Notably, they are shifting their private markets allocation plans for developing markets either closer to home, or to other advanced economic regions. According to the results of the 2025 State Street Private Markets Study,¹ our fourth annual global survey of the sector, approximately two-thirds (67 percent) of limited partners (LPs) globally are planning to increase their allocations to infrastructure, and 40 percent to real estate.

Approximately half (52 percent) will be investing in infrastructure opportunities in North America over the next two years. This is broadly in line with last year’s survey results, in which 50 percent said the same. For real estate investments, 49 percent of global respondents are looking to North America during the same time period, compared to 46 percent last year.

But 71 percent of North American LPs will invest in domestic infrastructure, up from 68 percent last year. And this trend is particularly pronounced when it comes to property investments, with 80 percent of North American LPs allocating to domestic real estate, while 69 percent said the same in the previous research.

While foreign inflows to North American real assets appear to be steadying, private equity in the region continues to see significant planned inflows from both overseas asset owners (72 percent, up from 62 percent).

Also from the survey, North American LPs are responding to global uncertainty by increasing overall private markets investment plans in developed Europe (as well as at home), at the expense of the emerging parts of the continent and Asia Pacific (APAC).

Nearly half (48 percent) of North American allocators planned to put capital into developed Europe private markets opportunities over the next two years, significantly up from 26 percent last year. Meanwhile, planned developing European allocations were down more than half, from 21 percent to only nine percent.

And this trend away from developing markets was even more noticeable when it comes to emerging APAC, where just five percent of North American asset owners are now planning near-term investments — less than a quarter of the 21 percent who said the same last year.

For more information about these trends, as well as institutional investors’ and GPs’ plans for technology investment and individual investor-focused private markets distribution, download our report on the survey, or contact your State Street relationship manager.