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1、Mercer Investments Large Asset Owner Barometer 2025Large Asset Owner Barometer 20252ContentsForeword 3A global snapshot of key 4 trends and challengesExecutive summary 5Growth,diversification 6 and capital preservation Sustainable investment 15Governance and asset management 20Conclusion 23Methodolo

2、gy 24Large Asset Owner Barometer 20253ForewordMercer Investments Large Asset Owner Barometer has been designed to provide a window onto the sentiment and allocation decisions of some of the worlds biggest pools of capital.The asset owners we spoke to are collectively responsible for more than US$2 t

3、rillion of assets,and they materially influence global markets,asset allocation flows and how capital is deployed.Twelve months after we launched our inaugural report,the world economy remains in a period of heightened uncertainty.Higher inflation,geopolitical threats and evolving regulation continu

4、e to have a profound impact on businesses and households globally,compounding a range of other concerns,such as the ongoing impact of climate change and the rapid evolution of AI.Currently,equity,fixed income and currency markets are experiencing extreme volatility due to elevated trade tensions ari

5、sing from shifting US policy.From our data,we can see that large asset owners are positioned for the long term and are largely sanguine about shorter-term market moves.At the same time,they are making strategic adjustments to portfolios to mitigate the risks they regard as most significant.While we

6、recognize the individuality of each large asset owner and the diverse nature of their discrete objectives(be it safeguarding future wealth,providing insurance services or driving societal impact),certain commonalities allow us to consider them collectively in a category of their own.With greater sca

7、le,longer time horizons and more autonomy than other asset owners,this group can potentially be highly influential through their allocation of capital to a wider array of asset classes,influencing economic and societal outcomes at a crucial time for financial markets and society more broadly.We cont

8、inuously seek to understand the collective nature of this group through their investment intentions and decisions as well as detecting potential risks and opportunities.By conducting this research annually,we can track trends over time,and while uncovering several new divergences this year,we can al

9、so see how the persistence of others has remained pertinent to certain investors.Its notable that we continue to see a dichotomy between public and private markets,with private markets continuing to see both increasing allocations and a relatively low concern around valuation evolution.At the same t

10、ime,we see some selling out of several developed market equity classes such as UK and US equities.I also found it interesting that despite the acknowledgement that we are living in a period of significant uncertainty among large asset owners,there remains a lot of confidence in the resilience of the

11、ir portfolios.That isnt to say that they are without any doubts.One of the most interesting data points to come out of this years survey was the huge level of investment being made into risk systems,data management and compliance.This is no doubt a reflection of the pace of change were seeing in tec

12、hnology and a recognition that asset owners need to adapt those who dont will get left behind.However,while AI is universally expected to be the most influential theme over the next five to 10 years,a significant number have yet to establish or implement an AI/Gen AI policy,which shows that many are

13、 still grappling with how and where to use technological advancements.Large asset owners are a unique and exciting category of investors.By exploring their investment,risk management and governance decisions in more depth,we aim to provide valuable intelligence for clients as they consider the alloc

14、ation and oversight of their own portfolios.I hope you find this research to be thought-provoking and useful.Eimear Walsh European Head of Investments One of the most interesting data points to come out of this years survey was the huge level of investment being made into risk systems,data managemen

15、t and compliance.MenuLarge Asset Owner Barometer 20254A global snapshot of key trends and challengesMercer Investments 2025 Large Asset Owner Barometer seeks to advance discussion and collaboration around the asset allocation decisions,risk management and governance practices of large asset owners.I

16、nvestors are facing significant uncertainty in global markets and rising systemic risks geopolitics and an increased focus on AI among them.In this pivotal moment,this study convenes the views of 74 large asset owners with a collective US$2 trillion+in assets under ownership.Participants share impor

17、tant insights and key learnings based on their current positioning,plans and principal concerns regarding:Growth,diversification and capital preservationChanging patterns in allocation to illiquid asset classesThe current state of play and ambitions for sustainability target-setting and reportingHow

18、 large asset owners approach governance and the management of their assetsMenuLarge Asset Owner Barometer 20255Executive summary Large asset owners remain confident that their portfolios are well positioned to withstand a range of shocks over the coming year.But there is an increase in perceived vul

19、nerability to several key risks over both the coming 12 months and the next three to five years.Among the issues they consider themselves vulnerable to,threats from geopolitics and regulation are front of mind.AI is considered to be the definitive long-term factor set to shape the macro environment

20、over the next five to 10 years,yet the majority of large asset owners have not implemented or developed an AI/Gen AI policy.Only half of respondents expect to do so over the next three years.However,this group of investors has taken proactive steps over the past year to protect portfolios from infla

