Switzerland, the United Arab Emirates (UAE), Portugal, Italy, and Greece are the jurisdictions with the best residency programs for high-net-worth individuals and investors, according to the 2026 Global Residency Programs Index produced by Global Citizen Solutions (GCS). “We built the index around five weighted pillars: quality of life, procedure, mobility, investment, and compliance and credibility, because no single number tells the whole story of a residency program. For that very reason, quality of life carries the greatest weight among all the pillars in our model, tied with procedure,” explains Laura Madrid, Lead Researcher at the Global Intelligence Unit at Global Citizen.
The Top Five, at a Glance
According to the firm, Switzerland’s edge comes from a perfect score in Compliance & Credibility, paired with near-elite quality of life, top-tier mobility, and a strong fiscal profile. It ranks among the safest and most politically stable countries in the world; the trade-off is one of the highest costs of living, offset by exceptional healthcare, world-class schools, and a family-friendly culture oriented around the outdoors across four distinct Alpine seasons.
Second place is occupied by the United Arab Emirates (UAE), a region that stands out in fiscal matters. It offers zero personal income tax and a comparatively low entry threshold, available through routes such as real estate investment. Added to this is strong mobility and one of the lowest-crime environments in the world, alongside a large international expat community and family-oriented infrastructure. Its Golden Visa offers only a renewable residency status, as Emirati nationality is reserved for exceptional cases nominated by the government and is not something an investor can work toward.
In third place, Portugal’s Golden Visa offers a high quality of life, near-maximum mobility thanks to a full EU/Schengen passport, and a pathway to citizenship of between seven and ten years depending on nationality. According to the GCS study, it can be obtained through a qualifying investment fund (minimum of €500,000 in a private equity or venture capital fund investing in Portuguese companies), a cultural donation (starting at around €200,000), a contribution to scientific research, or an investment tied to job creation. “It remains Europe’s best value-for-money option, with a moderate cost of living, a mild Atlantic climate, and a welcoming culture for families relocating from abroad, making it the highest-ranked route in the EU,” they indicate.
Italy achieves fourth position thanks to its process and the strength of its passport, rather than its price. Its Investor Visa offers a fast and flexible menu of qualifying investments (government bonds, corporate shares, startups, or a philanthropic donation), combined with strong mobility within the EU. According to analysts at the firm, that combination offsets a costlier and less tax-efficient entry.
Finally, Greece is, by a wide margin, the fastest-processing program in the index, combined with strong mobility. Its Mediterranean climate, welcoming culture, and relaxed, community-centered lifestyle make it a great choice for families prioritizing sunshine and hospitality. Of the top five, it is the only one where real estate remains the primary route—with the threshold for qualifying property raised to €800,000 in prime areas as of September 2024—though an alternative investment in startups is now also available.
The Americas: North, South, and Central
The U.S. EB-5 Immigrant Investor Program (83.9) and the E-2 Treaty Investor visa (82.6) remain solid options, but both fall outside the global top 10 this year, sitting in 27th and 32nd place, respectively. Canada’s Quebec Investor and Provincial routes round out the global top 10 in 10th place (88.6), boasting quality-of-life scores among the highest in the Index—a relevant comparison for Americans weighing a move within the region.
Additionally, Panama, Costa Rica, Brazil, Mexico, Paraguay, and the Dominican Republic offer accessible, lower-cost residency with fast processes and strong lifestyle appeal, though none scores high enough to reach the top global tier.
“Some of this year’s fastest programs are found in Latin America: the Dominican Republic can process applications in as little as 45 to 90 days, Costa Rica and Mexico require only a light, ongoing connection to the country, and Brazil combines an eight-month timeframe with a fast track toward naturalization. For a growing number of our clients, overseas residency is not simply a financial instrument; it is a life decision. Cost and compliance matter, but so does how one actually lives day-to-day in a new country: the schools, healthcare, and community. That is precisely what this year’s Index was built to capture: destinations like Italy, Portugal, and Greece top the table because of the combination of their strengths, and because of how good daily life actually feels,” notes Patricia Casaburi, CEO of Global Citizen Solutions.
August—a summer month for Europe—has begun with volatility in financial markets coexisting with risk appetite. “The momentum from the final stretch of the previous month was led by the tech sector on Wall Street, whose solid earnings offset inflationary rigidity. Despite this, the S&P 500 recorded a slight monthly dip for the second consecutive month, standing 2% below its all-time highs, while the Fear and Greed Index positioned itself at 39/100. Regarding energy, the U.S. Strategic Petroleum Reserve (SPR) fell to 308 million barrels, its lowest level since 1983, and pushed crude oil to its largest monthly gain since March,” notes Felipe Mendoza, market analyst at EBC Financial Group.
For this expert, in the coming weeks we will see a two-phase volatility scenario: “A first half of August dominated by technical adjustments, profit-taking, and pressure toward fixed-income assets, followed by a second half of the month where Nvidia’s guidance and the digestion of inflation data could reactivate the bullish trend toward the final quarter of the year.”
In his view, the main risk to this projection is concentrated in the military escalation with Iran, the contradictory narrative surrounding the Strait of Hormuz, and its potential repercussions on global crude oil supply. Given this context, two asset classes take center stage: gold and the dollar.
Gold: From All-Time Highs to Readjustment in Six Months
Attention on gold stems from its start to the year as one of the most attractive and top-performing assets, only to close out the first half of 2026 by registering a significant correction. “Gold has experienced a remarkable trend reversal during the first half of 2026. After reaching an intraday all-time high of $5,595 per ounce on January 29, prices suffered a sharp correction and, at the time of writing in early July, are trading below the level at which they began the year. Although the magnitude of the correction has unsettled investors, we consider it a healthy readjustment rather than the end of the structural bull market,” explains Nitesh Shah, Head of Commodities and Macroeconomic Research at WisdomTree.
According to his analysis, the extraordinary valuation premium generated during the 2025–26 rally has largely unwound, leaving gold much closer to its estimated fair value. “We anticipate that gold’s next phase will be determined primarily by macroeconomic fundamentals, rather than exceptional investor demand,” he clarifies.
For Shah, now that valuations have normalized, their outlook turns back to the macroeconomic variables that historically have accounted for most of the variation in gold prices. “Gold could face intermittent short-term headwinds as markets continue to reassess the outlook for U.S. monetary policy. The latest forecasts from the Federal Open Market Committee (FOMC) and the accompanying communications were interpreted as a sign that the Fed would adopt a somewhat more hawkish stance, leading futures markets to price in rate hikes as early as September,” the WisdomTree expert points out.
