1、GLOBAL PRINCIPAL INVESTORS REPORT 2024 Sovereign Wealth Funds and Public Pension Funds Are Reshaping Private Markets December 2024 By Benjamin Sheridan,Benjamin Entraygues,Mark Harris,Ihab Khalil,Andrew Claerhout,Katharina Obinger,and Candice ChuaContents03 Introduction04 Market OverviewA Decade of
2、Expansion09 Five Emerging Megatrends13 Shifting GP-LP Dynamics15 Five Imperatives for Principal Investors to Thrive18 The Implications for General Partners22 Conclusion23 About the AuthorsBOSTON CONSULTING GROUP GLOBAL PRINCIPAL INVESTORS REPORT 2024 3Introduction Principal investorsincluding sovere
3、ign wealth funds,public pension funds,family offices,and endowmentsplay a critical role in the investment world.Evolving expectations,a shifting interest rate environment,and the need to manage increasingly large asset bases for both performance and impact are transforming how and where these invest
4、ors allocate capital.As principal investors assume a more promi-nent role in the investment landscape and in society more broadly,their relationships with the general partners(GPs)that manage much of their capital are also being reshaped.To succeed in this new environment,principal investors and GPs
5、 must recognize the influence of current market trends and adapt to the shifting dynamics that drive investment strategies across asset classes.This report delves into these trends and underlying forces and their implications.We explore the evolving size and scope of the principal investor universe,
6、the contours of overarching megatrends,and the shifting relationship between principal investors and GPs.Following this analysis,we identify a set of imperatives for principal investors.We conclude by discussing the key implications for GPs and asset managersfactors that we believe will determine wh