21、tion and liquidity risks while adjusting their geographic asset exposures.With most large asset owners confident that their portfolios are resilient to a private market valuation evolution,nearly half of respondents increased their allocations to private markets in the past 12 months.This shows litt

22、le sign of stopping in the year ahead,with investors planning to increase allocations to private debt,private equity and infrastructure,all of which offer strong potential diversification benefits.This momentum is particularly notable among the largest asset owners those with more than US$20 billion

23、 in assets under management(AUM).Conversely,the outlook for public markets among investors is mixed.Confidence in UK equities remains low,while large asset owners are divided on US equities.A significant proportion of participants are seeking either to increase or decrease their allocations over the

24、 next 12 months.While large asset owners are still more likely to increase rather than decrease their allocations to sustainability funds,the overall momentum has fallen compared to the previous year.Moreover,there are signs of a step back from certain aspects of sustainability,with a sharp rise in

25、the number of large asset owners that are not planning to set net-zero targets.Monitoring workforce inclusion across internal teams and the manager selection process has grown in popularity among large asset owners.Outsourcing investment management to external managers continues to be the preferred

26、option for large asset owners.This is especially true with respect to complex and resource-intensive asset classes,given resource constraints and a lack of talent and skill sets required to manage these investments internally.Investors admit that they need to commit meaningful resources or operation

27、al expenditures over the coming year,recognizing the need to simplify governance.More than half of respondents say overly complex governance structures prevent their organizations from making decisions in the most agile and efficient way.MenuLarge Asset Owner Barometer 20256Growth,diversification an

28、d capital preservationLarge asset owners are faced with navigating a rapidly changing global environment,and as this research enters its second year,it is interesting to see which trends have continued and which have fallen away.Large asset owners are acutely aware of the vulnerabilities they face i

29、n the rapidly changeable geopolitical environment,especially as many see the possibility of government actions influencing their asset allocations in the coming years.In the short term,inflation remains a concern,while,over a longer time frame,the threats posed by changing regulation begin to come t

30、o the fore.However,despite the changing environment,we find the actions large asset owners are taking are similar to those in the previous year.Adjustments to the duration of fixed income allocations remain the most popular action taken in portfolios,and the shift into private markets assets continu

31、es at pace,particularly in private credit and infrastructure.Perhaps the most notable shift we have seen since our last survey is the sudden emergence of AI as a major theme.AI has rocketed to the top of asset owners awareness as a potentially influential trend shaping markets and one that we will s

32、ee play out across the entire global economy in the coming years.Andrew McDougall Global Head of Multi-AssetMenuLarge Asset Owner Barometer 202571.1.Large asset owner resilienceLarge asset owners remain confident that their portfolios are well positioned to withstand a range of shocks over the comin

33、g year,but there is an increase in perceived vulnerability in several key risk areas.Among the issues to which large asset owners consider themselves vulnerable,threats from geopolitics and regulation loom largest.Consistent with our previous survey,when asked to consider how resilient or vulnerable

34、 their investments are,large asset owners continue to demonstrate a high degree of confidence,believing their portfolios are significantly more resilient than they are vulnerable to every issue analyzed.Overall,the issues large asset owners believe their portfolios are most vulnerable to over the ne

35、xt 12 months are:Geopolitical risks,with 35%of large asset owners considering their portfolios vulnerable,a 4%rise compared to the previous survey Inflation,with 31%considering themselves vulnerable,a 9%rise year over year Monetary tightening,with 30%saying they are vulnerable,a 7%rise year over yea

36、r Very resilientFairly resilientFairly vulnerableVery vulnerableResilient Vulnerable Net change in resilience YoYClimate change22%68%10%0%90%10%+6%Foreign exchange moves24%65%11%0%89%11%+6%Muted growth globally22%65%13%0%87%13%+3%Interest rate changes24%59%14%3%83%17%+4%Regulatory change18%63%18%1%8

37、1%19%+1%Private market valuation evolution23%55%19%3%78%22%-2%Challenged public market outlook4%70%23%3%74%26%-10%Volatility in public markets8%66%23%3%74%26%0%Volatility in valuations14%59%23%4%73%27%-6%Monetary tightening16%54%29%1%70%30%-7%Inflation19%50%26%5%69%31%-9%Geopolitics7%58%34%1%65%35%-

38、4%How resilient do you believe your portfolio is in its ability to withstand the impact of the following issues in the next 12 months?MenuLarge Asset Owner Barometer 202581.2.Fixed income duration remains the most popular portfolio adjustment,while demand for private market assets continues to growO

39、ver the past year,large asset owners have taken various measures to protect their portfolios from these risks.In line with our previous survey,the most common action taken was adjusting the duration of fixed-income allocations,implemented by more than half of respondents(53%).This was followed by ad

