Private markets drive the growth of thematic investment, according to BNP Paribas
12 JUN, 2025
In the new Thematic Investment Study 2025, BNP Paribas Asset Management and BNP Paribas Corporate and Institutional Banking reveal how private markets are becoming a pillar of thematic strategies. Clean energy and the artificial intelligence revolution remain among the most attractive areas for global investors.
The 2025 study reveals that most of the investors interviewed are very familiar with thematic investment and show a considerable familiarity with this type of strategies. Although the current level of adoption has slightly decreased, the prospects for the coming years indicate a significant change in trend, as investors anticipate a significant increase in their thematic exposure, mainly in equities and private markets.
Sol Hurtado de Mendoza, General Manager for BNP Paribas Asset Management in Spain and Portugal.
Private markets emerge as catalysts for thematic innovation
According to the fourth edition of the Thematic Investment Study, carried out in collaboration with Coalition Greenwich and based on an analysis conducted on 180 investors globally, the private markets are gaining increasing relevance within the thematic strategies. In particular, institutional investors show a strong interest in these asset classes, recognizing their potential in intercepting emerging trends and innovative technologies in key sectors such as sustainability, health, and technology.
Exposure to private markets has already exceeded 20% among European and North American investors, and 53% of US investors plan to further increase their allocation. On the contrary, in Asia there is still a preference for more traditional asset classes such as equities and multi-assets, with over 30% allocation. However, even in this region, interest in thematic strategies is growing, with a penetration of 41% in 2025.
Clean Energy, AI and Health: the most popular themes
Sustainability remains one of the most attractive thematic areas, driven particularly by clean and renewable energy. Solutions based on solar, wind, hydroelectric and geothermal energy are attracting more and more capital, in line with the global transition towards a low-emission economy. In Europe, 63% of investors are active in thematic strategies, with a strong focus on climate change mitigation and artificial intelligence.
Indeed, AI emerges as the most popular theme in the field of innovation and disruption: 79% of investors declare a marked interest in this area, up from 60% in 2023. The healthcare sector also remains at the center of attention thanks to demographic aging and continuous medical advances.
Finally, the main motivation of investors changes: the generation of alpha (returns higher than the market) has for the first time surpassed positive impact as the main reason for choosing thematic strategies (69% vs 62%). The trend is particularly evident among North American investors, where 77% prioritize economic performance. The goal of diversification and risk management also records an increase (from 41% to 49% in a year), marking an evolution in the perception and use of thematic investment globally.
Investors around the world continue to consider thematic investment an effective strategy to reduce risk and, at the same time, achieve solid profitability. This year's survey shows that, with a long-term vision, the fundamentals that guide capital allocation in portfolios remain stable and that the global investor community is still well aware of the advantages offered by this investment discipline.
Julien Lascar, global head of equity derivatives sales for BNP Paribas CIB Global Markets
