Strategy workbench

Artificial Intelligence, Energy Transition, and Deglobalization: Three Restructuring Forces in Institutional Investment Strategies

Drawing on Nuveen’s latest Global Institutional Investor Survey, this article examines the material impact of three major megatrends—artificial intelligence, the energy transition, and deglobalization—on institutional asset allocation. The survey shows that 96% of institutions have already invested in AI-related opportunities, and 39% of AI allocators consider energy production and infrastructure the most attractive area; 81% of institutions plan to increase private market allocations over the next five years, with 51% expecting to raise them by 5 to 15 percentage points. Meanwhile, 91% of institutions adjusted their portfolios in 2025 due to trade, tariffs, and geopolitical factors; 36% increased their European exposure, and 48% plan to increase allocations to emerging market debt (compared with 27% the previous year). From five perspectives—market backdrop, capital flows, investment logic, risk factors, and long-term outlook—the article analyzes the structural drivers behind this round of allocation shifts and highlights key risks such as recurring inflation, policy uncertainty, valuation concentration, and private market liquidity.