40、justing the geographic exposure of assets(47%)and increasing allocation to private markets(45%).Top five portfolio adjustments implemented by large asset owners in the past yearThe perceived threat from other risks has also risen over the past year.Although large asset owners consider themselves res

41、ilient to private and public market valuations overall,there was a decrease in perceived resilience year over year across several risk categories,indicative of a more uncertain investment environment.Twenty-six percent of large asset owners consider themselves vulnerable to a challenged public marke

42、t outlook,up from 16%in 2024,whereas 27%consider themselves vulnerable to volatility in valuations,up from 21%in 2024.On the other hand,nine out of 10 large asset owners feel their portfolios are resilient to climate change(90%)and foreign exchange moves(89%).Perceived resilience to muted global gro

43、wth rates,interest rate fluctuations and regulatory changes is also high.Although broadly confident about their resilience to the risks assessed,at the time of the survey,before recent market developments,European large asset owners exhibited a higher degree of concern than their peers in the US.Geo

44、political risk emerged as the most pressing concern in the survey,with 38%of European-based large asset owners saying they regard themselves as vulnerable to geopolitical risks over the next 12 months,compared with just 27%in the US.Percentage of organizations Adjusted duration of fixed-income alloc

45、ations 53%Adjusted geographic exposure of assets 47%Increased allocation to private markets45%Considered or implemented internal processes and procedures 41%Considered or implemented new technology/systems/outsourcing to enable a more dynamic strategy28%26%of large asset owners consider themselves v

46、ulnerable to a challenged public market outlook.MenuLarge Asset Owner Barometer 202591.3.Perceived risksOver the longer term,the research reveals a shift in the risks to which large asset owners believe they are vulnerable.Notably,when viewed over a three-to-five-year time horizon,the perceived risk

47、 of regulatory change rises significantly.When asked to look further into the future,confidence in resilience to most risks decreases marginally but remains high.Over a three-to-five-year view,the percentage of large asset owners that consider themselves vulnerable to geopolitical risks rises to 38%

48、.Notably,regulatory risk is regarded as the second biggest issue,despite being one of the areas of least concern over a 12-month period,and was cited by almost a third(32%)of large asset owners,rising from 20%in last years survey.This suggests that,after a year of major political change,asset owners

49、 are becoming more uncertain about the future direction of regulation and its impact on portfolio resilience.A challenged public market outlook(29%)and private market valuation evolution(26%)also feature as prominent risks to which large asset owners believe their portfolios are vulnerable over the

50、next three to five years.However,there is significantly higher Very resilientFairly resilientFairly vulnerableVery vulnerableResilientVulnerableNet change in resilience YoYForeign exchange moves23%66%11%0%89%11%+1%Interest rate changes24%58%15%3%82%18%+2%Volatility in valuations19%61%19%1%80%20%-2%I

51、nflation17%61%15%7%78%22%0%Climate change25%53%19%3%78%22%-4%Muted growth globally13%64%19%4%77%23%-1%Volatility in public markets9%68%22%1%77%23%+5%Monetary tightening18%57%24%1%75%25%-7%Private market valuation evolution19%55%23%3%74%26%-5%Challenged public market outlook9%62%26%3%71%29%-2%Regulat

52、ory change16%52%31%1%68%32%-12%Geopolitics5%57%34%4%62%38%-5%How resilient do you believe your portfolio is in its ability to withstand the impact of the following issues in the next three to five years?resilience reported among the largest asset owners(those with more than US$20 billion in AUM)in r

53、elation to both risks.There are also signs that large asset owners believe the resilience of their portfolios is falling overall.Across eight of the 12 risks assessed,large asset owners report their portfolios are equally as resilient as or less resilient than they were in the previous survey.The mo

54、st significant increases in vulnerability come from regulatory change,monetary tightening,geopolitics and private markets valuation evolution.As with the shorter time frame,asset owners in the US perceive themselves as comparatively more resilient than their global peers over the next three to five

55、years.They do not consider themselves to be“very vulnerable”to any of the risks assessed while considering themselves far more resilient to the two most prominent risks found in the survey,geopolitics(82%)and regulatory change(81%),compared to the wider group.Conversely,large asset owners in the UK

56、perceive themselves to be more resilient to volatility in public markets over the longer time frame but remain vulnerable to both geopolitics(50%)and regulatory change(40%),while 43%of European asset owners perceive themselves to be vulnerable to geopolitics and 36%say they are vulnerable to regulat

57、ory change.MenuLarge Asset Owner Barometer 202510Many large asset owners are also concerned about the potential for governments to attempt to influence their asset allocations.Almost two-thirds(61%)expect there to be attempted government intervention over the next five years,and more than a quarter(

