financing structures. The risk-reward trade-off has been compelling.” – U.S. Public Pension, Investment Officer

As institutional allocations to alternatives and private markets expand, nearly 40% of investors report broadening their selection of asset managers to better align with growing complexity and specialization within private markets.

Institutions believe their expansion into private markets is enhancing their investment knowledge and decision-making capabilities.

Not surprisingly, investors who have larger portions of their portfolios dedicated to alternatives are more likely to have specialized investment decision-making groups. Investors who have alternative allocations below 20%, for example, are almost twice as likely to manage private infrastructure debt in their general fixed income team compared with investors with higher alternatives allocations.

“We’ve become more sophisticated because we are growing our investment team and specializing within each asset class. This is also reducing our reliance on consultants.” – Australia Superannuation Fund, Senior Investment Team Member

As a global investment leader managing $1.3T in public and private assets, Nuveen partners with institutions worldwide to navigate today’s uncertainties and seize tomorrow’s opportunities. Owned by TIAA, one of the world’s largest institutional investors, we deliver insights and investments grounded in over 125 years of experience.

Explore the full survey results at nuveen.com/equilibriumsurvey.

About the survey

Nuveen and CoreData surveyed 800 institutions globally spanning North America (NORAM); Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC) in October and November 2024. Respondents were decision-makers at corporate pensions, public/governmental pensions, insurance companies, endowments and foundations, superannuation funds, sovereign wealth funds and central banks.

Survey respondents represented organizations with assets of more than $10B (55%) and less than $10B (45%), with a minimum asset level of $500 million. The survey has a margin of error of ± 3.5% at a 95% confidence level.

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 $1.3 trillion in assets under management as of 31 December 2024 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit Nuveen.com.

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