Consequently, according to current consensus forecasts, the firm’s model points to a recovery reaching $4,563 per ounce by the second quarter of 2027, “although sensitivity analysis shows how different macroeconomic scenarios could substantially alter that trajectory,” Shah adds.
Macroeconomics and the Dollar Outlook
These reflections on gold are connected to the behavior of the dollar. As Shah acknowledges, a large part of gold’s weakness during 2026 can be explained by the appreciation of the U.S. dollar. “The dollar strengthened to reach its highest level in over a year, driven by the relative energy security of the United States during the conflict with Iran, outperforming many other currencies typically considered safe havens,” he recalls.
Looking ahead to the remainder of the year, most experts agree that the short-term macroeconomic outlook remains positive for the dollar. “U.S. economic activity has held up better than that of other major economies, but inflation remains persistent and the market has had to price in a tighter Fed path. This movement in relative yields has already contributed to the dollar breaking above its previous trading range and is, broadly speaking, consistent with our central scenario of riding dollar strength through the end of 2026,” argues David Rees, Head of Global Economics at Schroders.
In this regard, Schroders’ baseline forecast projects the dollar to rise throughout 2026 before easing slightly in 2027. “Our assumptions for year-end 2026, published at the time, were: GBPUSD at 1.21, EURUSD at 1.07, USDRMB at 7.09, and USDJPY at 167.8. Our working hypothesis for year-end 2027 anticipates the dollar giving back part of those gains—reaching 1.27, 1.12, 7.03, and 162.5, respectively—as weakening inflationary pressures provide relief to a hawkish Fed, and a shift toward a more forward-looking policy agenda reinstates rate cuts in 2027,” Rees notes.
Furthermore, according to Rees, more broadly speaking, if the euphoria in U.S. markets comes to an end, there are good reasons to believe the dollar could suffer the consequences. “A weaker dollar carries significant implications for all investors globally. These range from immediate portfolio impacts to longer-term effects on asset returns as economies, sectors, and individual companies adapt to a lower-value dollar,” he indicates.
The World Cup ended just a few weeks ago. Fans celebrated the champion, the cameras stopped rolling, and brands began preparing for the next sports season. From the capital markets’ perspective, however, the most interesting match is just getting started.
What remains once the competition ends isn’t just the sporting results. Broadcasting contracts, sponsorship agreements, brand licenses, commercial rights, and other assets capable of generating income for years to come all remain in place. The relevant question for asset managers and financial institutions is no longer how much money sports move, but what characteristics that income must have to become an asset with value for the capital markets.
The answer marks an important distinction. The market doesn’t finance the excitement a club or tournament generates; it finances the capacity of certain economic rights to produce identifiable, predictable, and legally protected cash flows.
The transformation of sport into a global industry worth hundreds of billions of dollars has been closely tied to the development and protection of intangible assets. The World Intellectual Property Organization (WIPO) notes that trademarks, copyright, and broadcasting rights are essential tools for protecting and commercializing the economic value of sport through licensing, merchandising, and commercial agreements.
This evolution is also reflected in the numbers. The world’s 20 highest-earning football clubs generated a combined €12.4 billion during the 2024/2025 season, according to the 2026 edition of the Deloitte Football Money League. Of that total, €5.3 billion came from commercial activities, €4.7 billion from broadcasting rights, and €2.4 billion from stadium-related revenue.
Figure 1. Distribution of revenue among leading football clubs (2024/2025)
Source: Deloitte Football Money League 2026
Beyond their sheer size, these figures reveal a fundamental point: modern sport has significantly diversified its revenue sources. This diversity doesn’t automatically turn that income into financeable assets, but it does broaden the universe of economic rights worth analyzing from a capital markets perspective.
When a revenue stream becomes a financial asset
From an asset manager’s perspective, the real value doesn’t lie in the stadium, the crest, or a team’s popularity. It lies in the quality of the cash flow.
The methodologies developed by agencies such as Fitch Ratings to evaluate transactions involving sports franchises, leagues, and facilities show that the analysis centers on certain revenue streams’ capacity to support financial obligations.
Broadly speaking, several attributes increase a revenue stream’s appeal for potential financial structuring.
These attributes help explain why two sports organizations with similar revenue levels can have completely different financial profiles. A multi-year broadcasting contract with a high-quality counterparty offers very different stability than income tied exclusively to ticket sales or sporting performance.
The role of asset securitization
This is precisely where securitization becomes relevant.
Far from creating value on its own, asset securitization makes it possible to structure certain economic rights and turn them into financial instruments backed by future cash flows. In other words, it converts income that would be received over time into financing capacity today.
For sports organizations, this can offer an alternative way to finance infrastructure, refinance debt, develop new business lines, or accelerate growth projects without relying exclusively on traditional bank financing.
That said, a transaction’s viability depends less on the organization’s fame and more on the quality of the underlying cash flows, the legal structure, and the protection mechanisms built in for investors.
A practical case: Inter Milan
These concepts stop being theoretical once you see them applied to a real transaction. One of the most illustrative examples is Inter Media and Communication S.p.A, the company created to manage certain broadcasting and commercial revenue for FC Internazionale Milano.
More than just financing a football club, the transaction shows how certain economic rights can be organized through a structure designed to give investors a clearly identifiable repayment source. In 2017, the company issued €300 million in senior secured notes aimed at institutional investors. It followed up in 2022 with a new issuance of €415 million, with proceeds used mainly to refinance existing debt and strengthen the group’s financial structure.
What makes this transaction interesting isn’t just its size. The structure was backed by identifiable income from broadcasting and sponsorship contracts, managed through specific collection and protection mechanisms for noteholders. This approach partially ring-fenced those cashflows from the rest of the club’s operating activity and gave investors greater visibility into the repayment source.
The case shows that the capital markets don’t simply finance a prestigious sports brand. They finance structures backed by economic rights whose stability and traceability can be objectively analyzed.
A lesson that goes beyond sport
The sports industry is an excellent laboratory for understanding a broader capital markets trend.
Increasingly, economic value is concentrated in intangible assets capable of generating recurring income: content, intellectual property, commercial contracts, or exploitation rights. Securitization offers a tool for channeling part of that value into the capital markets through structures designed to turn future cashflows into financing today.
Sport illustrates this shift with particular clarity. Not because it’s an exceptional industry, but because it shows how markets no longer look only at physical assets, but at the capacity of certain economic rights to produce stable, structurable cashflows.
