根据景顺对90家主权财富基金的调查，净17%的基金计划减少对上市股票的配置，而有28%至35%的基金则计划增加在私募股权、私募信贷与基础设施的持股。包括新加坡淡马锡和阿联酋穆巴达拉在内的多家主权基金，其非上市资产配置比例已达其投资组合的近半数或更多。
除了规避因少数大型科技股主导市场而带来的集中风险外，传统股债负相关性的失效也促使投资者寻求更具韧性的组合。此外，出于对国家安全的考量，例如在国内建设数据中心以避免数据储存在第三国的隐患，也显著推升了对基础建设投资的需求。
Surging concentration levels in public equity markets are driving cash-rich sovereign wealth funds to shift their capital into unlisted assets such as private equity, private credit, and infrastructure. This asset rotation highlights how the rapid expansion of artificial intelligence is reshaping financial markets, as major investors move away from concentrated stock indexes to invest in private credit and energy infrastructure required for data centers.
According to Invesco's annual survey of 90 sovereign wealth funds, a net 17 percent plan to reduce their exposure to listed equities, while 28 to 35 percent intend to increase their allocations to private credit, private equity, and infrastructure this year. State funds like Singapore's Temasek and the UAE's Mubadala already hold a significant portion (49% and 59%, respectively) of their portfolios in unlisted assets.
This movement out of public markets is primarily fueled by high concentration risk, where standard passive strategies carry heavy exposure to a handful of mega-cap tech stocks, and the breakdown of the historical inverse correlation between stocks and bonds. Additionally, sovereign wealth funds are increasingly drawn to infrastructure investments to align with national security priorities, such as domestic data storage.