ADIA published its 2025 review on 10 September 2026. The long-term strategy portfolio is expressed as ranges, not as a single-point mix, and those ranges do not sum to 100 per cent. In 2025 the fund raised the private-equity band from 12–17 per cent to 15–20 per cent. Financial alternatives, the bucket that houses hedge funds and absolute-return strategies, moved from 5–10 per cent to 7–12 per cent. Real estate moved from 5–10 per cent to 2–7 per cent.
The Managing Director’s letter is explicit that the lower real-estate percentage is a relative effect. Other sleeves grew. Dollar exposure to property did not.
“Absolute exposure to real estate remained steady, and it remains an important component of the total portfolio offering attractive risk-adjusted returns.”
Hamed bin Zayed Al Nahyan, Managing Director, ADIA, 2025 Review
That sentence is the allocation point for peer CIOs. A lower policy ceiling on property is not, on ADIA’s own wording, a disposal programme. The scarce permission that moved is the right to hold more private equity and more financial alternatives inside the total-fund risk budget.
Geography ranges were restated rather than rewritten. North America remains 45–60 per cent. Europe 15–30 per cent. Emerging markets 10–20 per cent. Developed Asia 5–10 per cent. For an Asia-Pacific manager, Developed Asia is still a 5–10 per cent box inside a fund that can hold up to 60 per cent in North America. Coverage that treats ADIA as an “Asia allocator” misreads the published map.
Implementation detail in the letter and department notes is consistent with the range changes. Capital was reallocated across listed equities, private assets, diversifying financial alternatives and fixed income. Public-market books increased systematic and absolute-return sleeves to manage volatility. Private-market teams realised mature assets and recycled capital. The private-equity department describes itself as working across directs, funds and platforms, including structured financing partnerships in the US and EMEA, selected GP-led secondaries, and an anchor role in a China-focused multi-asset portfolio managed by CDH Investments. Technology and healthcare transactions are named at the company level in the review. Those names are ADIA’s disclosure. They are not a mandate for every external manager.
Long-term returns moved modestly. On a point-to-point basis the 20-year annualised rate was 6.6 per cent at 31 December 2025, against 6.3 per cent a year earlier. The 30-year rate was 7.2 per cent, against 7.1 per cent. The review is a range document and a process document, not a one-year performance story.
For heads of wholesale and for asset-allocation desks that already run sovereign coverage, the usable comparison is with owners that still cap alternatives inside listed boxes. ADIA has widened two unlisted-or-hedged ranges and narrowed the property band while keeping property dollars constant. A PE or multi-strategy hedge-fund conversation now sits inside a higher published ceiling. A core real-estate conversation sits inside a lower one, unless it is replacing existing property rather than adding to it.
ADIA does not publish a single AUM figure in the allocation tables cited here. Bloomberg and others describe the fund as a trillion-dollar pool. The investment content that can be used without that rounding is the range table, the MD letter, and the department implementation notes.