Asset owners, such as pension funds and insurance companies, invest with a long-term horizon. They aim for stable, sustainable returns to safeguard the pensions or life-insurance benefits of current and future generations. In a world shaped by fundamental technological, societal, geopolitical, and ecological disruptions, this is becoming increasingly challenging.

Long-term returns ultimately depend on the stability of ecological, social, and economic systems that underpin financial markets. System thinking helps institutional investors to understand how these systems evolve, and how investment decisions can influence long-term results in a world where these systems are rapidly changing. It can amend, contribute to, and transform (responsible) investing. System-level investing involves asking which systems (financial, social, environmental) the portfolio depends on, and how asset owners influence them to safeguard future returns.

On 12th of November 2025, the Principles for Responsible Investment (PRI) and Sustainable Pension Investments Lab (SPIL) collaborated in organising an interactive event on system-level investing for senior executives and trustees of asset owners. This paper reflects on insights from this event. It is intended as inspiration, not a step-by-step guide. It describes why a system lens is needed and how asset owners can get started to explore this emerging field.