The World Cup may be over, but it leaves behind a lesson that goes beyond sport. As industries generate a growing share of their value from contracts, intellectual property, and other economic rights, the challenge for the capital markets shifts from identifying physical assets to understanding the quality of the cashflows those assets can generate.
In that context, securitization represents much more than a financing alternative. It’s a tool that connects certain income-generating assets with investors seeking identifiable, structured, and transparent cash flows.
Markets don’t invest in the excitement of sport; they invest in the quality of the cashflows that excitement can generate. Perhaps that’s the main financial lesson the World Cup leaves behind: The match ends on the pitch, but the real economic value continues long after the final whistle.
About FlexFunds
For more than 15 years, FlexFundshas worked alongside asset managers and financial institutions to design solutions that facilitate access to the capital markets through investment vehicles built to international distribution standards.
The evolution of industries like sports shows that financial structuring and securitization continue to expand the possibilities for turning certain economic rights into financing and investment solutions. Understanding the nature of the underlying cashflows and selecting the right structure is a key element for the success of this type of transaction.
To learn more about FlexFunds’ asset securitization program, visit www.flexfunds.com or contact our team of specialists.
The formula for preserving a major fortune has remained almost infallible and has been passed down through generations for decades: real estate, family businesses, stocks, bonds, and liquidity. Diversification has been important, but wealth tends to stay close to what the family knows and directly controls. However, the generation of “new rich” is altering this equation.
Millennial and Gen Z heirs, as well as new entrepreneurs who have built their fortunes around technology, venture creation, and financial assets, are incorporating a much broader mix of investments: private equity, private credit, venture capital, digital assets, artificial intelligence, infrastructure, gold, and thematic strategies.
This phenomenon is already beginning to transform the wealth management industry. Furthermore, the shift is happening at an exceptional moment: the world is entering a wealth transfer of historic proportions. The Capgemini World Wealth Report 2025 estimates that $83.5 trillion in wealth will be transferred to new generations by 2048. The study analyzed the opinions of 6,472 high-net-worth investors, of which 5,473 belong to the so-called next-gen categories.
The scale of this movement is so massive that it is no longer just about who will inherit the money. The question the financial industry is beginning to ask is what this new generation will do with it. A series of emerging trends, if consolidated, could dominate the coming decades. Here are some of them.
The First Shift: Less Dependence on Stocks and Bonds
One of the most revealing studies for understanding the generational gap comes from Bank of America Private Bank. Its 2026 study found that 67% of young investors—Gen Z and Millennials aged 21 to 45—believe that traditional stocks and bonds are no longer sufficient to achieve above-average returns. The contrast with older generations is striking: young investors allocate around 15% of their portfolios to alternative investments and 13% to cryptocurrencies, whereas older generations maintain a significantly higher proportion in traditional stocks.
Furthermore, 88% of wealthy young investors state that they will likely increase their exposure to alternative assets over the next few years, compared to just 15% among boomers and older generations. But this trend did not appear overnight. In BofA’s previous study from 2024, young investors allocated 17% of their portfolios to alternatives, compared to 5% among those over 44. In stocks and bonds, the ratio was virtually inverted: 47% for younger investors versus 74% for older ones.
The takeaway for asset managers is clear: diversification no longer simply means combining stocks, bonds, and cash. For the new high-net-worth investor, diversification also means exposure to private companies, infrastructure, digital assets, real assets, and technological trends.
Crypto Assets Leave Curiosity Status Behind
Among wealthy individuals of the new generations, one of the most obvious differences from their predecessors emerges. In 2026, 58% of young investors surveyed by BofA already own cryptocurrencies, up from 49% in 2024. Moreover, 92% say they either own them or are interested in doing so. Even more telling: 29% identify cryptocurrencies as the top wealth-creation opportunity for young investors. This does not mean the new rich have abandoned prudence.
In fact, the behavior of high-net-worth individuals demonstrates something more interesting: digital assets are evolving from a fringe bet into a potential component of a much broader wealth architecture. The family office landscape itself confirms this transition. The UBS Global Family Office Report 2026, based on 307 family offices across more than 30 markets with an average family wealth of $2.7 billion, found that 44% of family offices with cryptocurrency exposure now consider these assets part of their strategic allocation.
The invested proportion remains generally small, around 1%, but the conceptual shift is significant: crypto assets are no longer necessarily viewed as an exception, but as a potential asset class within the wealth architecture.
From the Family Property to the Global Portfolio
There is another particularly key distinction among younger wealthy generations: the traditional Latin American wealth model was tightly bound to family businesses, real estate, and domestic assets. However, the new investor holds a far more global perspective. Research published in June 2026 by the CFA Institute on Latin American family offices concludes that these vehicles are evolving from structures focused primarily on wealth preservation into strategic wealth platforms, driven in part by younger generations seeking diversification, private markets, and better risk-adjusted returns outside the traditional family businesses.
This shift is particularly relevant for Mexico, Brazil, Argentina, Colombia, and Chile; the research indicates that a large portion of major fortunes in Latin America remains in the first or second generation. This means the wealth professionalization process is far from complete. But the new generation is introducing another variable: global exposure.
Travel, international education, professional experience in other markets, and engagement with new technologies are broadening the investment universe that heirs consider viable. In Mexico, for instance, this can translate into a mix of a local family business, an international financial portfolio, alternative investments, offshore structures, and direct stakes in global companies. The family wealth is not necessarily abandoned—it is given a second layer.
And within the concept of legacy lies one of the most important nuances of the story. It would be a journalistic mistake to portray the younger generations as investors eager to liquidate their parents’ legacy to buy cryptocurrencies or tech stocks; on the contrary, evidence points to something far more sophisticated.
The CFA Institute research on Latin America notes that the shift among young heirs is not simply a preference for monetizing wealth over preserving legacy. Rather, it represents a search for more options and greater diversification. In other words: the old rich ask, “How do I preserve what I built?” while the new rich ask, “How do I preserve this while using it to build something new?”
AI Becomes the New Arena of Competition
Artificial intelligence is perhaps the clearest example of how new generations think in terms of structural themes rather than purely financial instruments. The UBS Global Family Office Report 2026 shows that family offices are increasing their interest in artificial intelligence, infrastructure, energy, and resources. In Latin America, 61% of family offices plan to adjust their strategic asset allocation during 2026, with artificial intelligence, infrastructure, and energy/resources standing out as the top three investment trends.
