Higher Return Targets, Higher Standards: Insights From the 2026 LP Survey

The 2026 SS&C Intralinks LP Survey is now available, and in this year’s report we share insights from more than 280 limited partners (LPs) across pension funds, wealth managers, banks, family offices, endowments and foundations worldwide. We asked investors what they’re thinking about returns, deal activity, asset allocation, regional preferences and the role of technology as they head into 2026. 

In the video above, I walk through the key findings — from deal flow and portfolio performance expectations to how LPs are evaluating general partners (GPs) and using AI to monitor investments. Below, you’ll find a summary of the top takeaways. 

LPs expect deal activity and returns to increase 

Despite ongoing macroeconomic uncertainty, 86 percent of LPs expect deal flow to increase over the next 12 months, signaling conviction that private markets can continue to deliver strong risk-adjusted returns. Building on a year of stronger-than-expected portfolio performance, their capital plans reinforce that view, as nearly all respondents expect to increase allocations to alternatives. 

Sector expertise and discipline are driving GP selection 

While confident, LPs are placing greater weight on sector expertise and strategy discipline when selecting GPs. As one LP noted in the survey, mid-sized managers represent a “golden middle” that’s “neither too small nor too bloated,” and “more likely to stick to their primary plan” than larger managers that tend to pivot for additional capital. 

Preferred regions and assets are shifting 

Investors are also diversifying beyond traditional strategies, showing greater interest in private credit and digital assets as complementary growth drivers. Meanwhile, geographic preferences are shifting. For the first time in years, the U.K. and Europe have overtaken North America as the most attractive investment regions, reflecting a re-weighting toward markets perceived as more stable. 

Technology and AI are raising the bar for GP-LP relations 

Technology is becoming increasingly central to how LPs evaluate managers and oversee portfolio performance. Over 90 percent of LPs believe artificial intelligence (AI) will transform how they monitor and analyze their portfolios — and adoption is already well underway. As LPs become more data-driven and self-directed, expectations around real-time access, analytics and seamless GP collaboration will continue to rise. 

Preparing for 2026 and beyond 

Taken together, the 2026 LP Survey points to a more deliberate approach to growth. LPs are deploying capital more actively but with tighter criteria, reconsidering where they invest, how they diversify and what they expect from GPs. For managers, transparency, strategic clarity and technology-enabled reporting are no longer differentiators — they are table stakes. 

To explore the full findings, including regional breakdowns, asset class trends and LP commentary, download the 2026 LP Survey.