In 2025, sovereign wealth and public pension funds invested a record $132 billion in the United States, representing half of their total investments. This influx contrasts with a significant decline in capital flowing into emerging markets, which saw a 28% drop despite strong performance. While sovereign wealth funds manage a record $15 trillion, the US remains the preferred destination for investments, particularly in digital infrastructure and AI. Emerging markets, especially China and India, experienced reduced inflows, though private credit investors are beginning to return.