This data is significant because it proves that the transformation is not limited to young investors alone. The influence of the new generation is beginning to filter through to the institutional structures of the families themselves. The family office thus becomes a laboratory where two philosophies coexist: capital preservation and the pursuit of the industries that will drive the next wealth cycle. Yet paradoxically, while younger individuals seek higher risk and new asset classes, traditional investors retain an advantage that younger generations still need to develop: accumulated experience.
Family wealth is often built around decades of entrepreneurial knowledge, relationships, productive assets, and the ability to weather different economic cycles. Therefore, the model that seems to be emerging is not a total replacement of one generation by another, but rather a hybridization. The old rich bring preservation, discipline, experience, and wealth governance. The new rich contribute technology, globalization, alternatives, speed, and new information sources. The result can be a far more sophisticated portfolio.
Herein lies what is likely the greatest risk for the wealth management industry: it is not that younger generations are less interested in wealth, but that they want to participate in decisions earlier. The UBS Global Family Office Report 2026 reveals a paradox: although families recognize the importance of preparing heirs, only 27% have a structured process to educate and prepare the next generation for future responsibilities. Furthermore, only 35% have a formal succession plan for the family office itself.
The consequence can be wealth fragmentation: an heir might retain the family business while moving financial investments to a different institution. They might also use a family office for one portion of their wealth, a digital platform for another, a specialized manager for private equity, and an offshore institution for international assets. The client who once concentrated virtually their entire wealth relationship within a single institution can now split it across multiple providers—presenting one of the greatest challenges for traditional private banking.
The New Wealth Map
This generational transition is, moreover, taking place over an ever-expanding wealth base. The UBS Global Wealth Report 2026 estimates that personal wealth worldwide increased by 10.8% during 2025, marking the highest growth rate since 2017. Additionally, the number of US dollar millionaires grew by nearly one million people, equivalent to over 2,600 new millionaires every day. Consequently, the potential market for the new generation of managers consists not only of heirs to great fortunes, but also an increasing number of individuals who built their wealth outside traditional sectors.
Technology, entrepreneurship, private equity, startups, fintech, artificial intelligence, and capital markets are giving rise to new fortunes that do not necessarily share the financial culture of previous generations. That is where the true “new rich” emerges—and it is not solely the inheriting child. It is also the tech entrepreneur, the startup founder, the executive awarded company stock, the investor who built financial wealth, or the entrepreneur who exited their business.
In the end, the gap between the old rich and the new rich may be smaller than it appears, as both seek to preserve and grow their wealth, pursue diversification, aim to protect their families, and require efficient tax, estate, and structural planning.
The key difference lies in what they consider a solid portfolio and how they define wealth preservation: for the previous generation, preserving meant primarily avoiding loss, whereas for the next generation, preserving can mean maintaining purchasing power, diversifying globally, and staying invested in the industries creating future wealth.
Thus, rather than a battle between “old rich” and “new rich,” what is unfolding is a transfer of power within the wealth architecture. And that transfer is only just beginning. The next major battle for the wealth management industry will not merely be about managing more assets—it will be about becoming the trusted advisor to a new generation that intends to manage its wealth in a radically different way.
Columbia Threadneedle Investments has added three new investment professionals to its London-based investment teams, reflecting its ongoing commitment to key capabilities amid growing client demand for active strategies in fixed income and global equities.
Ciara Fitzgerald joins as Investment Grade Credit Portfolio Manager
Ciara Fitzgerald has joined the firm as an Investment Grade Credit Portfolio Manager and will be part of the Investment Grade Credit portfolio management team, reporting to Chris Hult, Senior Portfolio Manager. Ciara brings extensive experience gained at ANZ and Deutsche Bank, where she worked in debt capital markets and syndication roles, managing origination for European institutions and executing syndicated transactions for international borrowers.
Christopher Hult, Senior Portfolio Manager for Investment Grade Credit at Columbia Threadneedle Investments, noted: “We are delighted to welcome Ciara to the team. Her deep experience in credit markets and syndication will be key as we continue to strengthen our Investment Grade capabilities for our clients.”
Natasha Ebtehadj rejoins the Global Equities team
Natasha Ebtehadj has been appointed Global Equities Portfolio Manager. Natasha returns to Columbia Threadneedle from Artemis, where she held the same position. Previously, Natasha worked for 15 years at Columbia Threadneedle, most recently on the global equities team, and has also held roles in multi-asset and Asian equities.
“We are extremely pleased to welcome Natasha back. Her deep knowledge of our investment platform and her broad experience in both equities and multi-asset will be of great value to the team and our clients,” stated Neil Robson, Head of Global Equities for EMEA at Columbia Threadneedle Investments.
Steve Nelson reinforces Fixed Income Client Portfolio Management
Steve Nelson has joined the Fixed Income Client Portfolio Management (CPM) team in London, focusing on Investment Grade Credit strategies. Steve brings 15 years of experience from Janus Henderson, where he held various positions on the CPM team and covered a wide range of fixed income products, including multi-sector credit, asset-backed securities, and loans.
Gary Smith, Head of Fixed Income Client Portfolio Management for EMEA at Columbia Threadneedle Investments, declared: “We are thrilled to add Steve to the team. His extensive experience in fixed income markets and his strong track record in client portfolio management make him an excellent addition, and we look forward to working with him.”
Photo courtesyMario González, Head of Iberia, US Offshore & Latam at Capital Group
Independence and flexibility are the words Mario González, Head of Iberia, US Offshore & Latam at Capital Group, repeats most often when detailing the firm’s business strategy. González observes that clients are increasingly leaning toward working with fewer firms, expecting them to become more involved in aspects that extend beyond capital management.
In this interview with Funds Society, he highlights the growth potential that the Iberia, Latam, and US Offshore regions hold for Capital Group, as well as its expansion plans in alternatives and ETFs.
Interview
You have consolidated the transition toward new leadership at the firm. What momentum is Mike Gitlin bringing to Capital Group’s project?
Mike has been CEO for three years. He was previously our head of fixed income and has been with Capital Group for about 10 years. He transformed our fixed income business significantly, doubling its assets: we went from roughly $250–300 billion to over $600 billion today. For us, leadership changes are a natural process. We are in our fifth or sixth generation of leadership. We are independent, a partnership. This type of process impacts our business far less than it does our competitors. Mike has introduced a very clear commitment to the business outside the United States, alongside a sharp focus on the client, who increasingly wants to work with fewer managers and under a partnership format.
