Asian and Middle Eastern investors, including sovereign wealth funds, are increasingly pulling back from U.S. private markets.

A new report by Partners Group, a Swiss private markets firm, indicates that clients are explicitly requesting to avoid exposure to U.S. assets due to mounting policy uncertainty and the threat of tariffs.

The trend is being seen as a response to the current American administration's policies, leading some funds to open accounts and establish custodial services in non-U.S. banks as a safeguard against potential instability.