What’s next for impact investing? Insights from pension funds in 2025 and key trends to watch

We have seen a rising number of pension funds committing to net zero, which prompted us to explore how they plan to achieve these goals. According to Pensions UK, in 2024, 65% of UK pension funds had net-zero commitments in place, and 7% aimed to implement them over the next five years. These are significant figures, especially when considered alongside data released by the Impact Investing Institute, which shows that the impact investing sector grew at a compound annual rate of 10.1% between 2021 and 2023, whereas the broader UK asset management sector saw flat or negative growth (-2% to 0%) over the same period.

To understand the details behind this rising momentum, our research publications in 2025 covered topics ranging from nature and climate solutions, to stewardship and pension fund allocations to venture capital. The findings reflect insights from over 80 interviews with pension funds conducted throughout the year.