I think Mike has identified this trend very well: becoming what we call a “partner of choice”—that is, moving beyond being a mere vendor to build a close relationship with the client. Clients value having relevant strategies, but they are paying more and more attention to the value proposition outside of investment. In our case, we have reinvested in advisor education, for instance: helping our partners make their advisors more efficient, navigating major shifts in their business, and investing in tools… I believe these are major vectors that Mike has led.
In this context, what role do Iberia, US Offshore, and Latam play?
A very important one. We have a series of markets outside the United States—around 12 to 15—that are fundamental to our expansion, and these three are part of that group. Both Spain and US Offshore are highly consolidated markets. In Spain, we work with all the major distributors, and they increasingly view us as a partner rather than just a fund provider. The mandate with CaixaBank for its advisory business is one example. The team in Spain has grown; we are now 10 people. We rank among the top 10 brands, and even in the top five across certain metrics.
Regarding US Offshore, it is a very different market, but one with strong cultural and business ties. We see major banks in Spain and wealth managers expanding their teams dedicated to Latin American clients. It is a business increasingly concentrated in US Offshore, purely advisory-focused. We have a team of 10 people with a presence in Miami, New York, and Texas. While many of our competitors are cutting resources or changing distribution models, we are growing and reinvesting. In US Offshore, vehicle flexibility is essential. Ultimately, advisors in the United States have a portion of their business dedicated to offshore clients and another increasingly bulky domestic portion, and we offer investment solutions for both sides. When it comes to vehicles, flexibility is on the rise as demand grows for UCITS funds on the offshore side, or SMAs.
The Latam division is newer. In Mexico, Chile, Brazil, etc., we started at the end of last year in a very strategic manner. Capital Group often arrives late to markets—Spain is an example—but when we enter, we do so with a very long-term commitment. Here, we are heavily focused on three segments: institutional—the Afores, the AFPs, that is, the pension world; second, wealth management, with a strong presence from our global partners, where we maintain strong relationships with Santander, BBVA, UBS, and HSBC; and third, central banks and sovereign wealth funds. We have a strong focus on Mexico, which is structurally a very interesting market, particularly the Afores segment. We are also closely following the pension reform in Chile.
In which of these areas is there the most capacity for continued growth?
We have significant growth capacity across all three regions. In Spain, we have grown very consistently over the 12 years we have been in the market, but we believe there is increasing consolidation, and structurally, we are very well positioned. Another positive aspect of being independent is that we face no distractions. Many of our competitors have to focus on the next dividend or hitting short-term figures… That is not our case. If you lack scale, corporate transactions will occur, but we possess stability, independence, and scale, which provides us with a strong growth platform.
In Spain, we can and should keep growing within this partnership environment through new capabilities. Recently, the alliance with KKR in hybrid funds within the alternative investment space served as an example of innovation. In the future, we might bring over our active ETF range, which has seen immense success in the United States. And in Offshore, it is the same story: we continue growing and reinvesting. It is a very interesting region because it is strong in areas that Europe lacks. Speaking of the pension world, Mexico has a very solid model that serves as a benchmark for the region and other parts of the world. Latin America, in a selective manner, is very attractive to us; it is all about growth.
One of your most significant moves has been the agreement with KKR in private markets. How has this private credit and equity offering permeated the market?
It is a new asset category. We were the first to announce this type of alliance with an alternatives firm—in our case, KKR—and it is the first to translate into concrete products. We started in the United States, where we launched two public-private products focused on debt, and more recently, one focused on equity. Now, we are bringing this proposition to the international level.
Clients are attracted to the idea, but we need to work with them so they understand the role these solutions play within portfolios. It is not a pure building block they are traditionally accustomed to. What we offer is a first step for clients entering the alternative space. In the United States, distribution is much simpler because the vehicle can be distributed nationwide. In Europe, the landscape of vehicles and regulation is somewhat more complex. Nevertheless, strategies that take a holistic view of the entire debt market—both private debt and public debt—will become much more widespread in the market going forward.
And what type of underlying asset is the local buyer demanding most?
There is significant concern about market concentration, which is sparking very interesting debates. Whether passive management is the best way to gain market exposure is a question we frequently discuss with our clients globally. We see clients in certain asset classes—for instance, US equities—where that concentration is even more pronounced, and they are beginning to realize that high-quality active management can be compelling. Not all active management is good, but high-quality active management in the current market environment can be very attractive. There is exposure to equities, US equities, diversification outside the United States, increasing interest in European equities, and emerging markets could potentially be the next major growth engine. In short, we are seeing strong demand.
Fixed income is once again providing diversification and income, meaning we observe interesting opportunities despite tight pricing. On the credit side, for example, we detect significant demand. Even in emerging market debt, which began strategically in the institutional space, it is now permeating private banking and wealth management, where it is starting to be viewed more structurally in portfolios. We are also seeing interest in blend strategies.
Has it been straightforward to introduce these hybrid vehicles into US Offshore wealth management structures?
We are in a phase of working with our clients to understand the role these vehicles can play in portfolios. Conceptually, however, the idea is very attractive. The vehicle structure also dictates which clients can access these types of products. These funds are structured as UCITS Part 2, meaning they require professional clients. Within that universe, adoption has been good, though we are in the early stages of these efforts, making the educational component highly relevant.
Midway through this year, there were efficiency adjustments in the European product lineup. What drove this decision?
We aligned our resources more efficiently. We do this periodically every 10 to 15 years. We review our product offering to ensure it remains efficient and aligned with client demand. For us, launching new strategies or altering existing ones is a rare occurrence. When we consider launching a product, we evaluate whether it will see demand 5, 10, or 15 years down the line. A similar logic applies to closing a fund. In the United States, our fund mortality rate is close to zero. In Europe, it is also quite low. This does not mean we do not innovate, but we focus on areas of the portfolio where we have deep expertise. Innovation is targeted. That is how we have grown over nearly 95 years: completely organically.
You reached $150 billion in active ETF assets under management in four years. Has this growth come from fresh capital?
We launched our active ETF platform on February 22, 2022, the day before the invasion of Ukraine. It has been a success. We rolled it out in stages. Today, we have 25 active ETFs, the vast majority of which—about 21—have over $1 billion in assets. It is almost entirely fresh money. We launched active ETFs in response to our clients. Some were advisors, primarily in the United States, while others wanted access to our strategies via the ETF wrapper. Almost all of it is new money—I would say over 80% of the assets under management in these products. We have added more than 50,000 new advisors in the United States who are buying our active ETFs.
