2025 Global Investment Outlook

What’s covered

The year ahead could be one of macro uncertainty, but also of potential opportunities, investment ideas and renewal in certain asset classes. Check out insights from our investment specialists from SLC Management, BGO, InfraRed and Crescent Capital.

A letter from Steve Peacher

Macroeconomic outlook

Policy uncertainty has been driven by potential tax cuts and lighter regulation on one hand and tough tariffs and immigration enforcement on the other.

Fixed income: investment grade

Fundamentals, technicals could remain supportive for the first half of 2025 and beyond.

Fixed income: non-investment grade

Syndicated loans and CLO liabilities could hold some potential opportunities for attractive coupon income.

Private credit: investment grade

IG private credit markets experienced robust volume growth in 2024.

Private credit: non-investment grade

Asset class poised to capture potential opportunities from strengthening U.S. middle market companies, increased M&A.

Real estate

Macro conditions and market fundamentals have put commercial real estate in a prime position in 2025.

Infrastructure

Megatrends continue to drive the outlook for infrastructure, as digitalization and decarbonization increasingly overlap.

Insurance asset management

Heading into 2025, insurers should be aware of higher regulatory scrutiny, alongside numerous macro uncertainties.

Retirement plan solutions

Longer-term bond yields rising could provide an attractive entry point for mid- to long-duration fixed income.