58、27%)see these attempted interventions as a risk.These fears are more acute among the largest asset owners,with two in five(41%)of those with over US$20 billion in AUM saying they view potential government intervention as a risk.1.4.Large asset owners remain acutely aware of the threat posed by nonfi

59、nancial risksMarket performance is seen as the most significant risk to the management of large asset owners assets,but awareness of nonfinancial risks is also high.Again,regulatory risk is prominent and has risen sharply over the past year.After market performance,the risks posed by reputational ri

60、sk and talent management are the most widely viewed as highly significant,cited by 16%and 15%of asset owners,respectively.Smaller large asset owners are more likely to see talent management as a risk.Almost one-fifth(17%)of those with less than US$20 billion in AUM see talent management as a highly

61、significant risk to their portfolios,compared with a little over one-tenth(11%)of those with more than US$20 billion.The significance of regulatory risk has grown considerably,with an 11-percentage-point jump in asset owners describing it as highly significant.Talent management saw a seven-percentag

62、e-point increase in respondents viewing it as a highly significant risk,and reputational and operational risks also saw a rise in their perceived significance.How much of a risk do you think government intervention capital direction,regulation or otherwise will present to your portfolio over the nex

63、t five years?How significant do you believe the following risks are to the management of your organizations AUM?All organizationsI expect there to be attempts by governments to influence our capital allocation,but I do not view it as a risk.34%I expect there to be attempts by governments to influenc

64、e our capital allocation,which I view as a risk.27%I dont expect there to be attempts by governments to influence our capital allocation.39%Highly significant Significant Fairly significant Not significant Market performance24%49%23%3%Regulatory risk14%36%31%16%Reputational risk16%34%32%16%Governanc

65、e7%42%38%12%Potential for investment underperformance9%36%45%7%Cost controls 8%36%36%18%Talent management 15%28%42%12%Operational risk 8%31%43%16%Note:Where risks do not add up to 100%,some respondents indicated the risk was“not applicable”to their organization.Note:Where risks do not add up to 100%

66、,some respondents indicated the risk was“not applicable”to their organization.Many large asset owners are also concerned about the potential for governments to attempt to influence their asset allocations.Eimear Walsh European Head of InvestmentMenuLarge Asset Owner Barometer 2025111.5.AI is the def

67、initive long-term trend shaping the macro environment over the next five to 10 yearsAI and Gen AI have quickly jumped to the top of the agenda,with more than two-fifths(43%)of large asset owners surveyed saying AI will be a“highly influential”factor in shaping the macro environment in the coming fiv

68、e to 10 years,more than any other factor ahead of geopolitics(34%)and the energy transition/climate change(34%).A further 38%of large asset owners say they believe AI will be“influential.”This was even more pronounced in the US,with 55%of large asset owners based in the region believing it will be “

69、highly influential.”Despite this sentiment,more than two-thirds(69%)of large asset owners say they have neither implemented nor started to develop an AI/Gen AI policy.Only 10%plan to implement an AI policy over the next year,although nearly half(49%)expect to do so over the next three years.How infl

70、uential do you think the following long-term themes will be in shaping the macro environment over the next five to 10 years?Highly influential Influential Fairly influential Not influential AI43%38%15%3%The energy transition/climate change34%39%22%4%Geopolitical tensions34%45%19%1%Aging populations1

71、2%57%27%3%Resource scarcity7%36%47%8%Accelerating urbanization1%16%58%23%Population growth7%32%36%23%Note:Where themes do not add up to 100%,some respondents indicated the theme was“not applicable”to their organization.MenuLarge Asset Owner Barometer 2025121.6.Asset allocation and portfolio construc

72、tionLarge asset owners plan to increase allocations to private markets and impact strategies over the coming year,favoring private credit and infrastructure in particular.Responses also suggest a potential sell-off in public markets,particularly in UK and US equities.In 2025,we find a significant di

73、vergence between public and private markets,with large asset owners planning to increase allocations to several alternative asset classes while decreasing allocations to some more traditional asset classes.More than three-quarters(78%)of large asset owners report being confident that their portfolio

74、s are resilient to a private market valuation evolution.This was supported by their asset-allocation decisions over the past 12 months,with 45%increasing allocations to private markets.This was even more pronounced among the largest asset owners(those with more than US$20 billion in AUM),with 59%of

75、respondents reporting they had increased allocations.This trend is set to continue over the coming year.Almost half(48%)of large asset owners expect to grow their portfolio allocations to private debt/credit in the next 12 months,compared with only 1%that expect to decrease theirs.This represents an

