What Limited Partners Want From General Partners in 2026

Limited partners (LPs) are entering 2026 with renewed confidence and sharper expectations. The 2026 SS&C Intralinks LP Survey, drawing on responses from over 280 globally based investors, including wealth managers, pension funds, banks, family offices, endowments and foundations, shows that while LPs are expanding their general partner (GP) rosters, they’re doing so with more discipline.

Nearly three-quarters of LPs plan to increase the number of GP relationships they hold over the next 12 months. On the surface, this signals opportunity. But dig deeper, and a different story emerges: LPs are raising the bar on what the “right fit” really means.

Strategy over scale 

In 2026, investment strategy sits firmly at the top of LP priorities. More than half of respondents cite it as a key GP selection consideration, placing it ahead of track record, reputation and fee structure. Sector-specific expertise follows closely behind, reinforcing a clear message: LPs want managers who know exactly where they play, and why. 

This emphasis on focus is also reshaping how LPs think about fund size. Rather than gravitating toward the biggest names, LPs are increasingly drawn to what many describe as the “golden middle”— managers large enough to be resilient, but still nimble enough to stay true to their mandate. Flexibility, not sheer scale, is becoming a key differentiator. 

As one LP put it, the preferred fund profile is “neither too small nor too bloated.” Another noted a preference for middle-market funds because they are “more likely to stick to their primary plan,” while larger funds “tend to stray in order to make room for more capital.” 

ESG isn’t going away — it’s evolving 

Despite shifting political and regulatory backdrops, environmental, social and corporate governance (ESG) remains firmly embedded in LP due diligence. More than three-quarters of LPs say ESG credentials are very important when evaluating GPs.

In a market defined by volatility, LPs appear less interested in ESG rhetoric and more focused on how managers operationalize these principles within their investment process. The value of sustainable investing lies in strong governance, risk management and long-term strategic alignment — not box-ticking. 

Relationships matter, but expectations are rising 

LP-GP relationships are healthier than they’ve been in years. A majority of LPs describe their current GP relationships as good or excellent, reflecting improved performance and stronger communication. But “good” is no longer enough. 

When asked what would most improve these relationships, LPs consistently point to technology-enabled fundamentals: better reporting analytics, higher-quality digital communication and standardized reporting frameworks. In other words, LPs want clarity without friction — and they increasingly expect it to be built in, not bolted on. 

Access also matters. While performance still frustrates some LPs, limited access to co-investments stands out as a missed opportunity to enhance returns and manage exposure. 

The takeaway for 2026 

In 2026, LPs aren’t just putting more capital to work — they’re applying greater scrutiny to how managers operate and partner. Clear mandates, efficient reporting and meaningful access now carry as much weight as returns. GPs that can grow while staying consistent, reduce operational friction and offer deeper participation will be better positioned to sustain LP trust. 

To explore the full data behind these shifts — and what LPs expect next — read the full 2026 SS&C Intralinks LP Survey.