Our partners, especially global ones, ask for flexibility in our strategies, so we decided to provide access to them through different vehicles. It was with that philosophy that we launched the active ETF platform. We also introduced structural innovations, such as our liquidity program. Furthermore, new client segments are coming aboard. In Mexico, for example, Afores are now permitted to invest in active ETFs, meaning institutional clients are paying attention to these vehicles. In Canada, we also have an institutional client expressing interest.
Are there plans to adapt this system to UCITS products?
We are currently exploring how to translate this offering outside the US market into the UCITS framework. We view this as something we must offer our clients over the medium to long term to gain market share in Europe and attract Latin American investors who prefer this format—all while offering flexible solutions to our clients in Europe and Asia. Looking ahead 5, 10, or 15 years, we believe active ETFs will play an important role outside the United States as well, and we want to be part of that growth.
Active ETFs in the European market represent an attractive segment over the medium and long term. We may not directly compare it to the trajectory in the United States, as every market and regulatory framework is distinct. There is significant reliance on regulatory developments, but initiatives like the EU’s Savings and Investments Union (SIU) could boost the adoption of these vehicles.
The launch of model portfolios composed 100% of active ETFs was a direct response to US RIAs. Are the Spanish and Latin American markets mature enough for distributors to delegate asset allocation to white-label model portfolios?
In the US market, we are seeing an increasing application of model portfolios, though perhaps not as extensively as in Spain. It offers numerous advantages, the most prominent being resource efficiency, allowing private bankers to focus on managing client relationships and acquiring new business while leaving investment implementation to specialized teams. This introduces a valuable level of specialization and industrialization.
In US Offshore, major American wealth managers are driving this model portfolio model forward, and adoption among bankers is growing incrementally. This represents another global trend we observe, not just in Spain. Another major shift worldwide is the migration toward Discretionary Portfolio Management Services (DPMs).
This shift seeks industrialization, standardized outcomes, regulatory risk protection, and better margins. The second trend within the advisory space is the movement toward model portfolios. Ultimately, three models emerge: the move toward independent advisory, transitioning clients to DPMs, and shifting to model portfolios. These three dynamics are unfolding across all markets with varying intensities. These shifts alter client requirements, introducing demand for greater customization. It is a very dynamic period, and one where we intend to compete actively.
“Our first-half results demonstrate that the strategic measures taken over the past two years are translating into better commercial results and a stronger financial performance,” stated Albert Saporta, CEO of GAM Group, following the presentation of the first-half results for the year.
According to the published figures, the pre-tax loss under IFRS narrowed by 39% to CHF 24.7 million (H1 2025: CHF 40.4 million). “The first-half loss was materially reduced due to a leaner operating model and strict cost discipline,” the asset manager explained.
Most notably, assets under management rose to CHF 12.7 billion as of June 30, 2026, up from CHF 12.5 billion recorded on December 31, 2025. Additionally, gross capital inflows reached CHF 900 million, with a strong focus on alternative investments. “GAM’s transformation is beginning to bear fruit: assets under management are increasing thanks to solid gross capital inflows and improved performance, while client redemptions have decreased substantially,” they stated.
“We generated nearly CHF 1 billion in gross inflows and, excluding the redemption of a single segregated account by a client undergoing a post-merger restructuring, underlying net flows were positive. Assets under management increased, investment performance remained strong, and our loss was significantly reduced, driven by a 17% reduction in operating expenses compared to the first half of 2025. We remain focused on our priorities: delivering strong investment performance for our clients, growing assets through disciplined distribution, continuing to enhance operational excellence, and maintaining strict cost discipline,” Saporta noted.
When highlighting key financial metrics, the asset manager also emphasized that its investment performance strengthened during the first six months of the year. “96% of applicable AuM in alternatives and 84% of applicable AuM in fixed income outperformed their respective three-year benchmarks. Over five years, the corresponding figures were 85% and 91%, respectively. Overall, across all of our business lines, 64% of applicable AuM outperformed its three-year benchmark and 58% outperformed its five-year benchmark as of June 30, 2026, compared to 61% and 54% as of December 31, 2025,” they highlighted.
Strategic Vision and Transformation
Following the transformation program launched by GAM two years ago, the Group now combines a lower cost base and a simplified operational structure with an expanded range of differentiated investment capabilities. According to the company, its model brings together specialized in-house teams and selected strategic investment alliances, providing multiple avenues for organic growth moving forward without proportionally increasing the Group’s fixed cost base.
In this regard, it continued to simplify its operational structure while maintaining its partnerships with Swiss Re ILS and Gramercy Emerging Market Debt, which completed their first full year during this period and are now fully integrated within GAM. “Establishing a longer real track record expands eligibility for due diligence processes and mandate selections by institutional investors, which will drive future distribution opportunities,” they noted.
During the first half, GAM continued to reinforce its commercial capabilities through its operating model and an integrated data architecture, enabling greater use of data, artificial intelligence, and specialized market intelligence across marketing, distribution, and client service. These capabilities support more effective digital distribution, deeper client engagement, improved product positioning, and the identification of institutional opportunities. The company also bolstered its distribution talent across Europe and Asia by adding senior client-facing personnel in Germany, Italy, Iberia, and Japan, further strengthening local coverage in its core markets.
A key highlight of the six-month period was its alternatives business. The Alternative Investments division generated the majority of gross inflows during the period. The GAM Swiss Re Cat Bond UCITS Fund closed the reporting period with nearly USD 2 billion in assets, supported by continued client demand alongside improved valuation and trading conditions. Additionally, the GAM LSA Private Shares strategy surpassed USD 250 million in assets, while the emerging market debt range expanded through the alliance with Gramercy.
Finally, GAM continued to develop its Specialist Active offering across equities, fixed income, and multi-asset investments, including active special situations strategies. During this period, the GAM Sustainable Emerging Markets Equity strategy exceeded USD 250 million in assets, while the European equity team established a one-year investment track record at GAM, laying an important foundation for future institutional distribution.
Family offices are steadily increasing their focus on cryptocurrencies and digital assets as part of their investment strategies. This is according to a study conducted by Ocorian among business family members and senior family office executives across 16 countries, who collectively manage $119.37 billion in wealth.
According to the research, 86% of respondents are taking steps to incorporate these types of assets into their portfolios. However, the rollout of these strategies is being conditioned by growing regulatory demands and the difficulty of finding specialized providers capable of responding to the compliance and reporting obligations associated with this asset class.
Regulation: The Main Obstacle Moving Forward
The report highlights that 70% of family offices considering investments in cryptocurrencies and digital assets face difficulties accessing external services to help them manage regulatory compliance and reporting obligations. Only 30% consider this aspect not to be an issue.