76、 11%increase in the net expected allocations compared to last year.Half(50%)of large asset owners expect to increase their allocations to infrastructure,with only 4%expecting to decrease their allocations.Other asset classes where large asset owners expect to increase their allocations include impac

77、t strategies(29%)and global equities(34%).The five asset classes to which large asset owners are more likely to decrease than increase their exposure over the next 12 months are UK equities,cash/money market,frontier equities,US equities and developed market credit.However,it is worth noting that in

78、 each case,the majority of respondents are planning no changes to their exposure in these asset classes.Unlike large asset owners in the US and the UK,European asset owners appear more positive about investing in the equities of their domestic markets.Thirty-four percent of European-based large asse

79、t owners expect to increase allocations to European equities over the next 12 months,compared with 27%that expect to decrease allocations.Large asset owners in the US and the UK are,on average,more likely to decrease rather than increase allocations,not only to European equities but also to their ow

80、n domestic equity markets.MenuLarge Asset Owner Barometer 202513Over the next 12 months,do you expect your allocations to the following asset classes to increase,decrease or remain the same?IncreaseDecreaseRemain the sameNet(YoY+/-)Private debt/credit 48%1%26%47%(+11%)Infrastructure 50%4%24%46%(-5%)

81、Impact strategies 29%1%27%28%Private equity 39%15%26%24%(+11%)Global equities 34%15%41%19%Developed market government debt 31%14%43%17%(-7%)Sustainability funds24%8%24%16%(-34%)Commodities 12%1%31%11%(+8%)Inflation-linked assets(e.g.,index-linked bonds)20%10%45%10%(-4%)Foreign exchange9%3%47%6%Emerg

82、ing equities 23%20%45%3%(-2%)Real estate 29%26%34%3%(+4%)Hedge funds/absolute return 12%10%31%2%(+14%)Emerging market government debt 12%10%43%2%(+3%)European equities 24%26%36%-2%(-4%)Emerging market credit 8%13%42%-5%(-12%)Developed market credit 21%27%45%-6%(-30%)US equities19%26%46%-7%(-4%)Front

83、ier equities4%12%36%-8%(-1%)Cash/money market 9%23%57%-14%(-21%)UK equities 8%23%45%-15%(+1%)It is also worth noting that in a period of heightened uncertainty that offers hedge funds/absolute-return strategies strong opportunities for generating alpha,we see the year-over-year net increase in alloc

84、ations toward these strategies rising by 14%.Twelve percent of large asset owners expect to increase their allocations over the next 12 months,compared with 10%that expect to decrease allocations.Large asset owners and many other investors in the private markets have much better transparency today i

85、nto private-market portfolios and valuations than even five years ago as disclosure,technology and third-party reviews of the values of these portfolios has matured.Our research shows that the demand for private-market assets particularly private credit remains strong among large asset owners.The va

86、st majority already allocate to private markets,and many of those that dont already do so say they are in the process of building their capabilities,with the aim of allocating to private markets in the future.Historical challenges around liquidity had been a major barrier to investment for many larg

87、e asset owners,but this is changing as we see new products,such as semi-liquid and evergreen fund structures,entering the market.David Scopelliti Global Head of Private Equity and Private CreditAllocations to private markets continue to surgeNote:Where asset class allocations do not add up to 100%,s

88、ome respondents indicated they did not invest in certain asset classes.MenuLarge Asset Owner Barometer 202514Our research shows that demand for private markets remains strong,with four-fifths(80%)of large asset owners currently allocating to private markets.The largest asset owners(those with more t

89、han US$20 billion in AUM)are markedly more likely to do so,at 93%.Private debt/credit is expected to see the largest inflows of all asset classes in 2025.Infrastructure and private equity also feature in the top five.A large number of asset owners are using both co-investments and secondaries as alt

90、ernative ways to access private markets to tailor their investment portfolios.The surge in private markets is primarily driven by the largest asset owners.Seventy percent of those with more than US$20 billion in AUM intend to increase allocations to private debt/credit in the next 12 months,and 63%i

91、ntend to invest more heavily in infrastructure.Thirty-nine percent of large asset owners expect to increase their allocations to private equity,with 15%expecting to decrease theirs.Thirty-seven percent of European large asset owners expect to increase investment in the coming year versus only 12%int

92、ending to decrease it(a net increase of 25%).How significant of a risk are the following in private markets?In the US,36%intend to increase private equity investment,and 27%say they will decrease it(a net increase of 9%).As real estate continues to show signs of recovery in several markets,large ass

93、et owners remain divided,with 29%expecting to increase their allocations and 26%expecting to decrease theirs.(Thirty-four percent expect to maintain their current allocations.)There is also some evidence that European large asset owners,which may have under-allocated to private markets compared with

