Private Markets: a growing trend in thematic investing

Thematic investing continues to gain traction among global investors, with a significant focus on private markets, as highlighted by the BNP Paribas 2025 Thematics Barometer.

Conducted by BNP Paribas Asset Management and BNP Paribas Corporate & Institutional Banking in partnership with Coalition Greenwich, the survey provides a comprehensive overview of investor sentiment and thematic trends, offering valuable insights into the investment strategies and preferences of 180 investors worldwide.

Key highlights

Popularity of thematic investing: 71% of intermediary investors and 31% of institutional investors engage in thematic strategies.
Growth of private markets: Driven by institutional interest, while intermediary investors favour fundamental active equities.
Sustainability themes: Renewable and clean energy remains most popular, with climate change adaptation and mitigation also appealing globally.
Innovation and disruption: Artificial intelligence is the top theme, with 79% of investors expressing interest.
Regional trends: Asia increased thematic strategy use to 41% in 2025, while North America and Europe declined.

Drivers of thematic investing

The 2025 survey reveals that investment returns have become the primary motivation for thematic investing, outpacing the desire for positive impact. This shift is particularly notable in North America, where 77% of investors prioritise returns. The goal to diversify and reduce risk has also gained prominence, increasing from 41% to 49% over the past year.

Additionally, the latest survey also reveals that private markets are becoming a hub for thematic strategies, especially among institutional investors. These markets provide unique access to innovative businesses in sectors like sustainability, healthcare, and technology. While intermediary investors still prefer fundamental active equities, allocations to private markets are rising. Julien Lascar, Global Head of Equity Derivatives Sales, Global Markets at BNP Paribas CIB, notes, “Thematic investing continues to be seen by investors globally as an effective strategy to reduce risk while seeking strong returns. This survey demonstrates that with a long-term outlook, the fundamentals driving capital allocations remain consistent, and that the global investment community remains attuned to the benefits of thematic investing.”

Popular themes in focus

Renewable and clean energy remains the top sustainability theme, with significant expected growth in solar, wind, hydro, and geothermal energy. This is in line with the recent ‘ACTS for 2025’ – a BNP Paribas whitepaper focusing on four sustainability drivers ahead. The paper presents an economic lens on key sustainability issues driving market decisions, covering four strategic themes for investors and corporates: Adaptation, Conservation, Societal Resilience and Transition.

Sustainability is not the only focus of the Thematics Barometer; Artificial intelligence (AI) leads in innovation themes, with 79% of investors interested due to its potential across various industries, including healthcare. “Thematic investing has emerged as a potent strategy for investors to harness the transformative power of the structural forces reshaping the global economy,” said Guillaume Wery, Co-Head of Product Development Strategies at BNP Paribas Asset Management. “The 2025 survey reveals that a majority of respondents are well-versed in thematic investing, demonstrating a strong foundation of awareness. Although current adoption has slightly decreased, the outlook for the next few years indicates a notable shift, with investors anticipating a substantial increase in their thematic allocations, primarily in equities and private markets.”