The lack of specialized support comes within a broader challenge related to increasing global regulatory complexity. Barely 8% of family offices consider themselves “very well prepared” to face global regulatory requirements, while 74% state they are in a “fairly solid” position, though acknowledging that the regulatory landscape demands constant adaptability. Furthermore, 18% rate their level of preparedness as merely “average,” underscoring the need to strengthen specialized support.
Industry Demands More Specialized Advisory Services
Rebecca Thorpe, Global Head of Regulatory Consulting at Ocorian, points out that family offices are incorporating digital assets at a rapid pace, but warns that “the complex and rapidly shifting regulatory and reporting obligations attached to these assets cannot be ignored.”
In her view, regulators are struggling to keep pace with market innovation, and traditional service providers do not always possess the capacity required to support this evolution. Consequently, finding agile, specialized advice has become one of the primary hurdles for high-net-worth investors seeking to capitalize on the opportunities offered by digital assets.
The study concludes that as the market for cryptocurrencies and other digital assets matures, the availability of regulatory compliance solutions will be a key factor in accelerating their adoption into family office investment portfolios.
Sovereign wealth funds (SWFs) have become one of the most powerful and least visible employers in global finance. These state-owned vehicles collectively manage more than $12 trillion in assets, investing in equities, bonds, infrastructure, real estate, private equity, and private credit across every continent, while offering careers that combine institutional investing with a geopolitical dimension that is hard to find in the private sector.
The guide “Sovereign Wealth Fund Jobs 2026: Roles, Salaries & How to Get Hired” reveals a highly selective labor market where professionals with experience in investment banking, private equity, or institutional management can access compensation packages that reach up to $600,000 per year.
The Sovereign Wealth Fund Club
Sovereign wealth funds operate under low visibility, but that does not mean they lack relevance; quite the contrary. At the top of the sector sits Norway’s Government Pension Fund Global, the largest sovereign wealth fund in the world with over $2.1 trillion in assets and equity stakes in more than 9,000 companies across 70 countries. It is followed by giants such as China Investment Corporation, Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority, and Hong Kong’s Exchange Fund.
The ranking also includes major Gulf players like Mubadala Investment Company, ADQ, Investment Corporation of Dubai, and Dubai Investment Fund, as well as Asia-Pacific institutions like Korea Investment Corporation and Australia’s Future Fund.
How Much Does a Sovereign Wealth Fund Pay?
The main difference compared to other institutional investors lies in the combination of competitive salary, stability, and global exposure. According to the guide, investment positions are broken down into three main levels:
Analyst / Associate: Annual salary ranging between $120,000 and $250,000.
Investment Officer / Portfolio Manager: Annual salary ranging between $200,000 and $600,000.
Director / Senior Investment Professional: Annual salary of $500,000 or more.
The $200,000 to $600,000 range for an Investment Officer or Portfolio Manager represents the study’s most significant data point, placing sovereign wealth funds in direct competition for specialized talent against private equity firms and hedge funds.
These compensation packages have consolidated and increased to such an extent that they are now as competitive as those offered by major Wall Street firms—and in many cases superior—without factoring in additional perks provided by these funds, particularly regarding job security.
Who Pays the Most?
Although funds rarely publish full salary structures, the market identifies clear regional differences, summarized below based on key insights from the report:
Gulf Funds (ADIA, Mubadala, ADQ, ICD):
The most aggressive compensation packages in the market.
High salaries, competitive bonuses, and tax advantages in several jurisdictions.
A strong focus on direct investments and private markets.
Norway (Government Pension Fund Global):
Solid compensation, though generally less aggressive than Gulf funds.
Institutional prestige and exposure to one of the largest portfolios on the planet.
Strong emphasis on governance and long-term management.
Singapore (GIC and Temasek, though Temasek operates under a distinct corporate structure):
Competitive packages with a strong professional development component.
Greater openness to junior profiles compared to other sovereign funds.
Focus on training and international rotation.
The guide highlights that Gulf funds have intensified international hiring to reinforce teams in private equity, infrastructure, technology, and private credit, putting upward pressure on compensation.
The New Star Profile: Direct Investment
The traditional portfolio manager role is evolving. Today, sovereign wealth funds seek professionals capable of deal sourcing, leading co-investments, and executing direct investments, particularly in private assets.
Areas in highest demand include private equity, infrastructure, real estate, private credit, technology, artificial intelligence, and energy transition. This shift explains why many funds are recruiting talent directly from Blackstone, KKR, Apollo, Brookfield, and other alternative asset managers.
However, unlike major investment banks, most sovereign wealth funds do not engage in mass campus hiring for university graduates. The most common path involves building prior experience in investment banking, private equity, equity research, or asset management before transitioning into the sovereign sector.
Mergers & Inquisitions
The most notable exceptions are select graduate development programs at GIC and Temasek, which maintain training schemes for high-potential junior profiles.
Beyond salary, sovereign funds offer three advantages that are difficult to replicate:
Long-Term Investment Horizon: They are not subject to quarterly public market pressures.
Access to Large-Scale Deals: They participate in major acquisitions, strategic infrastructure, and national-level projects.
Job Stability: State backing reduces the volatility characteristic of other financial segments.
The Key Takeaway for Latin America
For Latin American wealth management, asset management, and investment banking professionals, the message is clear: sovereign wealth funds are establishing themselves as direct competitors for specialized talent. The growth of private markets and the expansion of Gulf investment vehicles are creating opportunities for profiles with experience in deal structuring, sector analysis, and alternative asset management.
At a time when major global asset managers are also reinforcing their distribution and private markets teams, SWFs add an extra dimension: the ability to manage capital at a scale that transcends financial return and directly intersects with state economic strategy.
In other words, the appeal is no longer just how much they pay, but the magnitude of the decisions they enable you to make. In that domain, few employers in the financial world can compete with those who manage the savings of entire nations.
Photo courtesyThomas Friedberger, Deputy CEO and Co-CIO of Tikehau Capital
“It is time to be patriotic about Europe and defend our economic and social model. You can invest in crypto assets or structured products, but that contributes nothing to the real economy. Financing European companies, injecting them with the capital they need to build resilience and sovereignty, is something European investors should actively embrace.”
These are the words of Thomas Friedberger, Deputy CEO and Co-CIO of Tikehau Capital. During a recent visit to Madrid, Friedberger detailed Tikehau’s commitment to long-term investment themes in European assets across public and private strategies. He outlined a macroeconomic landscape where the primary engines driving growth over recent years are handing over the baton to brand-new dynamics.
