Heavyweight pension funds plan to ramp up their exposure to private markets, global equities and thematic investments, as major players seek to overhaul portfolios amid growing stagflation fears.

According to a survey by consultancy CREATE-Research and Amundi of more than 152 pension plans overseeing almost €2tn in assets, 50% are gearing up for a period of persistent high inflation and slowing economic growth over the next three years.