94、 US peers,are now seeking to close this gap.Almost half(48%)of European large asset owners allocated to private markets in the past 12 months,compared with 27%of those based in the US.Of the small number of respondents that say they do not have an allocation to private markets,the largest proportion

95、 say liquidity requirements are the primary reason for not allocating in this area.However,a significant proportion comment that they are currently undertaking analysis and building expertise,as they intend to start investing in private markets.Highly significant Significant Fairly significant Not s

96、ignificantNot applicableValuations20%43%22%8%7%Liquidity27%34%20%12%7%Challenged exits 16%45%24%8%7%Private credit bubble8%27%45%12%8%Continuation funds distorting values5%23%36%20%15%Stagnant IPO market 4%30%31%20%15%Lack of transparency on valuation15%31%30%16%8%MenuLarge Asset Owner Barometer 202

97、515Sustainable investmentWhile certain terminology has seen a retreat in usage,sustainability continues to be a key area for large asset owners.Indeed,the past year has seen several significant changes in the way asset owners are approaching the environmental,social and governance aspects of portfol

98、io management.A growing majority are integrating sustainable investment goals into their policies and tracking diversity within their teams.However,we also see a shift away from certain types of climate goals,with a larger proportion of asset owners reporting that they do not plan to set net-zero or

99、 climate-transition targets.Angelika Delen Head of Impact Solutions,Europe,IMETA and AsiaMenuLarge Asset Owner Barometer 2025162.1.A growing majority of large asset owners incorporate sustainable investment goals into their investment policies Seven in 10 large asset owners(70%)now incorporate susta

100、inable investment goals into their investment objectives,a seven-percentage-point increase since last year.Large asset owners with more than US$20 billion in AUM are more likely to incorporate sustainability goals,with 81%including them in their investment policies.Among smaller asset owners,64%have

101、 incorporated sustainable investment goals.However,the intention to set climate-transition targets appears to be declining.Thirty-nine percent of large asset owners say they are not planning to set climate-transition targets versus only 8%last year.More than two-thirds(67%)of large asset owners with

102、 more than US$20 billion in AUM have already set targets,and more than half(56%)have already implemented them.However,almost two-fifths of large asset owners do not plan to set or implement climate-transition targets,a sharp increase from 2024(when 8%did not plan to set and 13%did not plan to implem

103、ent).Nevertheless,although fewer large asset owners may be inclined to set climate targets,they are still materially increasing their allocations to sustainable and impact-focused funds.In sustainable funds,24%of large asset owners say they intend to increase their allocations over the next 12 month

104、s versus only 8%that intend to decrease allocations.Twenty-nine percent say they expect to increase their exposure to impact strategies versus only 1%that expect to decrease.However,it is worth noting that the rate at which large asset owners are increasing their allocations has fallen year over yea

105、r,with a 34%reduction in the net expected increase in allocations toward sustainable funds being particularly notable.European large asset owners are much more likely to invest,with 32%expecting to increase allocations,compared with 13%that expect to decrease theirs.This contrasts with more muted ta

106、ke-up in the US and the UK,with 10%in the former expecting to add to their allocations and 9%in the latter.MenuLarge Asset Owner Barometer 202517When,if ever,are you planning to set and/or implement climate transition targets?Within your investment objectives,is there explicit reference to the below

107、 and/or separate policies that address how you incorporate the following?We have already done thisIn the next 12 monthsIn the next 1224 monthsWe are not planning on doing thisSet targets46%7%8%39%Implement targets38%8%15%39%Yes,and the reference/policy has remained consistent since introductionYes,a

108、nd the reference/policy has been revised/amended since introductionNoThe UN Sustainable Development Goals23%26%51%Climate change38%24%38%Net-zero targets34%20%46%Labor practices,health and safety,and human rights31%27%42%Impact investing11%24%65%Workforce inclusion12%20%68%More than three-fifths(62%

109、)of large asset owners explicitly reference climate change in their investment objectives or policies.More than half reference labor practices/health and safety/human rights and net-zero targets.The way large asset owners incorporate sustainability into their objectives is changing.The proportion of

110、 large asset owners of all sizes that reference climate change in their sustainable investment goals or policies has fallen 25 percentage points since last year to 62%of asset owners this year.However,a range of other policies have grown in popularity.Those referencing net zero have risen by almost

111、a tenth(+9%),labor practices by 5%,impact by 4%and workforce inclusion by 3%.2.2.The proportion of large asset owners not setting science-based net-zero targets has risen sharplyAround two-fifths(42%)of large asset owners have set a net-zero target,a 10-percentage-point drop since 2024.Around a thir

112、d(34%)have set a science-based net-zero target for 2050,down 13 percentage points since last year.The proportion of asset owners that have set a 2030 target,by contrast,has risen to 8%.Notably,the proportion of large asset owners that say they are not planning to set a net-zero target has risen 10 p