In recent times, we have had to live with higher levels of volatility and uncertainty. What is your core macroeconomic scenario?
Our conviction since the end of the COVID crisis is that we are entering a world of lower growth because future growth will be far less optimized. For years, there was tremendous visibility surrounding globalization and the trajectory of interest rates, which allowed companies to optimize numerous operational facets—from capital structures to supply chains. However, that optimization turned into a vulnerability during COVID and subsequent geopolitical tensions.
What the world needs now is to build resilience rather than efficiency, and that comes at a cost. Resilience requires heavy capital expenditures (capex), maintaining larger inventories, operating with higher capital buffers, and purchasing hedges against climate and cyber risks. Consequently, I believe corporate profit margins will face ongoing pressure on both revenue and cost fronts.
Furthermore, this lower growth will be accompanied by higher inflation. Deglobalization is inherently inflationary because those heavy capital investments are partially financed through public debt and massive fiscal expansion. Moreover, while artificial intelligence was expected to exert deflationary pressures, it is currently proving to be inflationary: it is driving up prices for semiconductors and electricity. Shifts in Asian currencies also play a role—for years, weak currencies contained global inflation, but the renminbi’s appreciation could generate renewed inflationary pressure. My point is that it is not just the energy crisis driving inflation. The last time we saw a setup like this was in the 1970s.
How can investors fortify their portfolios to navigate these risks?
In a world where interest rates no longer fulfill their traditional role of shielding investors, risk assets face mounting pressure. It is a very complex environment because investors have virtually nowhere to hide. Historical market leaders argued that the only way to navigate such a scenario was to invest with a sufficient margin of safety to absorb potential hits to operational earnings from lower growth and higher inflation.
Yet, if you look at market behavior today, you see the exact opposite. Capital is flowing into assets at sky-high valuations—not just in AI, but also in fixed income, where credit spreads in certain segments are extremely tight. At Tikehau Capital, we remain committed to maintaining strict discipline and avoiding FOMO, even when challenging. Because we co-invest our own balance sheet capital alongside our shareholders and LPs, we are the first to feel the impact of investment missteps. This is why we are deploying capital with extreme prudence, particularly in private credit.
Are you conscious that your stance sounds extremely contrarian?
Yes, but that does not concern me. If the broader market simply follows the crowd, I am comfortable being a contrarian. We believe growth will persist, but it will be far more concentrated than before. Previously, growth was consumption-driven; moving forward, it will be driven by capital expenditure as the imperative shifts toward building resilience.
When growth relies on consumption, nearly every sector benefits. When it depends on capex, only the specific sectors receiving those capital infusions stand to win. The ultimate winners in this environment are the four ‘Ds’: defense, deglobalization, digitalization, and decarbonization. That is precisely why we concentrate our private equity investments on those sectors and the solution providers enabling them.
What happens then to economies like the United States, where consumption accounts for nearly 70% of GDP?
The United States remains heavily reliant on consumption, driven largely by the wealth effect generated by AI. Currently, consumer spending is no longer backed by wage growth; roughly 1.5% of US GDP is tied directly to AI investments, and another 1.5% stems from the wealth effect of retail investors purchasing shares in Nvidia and similar mega-caps. In short, the economy is deeply dependent on artificial intelligence—if this AI investment cycle pauses, major vulnerabilities will emerge.
Another critical factor: over the past decade, high visibility favored asset-light business models designed to return massive amounts of cash to shareholders. Today, the dynamic has reversed; companies require heavy liquidity to fund capex programs. We have seen Google execute the largest debt offering in its history, and SpaceX prepare a massive bond issuance shortly after its public market moves. Ultimately, this capital investment cycle is being funded by leverage. In fact, hyperscalers are currently among the largest issuers in the Investment Grade bond market.
How are you approaching AI as an investment theme?
We are keenly interested in artificial intelligence, but we approach it through a contrarian lens. We focus on financing data centers and the broader electrification value chain—such as companies improving power grid efficiency and end-user electrification—rather than investing directly in AI pure-plays at demanding valuations.
The niche opportunity we have identified centers on funding the early construction phase of data centers: facilities that have already secured power supply and municipal permits. We take on the construction and commercialization risk to capture double-digit returns. We favor this strategy because once constructed and leased, traditional banks move aggressively to refinance the asset. This shortens the investment duration, yielding equity-like returns far faster than usual.
Conversely, we remain hesitant to maintain long-term equity ownership of data centers, as we believe the market severely underestimates the risk of technological obsolescence.
What other long-term investment themes are you developing at Tikehau?
Closely tied to artificial intelligence is decarbonization. I firmly believe that decarbonization is the greatest investment opportunity of our generation.
Looking at IPCC data, achieving Paris Agreement goals requires a collective global investment of roughly $6 trillion annually in decarbonization. 80% of that capital must target transforming existing systems—industry, agriculture, buildings, and transportation—while only 20% should go toward speculative early-stage tech venture capital. The core imperative is transforming legacy infrastructure.
Over the last 12 years, we have built deep expertise investing in electrification solution providers. The only way forward is to electrify the end consumer, which is impossible without a dramatically more efficient power grid. These are low-tech-intensity businesses, yet they are highly profitable and scaling rapidly. We currently manage the largest European private equity fund dedicated to electrification.
Why do you view decarbonization as the most attractive long-term investment opportunity?
Prior to recent geopolitical tensions, decarbonization was viewed as desirable, but carried the stigma that extra-financial returns came at the expense of financial performance. Today, that narrative has completely flipped: geopolitical crises have proved that decarbonization is fundamental to strategic sovereignty.
In Europe, this means breaking reliance on foreign fossil fuels. In China, it reduces dependence on the US dollar for crude oil purchases. Furthermore, if the United States wants to preserve its global leadership in artificial intelligence, it must aggressively decarbonize its energy grid, as scaling emission-free power generation is the only way to solve current electricity bottlenecks.
Yet that appears to clash with political messaging in certain regions…
In practice, Texas is already the largest producer of renewable energy in the United States. Between 2024 and 2025, 94% of new utility-scale power capacity installed across the country was renewable energy. The structural momentum is already underway.
The consequence is that Europe finds itself leading a global movement for once, buoyed by stringent regulatory standards. European solution providers in decarbonization—companies specializing in energy efficiency, resilient supply chains, and industrial processes—have matured rapidly. These are the exact companies Tikehau Capital has backed for over a decade, and we are witnessing their rapid international expansion. This reinforces my conviction: decarbonization is the single greatest investment opportunity of our generation.
