How much is available for long-term investment? To start with, they narrow the definition of institutional investors which have the capacity to invest for the long-term down to USD 27 trillion — coming mostly from life insurance companies and defined benefit pension funds, but also sovereign wealth funds, endowments, foundations and family offices. The OECD see this number as potentially higher as defined contribution pension funds (representing 60% of the USD 28 trillion of total global pension assets)22 are also seen as having the ability to invest over the long-term (as evidenced by defined contribution style funds in regions such as Latin America and Australia investing in infrastructure projects). Insurers and pension funds have largely a well defined set of liabilities, some of which have to be met in short-term time periods, which ultimately lead their investment decisions.