113、ercentage points to 36%since last year.The proportion of large asset owners that say they are not planning to set a net-zero target has risen 10 percentage points to 36%since last year.MenuLarge Asset Owner Barometer 202518On this point,there is a clear divide between asset owners with above US$20 b

114、illion in AUM and those below.Asset owners with more than US$20 billion are more likely to have targets in place;more than half(56%)have a net-zero target in place for 2050,while a further 7%have a 2030 target.Close to half(45%)of large asset owners with less than US$20 billion under management say

115、they do not plan to set a net-zero target date.46%7%39%8%We have already done thisIn the next 12 monthsIn the next 1224 monthsWe are not planning on doing thisWhen,if ever,are you planning to set climate-transition targets?Percentage of organizations20308%205034%We have not set a net-zero target dat

116、e but have set a broader net-zero ambition.15%We have not set a net-zero target date,but we are planning to do so in the next 12 months.4%We have not set a net-zero target date,but we are planning to do so in the next 1324 months.0%We have not set a net-zero target date,but we are planning to do so

117、in the next 2536 months.3%We have not set a net-zero target date,and we are not planning to do so.36%What is your science-based net-zero target?Asset owners with more than US$20 billion are more likely to have targets in place.MenuLarge Asset Owner Barometer 2025192.3.Workforce inclusion tracking in

118、ternally grows in popularityTracking workforce inclusion across internal teams and the manager selection process has grown in popularity among large asset owners.Over two-thirds of asset owners(69%)now track workforce inclusion across internal teams,up from 63%last year.Meanwhile,tracking the manage

119、r selection process is broadly flat over last year,having risen by one percentage point to 51%.However,workforce inclusion tracking of external managers has declined in popularity,falling 14 percentage points since last year,with 39%reporting tracking compared to 53%last year.What is your workforce

120、inclusion target?We track workforce inclusion and set targetsWe track workforce inclusion but dont set targetsNoInternal teams23%46%31%Manager selection process9%42%49%Appointed external managers4%35%61%Asset owners with more than US$20 billion are more likely to have targets in place.MenuLarge Asse

121、t Owner Barometer 202520Governance and asset managementIn an increasingly complex and uncertain investment environment,large asset owners are responding by investing in their operations where needed and by outsourcing where it makes sense for them.The war for talent remains ongoing,particularly in p

122、rivate markets,where specialized talent and skill sets are needed.In response,we see significant appetite for outsourcing investment management among large asset owners,with management of the most complex asset classes being handled by outside teams more often than not.Over half of large asset owner

123、s highlight operational complexity as a barrier to efficient decision-making within their organizations,and so a significant proportion of asset managers are planning to invest to improve their operational capabilities over the coming year,spending working capital to strengthen their risk and data s

124、ystems.We believe this will lead to improved efficiency and,ultimately,better outcomes.Rich Nuzum Executive Director,Investments,and Global Chief Investment StrategistMenuLarge Asset Owner Barometer 2025213.1.Outsourcing investment management continues to be the preferred option for large asset owne

125、rsA little more than a quarter(28%)of respondents say they do not manage any of their assets in-house,preferring to outsource investment management entirely.This trend is particularly pronounced in the US and the UK,with the proportion of large asset owners not managing any of their assets in-house

126、at 45%and 40%,respectively.The vast majority of large asset owners outsource at least a portion of their portfolios to external managers,citing the resource intensity and difficulty accessing investment talent as key drivers:Only one in 20(5%)reports managing investments entirely in-house.Which asse

127、t classes does your organization manage in-house(versus outsourcing to an external investment manager)?Consistent with last year,there is a clear pattern of large asset owners choosing to manage less complex asset classes in-house and outsourcing those requiring more specialized investment teams:Onl

128、y 5%of respondents report managing hedge funds/absolute return strategies,while 23%report managing private equity and 27%managing private debt/credit in-house.This is even more prominent among the smaller large asset owners(those with less than US$20 billion in AUM),with only 17%reporting managing p

129、rivate equity and 19%managing private debt/credit in-house.Other asset classes least often managed internally include frontier equities(3%),commodities(8%),impact strategies(11%)and emerging market credit(14%).The asset classes most often managed by internal teams are cash/money market(54%),governme

130、nt bonds(42%)and real estate(38%)although there is a significant distinction between the largest large asset owners(US$20 billion),with 63%managing real estate in-house compared to 23%of smaller large asset owners.All organizationsCash/money market 54%Developed market government debt 42%Developed ma

