The depletion and damage to global natural resources are fast translating to financial risks. As a result, investors are turning their attention to natural capital - it is no longer an abstract environmental concept but a tangible asset class. To better understand how natural capital can fit within asset allocation processes, how it can help investors achieve their ESG objectives, and what challenges they face when investing in natural capital, mallowstreet, in partnership with Gresham House, surveyed 22 UK institutional asset owners in March 2024, gathering perspectives on a total of £360bn in assets under management. This report presents our in-depth findings.