波士顿咨询（BCG）：2026全球主要投资者报告：规模增长 野心亦然（英文版）（39页）.pdf

1、As Scale Grows,So Does AmbitionGlobal Principal InvestorsReport 2026MAY 2026Contents010203Principal investors are playing a more active role in an increasingly complex market landscapeHow principal investors are changing the way they leadHow general partners can partner with principal investorsSourc

2、e:BCG analysis.Principal investors in a new era:expanding influence,active strategies,and a market shaped by geopolitics and AIThe PI universe continues to expand in scale and influence,with$43T in AuM in 2025 and ten new sovereign vehicles established in 2025 alone.Family offices are also growing a

3、nd increasingly professionalizingPrivate markets allocations have grown steadily over the past decade,led by PE and infrastructure.Recent years have seen longer holding periods and weaker distributions,driving a concentration of capital toward top-tier GPsMore sophisticated PIs are increasingly expe

4、rimenting with direct,co-investment,and platform capabilities.In some cases,these are emerging as peers and partners for GPs Geopolitical uncertainty has increased structurally since 2020,with likely implications for geographic allocation,sector mix,and liquidity positioningparticularly for SWFs wit

5、h explicit national mandatesAI has emerged as a defining thematic area for PIsboth as an investment opportunity across the full stack and as an operational capability.Leading PIs are actively building coordinated AI exposure and embedding AI across fund operations and value creation3Sources:Global S

6、WF;BCG analysis.Note:PI AuM refers to fair value of assets as reported by each fund,or estimated by Global SWF based on tracked investment activities where fund-level data is unavailable.Global AuM corresponds to assets sourced from each region and professionally managed in exchange for management f