What investors will prioritize in 2026: insights from the SS&C Intralinks LP survey

The private markets landscape is shifting in ways that might surprise even seasoned general partners. The 10th annual SS&C Intralinks LP Survey, produced in partnership with Reuters Events, reveals a limited partner community that's not just optimistic but strategically recalibrating where and how they deploy capital.

Drawing on insights from over 280 institutional investors globally, this year's findings paint a picture of measured confidence, geographic rebalancing, and evolving partnership expectations that will define fundraising success in 2026.

A foundation of exceptional performance

The survey's most striking finding is the near-universal satisfaction with portfolio performance. An overwhelming 98% of limited partners reported that their portfolios performed above expectations over the past year. Even more impressive, 60% said their investments actually exceeded expectations.

Only 4% of respondents reported performance below their hopes, a figure so small it barely registers as a trend. This performance backdrop fundamentally changes the fundraising dynamic. LPs are negotiating from a position of strength, with capital to deploy and heightened expectations for what comes next.

Private equity maintains its crown

When asked about risk-adjusted returns, private equity remains the asset class of choice:

• 36% cite private equity for best risk-adjusted returns
• 30% point to hedge funds as their preferred vehicle

Private equity's continued dominance builds on momentum from previous years, but the narrowing gap with hedge funds suggests LPs are diversifying their approach to generating alpha.

Growth plans: ambitious but measured

The appetite for alternative investments remains robust. Nearly all respondents (96%) expect to increase their alternative allocations over the next 12 months. However, the pace of that growth tells a more nuanced story.

Only 12% anticipate their allocations will jump by more than 10%, roughly half the proportion who expected similar increases last year. This suggests a more disciplined approach to deployment. LPs are being selective, strategic, and cautious about overcommitting in an uncertain macro environment.

The geographic surprise: Europe takes the lead

In one of the survey's most significant shifts, the UK and Europe have overtaken North America as the preferred destination for capital deployment.

• UK and Europe: 34%
• North America: 32%
• Asia-Pacific: 18%
• Latin America: 14%

This represents a dramatic reversal from the previous year, when 48% of LPs favored US and Canadian investments. The rebalancing suggests LPs see compelling valuations, regulatory environments, or growth prospects in European markets that may have been overlooked during the extended US bull run.

Sector priorities: traditional strength meets emerging opportunity

While established sectors maintain their appeal, emerging categories are gaining traction.

Traditional favorites:

• Financials: 47%
• Technology: 36%
• Renewables: 30%

Emerging alternatives:

• Private credit: 54%
• Digital assets: 51%
• Impact investments: 42%
• Fractional ownership: 19%

Private credit's commanding lead reflects what Sequoia Investment Management's Steve Cook articulated: “The truly gigantic physical needs for infrastructure globally are driving demand for private credit.”

The AI revolution is already here

Generative AI has moved from experimental to essential with remarkable speed. The survey reveals that 86% of LPs are already using AI or similar tools to monitor investments and performance. Even more telling, 92% describe the technology as transformative.

However, a critical gap remains: 23% of LPs expressed frustration about insufficient access to analytics from their GP partners. While only 1% were outright unsatisfied with GP technology capabilities, analytics access represents a clear pain point and competitive differentiator.

Who's at the table

The survey's respondent base provides a comprehensive cross-section of institutional capital.

Investor type

Percentage

Pension funds

28%

Portfolio and asset managers

19%

Insurance organizations

19%

Family offices

13%

Wealth managers

8%

Sovereign wealth funds

7%

Fund of funds and other alternatives

16%

Geographic representation:

Region

Representation

North America

35%

UK and Europe

32%

Asia-Pacific

18%

Latin America

14%

Persistent concerns temper optimism

Despite strong performance and ambitious allocation plans, LPs remain vigilant about macroeconomic headwinds:

• 36% cite stubborn interest rates
• 36% worry about inflation risk
• 32% point to potential equity market contraction

General partners who can articulate clear strategies for navigating these systemic challenges will have a distinct advantage in fundraising conversations.

The relationship imperative

On the surface, GP-LP relationships appear healthy: 93% of LPs rate their relationships with general partners as good or excellent.

But in a competitive fundraising environment, “good” may no longer be good enough. With 75% of LPs planning to add more GP relationships, differentiation matters more than ever.

LPs are looking for:

• Proactive, transparent communication
• Collaborative analytics and reporting
• Commitment to ESG and impact
• Understanding of their long-term goals

What this means for general partners

The 2026 landscape demands a recalibration of fundraising strategy.

• Demonstrate differentiation beyond returns. With 98% of LPs experiencing above-expected performance, strong numbers are table stakes.
• Invest in analytics infrastructure. The 23% analytics frustration rate is a competitive vulnerability.
• Understand the European opportunity. The geographic pivot is real and strategic.
• Embrace emerging alternatives. Private credit, digital assets, and impact investments are no longer niche.
• Prepare for AI-enabled due diligence. LPs expect technological sophistication.
• Address macro concerns proactively. Build risk considerations into your thesis.

Looking ahead

The full 2026 SS&C Intralinks LP Survey report, scheduled for release in September 2025, will provide deeper analysis of investment behavior, regional trends, and partnership dynamics.

What is already clear is that private markets are entering a phase of sophisticated maturity. LPs have capital, confidence, and increasingly specific expectations about how that capital should be deployed.

The most successful fundraises in 2026 will not just promise returns. They will demonstrate technological sophistication, strategic clarity, and a genuine commitment to partnership that goes beyond quarterly reports.

In a market where good relationships are common, excellence in partnership will be the differentiator that matters most.