Mixed messages from New York

 Thursday, June 26, 2025

 Michael Bowen New Private Markets' school report on #RAOtheAmericas25 at a worrying time for the financial community.

Mixed messages

Investors, fund managers and consultants gathered in New York on Wednesday to swap stories at #RAOtheAmericas25, a conference organised by Responsible Asset Owners. Opinions differed, of course, but most people who spoke to New Private Markets agreed that, while greenhushing has taken hold in the US market, investment activity continues, although without as much fanfare as before. Yet, as if to reinforce the message, no one agreed to speak on the record, and a few declined to be quoted at all.

“Most people are keeping their heads down and doing what they’re doing, just not shouting about it,” one conference-goer said during a coffee break.

 Another attendee, however, disagreed and claimed that the market has “definitely slowed down” since the start of US President Donald Trump’s second term. “There is no growth in ESG funds,” he added.

Another attendee said later in the day that “the political situation is having an impact”.

One bright spot, at least for US asset managers, remains the demand for sustainable investment funds from European investors. New Private Markets spoke to two consultants who advise US funds on how to attract European institutional investors, and they both said they are as busy as they have ever been.