Private markets are gaining attention in thematic investing and are seen as offering a unique opportunity for investors to tap into emerging trends and technologies, a new survey finds.

By investing in private companies, investors can access innovative and disruptive businesses that drive growth and transformation in key sectors such as sustainability, healthcare, and technology.

Thematic investing focuses on long-term themes and trends instead of sectors or individual companies. It remains a popular strategy, with 71% of intermediary investors and 63% of institutional investors investing in thematic strategies, according to the 2025 Thematics Barometer, an annual survey of global investor sentiment and thematic trends.

Conducted by BNP Paribas Asset Management ( BNPP AM ) and BNP Paribas Corporate and Institutional Banking ( CIB ), in partnership with Coalition Greenwich, the survey provides insights into the investment strategies and preferences of 180 investors across the globe.

Effective strategy to reduce risk

Asia increased its use of thematic strategies to 41% in 2025, while North America and Europe both declined year-on-year, the survey shows.

“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,” says Julien Lascar, global head of equity derivatives sales, global markets, at BNP Paribas CIB.

The 2025 results show that allocation to more traditional asset classes is relatively consistent, but investors deploying thematics in private markets continue to increase, buoyed by interest from institutional investors.

Europe and North America investors lead the way with larger allocations to private markets ( more than 20% ) while Asian investors maintain high allocations to traditional asset classes such as equities and multi-assets ( more than 30% ). And in the future, 53% of North American investors plan to increase focus on themes in private markets, while 61% of Asian investors state they will stay with equity strategies.

Renewables drive sustainability themes 

Meanwhile, the renewable energy sector has emerged as a compelling thematic investment opportunity, driven by the global transition towards a low-carbon economy. Investments in solar, wind, hydro, and geothermal energy are expected to experience significant growth.

The survey results show that this theme is by far the most appealing to investors among sustainability topics. In Europe, 63% of investors are invested in thematic strategies, with a focus on renewable and clean energy, climate change mitigation, and artificial intelligence ( AI ).

Demographics is also another topic of increasing interest from investors across the globe, moving from 17% in 2023 to 24% this year, with a strong appetite among intermediary distributors ( 38% vs 18% for institutions ).

AI and healthcare still favourites

As in previous years, investors are increasingly drawn to sectors such as AI ( 79% in 2025 vs 60% in 2023 ) and healthcare as thematic investment opportunities. These high-growth sectors offer high return potential, driven by innovation and disruption of traditional markets.

AI is transforming numerous industries, from finance to healthcare, and beyond manufacturing and transportation. Healthcare, meanwhile, is benefiting from increasing demand driven by an ageing population and medical advancements.

In a notable change from the past two years, investors now consider investment returns ( alpha ) as their leading motivation for investing in thematic strategies ahead of achieving positive impact ( 69% to 62% ).

This result is most pronounced in North America, where 77 % favour investment returns over positive impact. At the same time, the objective to diversify and reduce risk also increased in 2025, going from 41% to 49% over the past year.

"Thematic investing has emerged as a potent strategy for investors to harness the transformative power of the structural forces reshaping the global economy," says Guillaume Wehry, 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."