131、rket credit 39%Real estate 38%European equities 32%US equities30%Global equities 30%Private debt/credit 27%Infrastructure 26%Emerging equities 23%Private equity 23%All organizationsForeign exchange 22%Inflation-linked assets(e.g.,index-linked bonds)20%Sustainability funds19%Emerging market governmen

132、t debt 18%UK equities 16%Emerging market credit 14%Impact strategies 11%Commodities 8%Other7%Hedge funds/absolute return 5%Frontier equities3%Only one in 20(5%)reports managing investments entirely in-house.MenuLarge Asset Owner Barometer 202522The most popular reason large asset owners give for out

133、sourcing their investment management is how resource-intensive it is to manage assets in-house,cited by two-thirds(64%).Large asset owners also highlight the difficulties they face in hiring the talent and skill sets required.3.2.Large asset owners plan significant operational investments in the com

134、ing yearMore than a quarter(28%)of large asset owners say they need to commit meaningful resources or operational expenditures over the coming year.This proportion is higher among those with more than US$20 billion in AUM,with 37%of this group saying they need to spend more.In the asset classes wher

135、e you do not manage investments in-house,which of the below describes why?In which of the following areas will you spend over the next year?Where are the biggest talent gaps in your organization?All organizationsToo resource-intensive64%Requires talent and skill sets that are hard to recruit62%Too c

136、ost-intensive34%Would lead to worse outcomes for portfolios32%Carries reputational and governance risks for our organization20%All organizationsRisk systems 52%Data management and hygiene of sources 52%Compliance 33%AI 29%Executional capabilities(e.g.,trading,rebalancing)24%Sustainability research 2

137、4%Investment research 19%Other29%All organizationsPrivate markets expertise 46%Direct or co-investment expertise 40%Manager selection 18%Equities expertise6%Fixed-income expertise 4%Other22%The most popular reason large asset owners give for outsourcing their investment management is how resource-in

138、tensive it is to manage assets in-house.MenuLarge Asset Owner Barometer 202523In exploring the opportunities and concerns driving the actions of the worlds largest pools of capital,our second Large Asset Owner Barometer uncovers several emerging trends and illustrates the persistence of others.Such

139、is the scale and influence of this group of investors that their asset-allocation decisions have the potential to shape investor sentiment and,ultimately,impact markets in both the short and medium term.The clear direction of travel is toward greater allocation into private markets and for these inv

140、estments to be managed by third-party specialists.Even at a time of heightened market volatility,significant geopolitical risks,persistent inflation and the looming uncertainty around AI,large asset owners remain confident that their portfolios are resilient to the threats they face.This is due in s

141、ome measure to the preemptive action they have taken to mitigate these risks,partly as a result of a strong conviction in their objectives and purpose and partly due to their trusted relationships with the external investment partners they have selected.In our conversations with clients,we will be e

142、xploring these and other themes in more detail,and we will closely follow how they develop in the years to come.ConclusionThe clear direction of travel is toward greater allocation into private markets and for these investments to be managed by third-party specialists.MenuLarge Asset Owner Barometer

143、 202524Total assets as of December 31,2023Type of asset ownerOrganization headquartersMethodologyResearch was conducted via an online survey between October 1,2024,and January 15,2025.Large asset owner respondents are defined as having approximately US$2 billion or more under ownership and include p

144、ension funds,insurers,not-for-profits(endowments,foundations,charities),wealth managers and sovereign wealth funds.The research includes the views of respondents from more than 16 countries.38%12%7%23%1%14%5%$1 billion$5 billion$6 billion$10 billion$11 billion$20 billion$21 billion$30 billion$31 bil

145、lion$40 billion$41 billion$50 billionOver$50 billionPension fundInsurerNot-for-profits Sovereign wealth fundWealth managerFamily officeOther42%3%19%9%3%14%11%organization headquartersCanadaEuropeMiddle EastPacificUnited KingdomUnited StatesAsia6%7%3%15%59%14%1%1%MenuLarge Asset Owner Barometer 20252

146、5Contact usCanada Yusuke K+1 514 841 8835Europe Eimear W+44 20 7178 5352India,Middle East,Turkey and Africa Silva H+46 8 505 30 820US Anne-Marie S+1 212 345 7097If you would like to discuss the findings within this report in more detail or how we may be able to support your organization,please feel

147、free to contact your Mercer representative.Alternatively,visit our Investment Solutions page.This research was conducted via an online survey between October 1,2024,and January 15,2025.It is important to recognize that this information is subject to inherent limitations and uncertainties.Results may

148、 not capture all relevant factors or market conditions.These results should not be construed as personalized investment advice.This should not be construed as investment advise or solicitation of any financial instrument(s)/vehicle(s).Latin America and the Caribbean Tracy T+1 404 442 3256Australia/N

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