Jude Webber, Ireland Correspondent for the Financial Times, moderated a high-level discussion on the global investment outlook at the Venturewave Capital Global Advisory Council (GAC) 2025. The session, titled The Investment Horizon: Unleashing Enterprise, examined macroeconomic forces, AI disruption, demographic change and the balance between profit, impact and policy stability.

The panel featured Ron O’Hanley (Chairman & CEO, State Street), Eileen Murray (Director and former Co-CEO, Bridgewater Associates), and Paul Price (Founder & CEO, Havengreen Investment Management). Together they explored how investors can adapt to volatility while supporting long-term enterprise and sustainability.

Three Forces Shaping the Next 24 Months

• Inflation & Policy Uncertainty — O’Hanley highlighted that uncertainty around tariffs and sovereign debt remains the greatest challenge to long-term capital deployment. “Few institutions are prepared to make multi-decade commitments because policy stability is fragile.”
• AI, Cybersecurity & Third-Party Risk — Murray noted the surge in AI investment and the limited short-term returns so far. She cautioned boards to focus on productivity, data governance and third-party exposure, describing AI as “a powerful tool — but one that demands deliberate use and clear problem definition.”
• Demographics & Talent Migration — Price and O’Hanley agreed that shrinking workforces across OECD countries will reshape investment logic. “AI can fill some gaps,” said O’Hanley, “but it won’t plant lettuce.”

Where Capital Will Flow

The panel forecasted renewed strength in healthcare, education and technology — particularly where these sectors converge. Murray described this intersection as “the next great wave of opportunity,” while Price pointed to the continued relevance of value investing and mid-market private equity, especially in the United States.

They also predicted a gradual rebalancing of portfolios toward emerging markets with favourable demographics and improving fiscal governance. “We’re entering a period of normalisation after years of U.S. dominance,” said O’Hanley. “Innovation is global again.”

ESG to Impact

All three agreed that sustainability has evolved beyond a marketing label. “ESG is no longer a product — it’s a principle embedded in fiduciary practice,” said O’Hanley. Murray added that true diversity and inclusion should now be measured through performance, not quotas, signalling a shift to measurable impact standards.

Watch the full session in the Impact Ireland 2025 Playlist or explore all highlights in Impact Must Be Measured — The Global Advisory Council 2025 Recap.

Tags: Impact Investing, GAC 2025, Ron O’Hanley, Eileen Murray, Paul Price, State Street, Bridgewater Associates, Havengreen Investment Management, AI, Innovation, Venturewave Capital