（原标题：主权财富基金投资模式谋变） 今年以来，国内股权投资基金合伙人高泽天已经向一家中东主权财富基金旗下的投资机构提交了两份投 资业绩报告。 去年底，高泽天与这家投资机构磋商募资事宜。"若要赢得他们的出资，可能需要2至3年的观察期。"他 告诉记者。 尽管等待时间长，但他决定等下去。因为拥有主权财富基金投资的背书，他可以进一步扩大资产管理规 模。同时，该投资机构也有着极高的投资兴趣。"从双方接触起，这家中东主权财富基金的股权投资业 务主管一直在向我们了解中国最新的绿色产业投资机会与绿色科技研发成果，甚至他表示可以考虑使用 人民币储备资金注资我们的股权投资基金。"高泽天表示。 这背后，是全球主权财富基金的投资模式发生了变化。 据研究机构统计，全球主权财富管理基金的资产管理规模从2008年金融危机时期的3万亿美元，跃升至 当前的约13万亿美元；主权财富基金数量也从不到30家，增长至100余家。 与此同时，就资产配置角度而言，全球主权财富基金一改以往相对保守的以公开市场股票、债券投资为 主的投资策略，转而在近年加大另类资产投资力度。包括私募股权、基础设施、大宗商品等另类资产在 全球主权财富基金投资组合的占比持续攀升 ...

Core Viewpoint - Sovereign wealth funds are exploring new paths to balance long-term financial investments with diverse development goals in a complex global environment [4][3]. Investment Trends - The global sovereign wealth fund asset management scale has increased from $3 trillion during the 2008 financial crisis to approximately $13 trillion currently, with the number of funds growing from fewer than 30 to over 100 [3]. - There has been a significant shift in investment strategies, with a growing emphasis on alternative assets such as private equity, infrastructure, and commodities, reflecting a pursuit of excess returns and an increased risk tolerance [3]. ESG Integration - Sovereign wealth funds are increasingly incorporating ESG (Environmental, Social, and Governance) factors into their investment decision-making frameworks, actively investing in clean energy, energy efficiency, and environmental protection [4]. - Investments in renewable energy by sovereign wealth funds have exceeded traditional oil and gas investments for three consecutive years [4]. Changes in Funding Sources - The funding sources for sovereign wealth funds, particularly those from oil-producing countries, have shifted from primarily relying on revenues from oil and gas exports to include foreign exchange reserves, fiscal surpluses, and state-owned asset returns [7]. - The roles of these funds have evolved to include supporting national development needs, promoting industrial transformation, and facilitating technological innovation [7]. Enhanced Investment Capabilities - Sovereign wealth funds are increasing their self-managed investment proportions, with self-managed public market stock investments rising from 34% to 54% and private equity direct investments from 28% to 50% [8]. Investment Challenges - Gaining investment from sovereign wealth funds is challenging, as they conduct thorough due diligence, focusing on team stability, past performance, investment strategy execution, and compliance with international standards [11]. - There is a growing emphasis on aligning ESG principles between Chinese enterprises and sovereign wealth funds, which may have differing expectations regarding environmental standards [12]. New Collaborative Investment Models - Sovereign wealth funds are evolving from traditional joint investments to deeper strategic collaborations, including partnerships with other sovereign wealth funds and private entities [15]. - The focus is shifting towards building a technology ecosystem through systematic investments across the technology supply chain, from research and development to application [15]. Role Transition of Sovereign Wealth Funds - Some sovereign wealth funds are transitioning from being mere limited partners (LPs) to becoming general partners (GPs) in investment management, seeking to guide their investments actively [16]. - For instance, the Abu Dhabi Investment Authority made a strategic investment of $1.5 billion in the logistics investment and management firm Prologis, indicating a desire to influence investment directions in national infrastructure projects [16].