ILPA LP Sentiment Survey

As the only global organization dedicated exclusively to advancing the interests of Limited Partners and their beneficiaries, we set out to more formally capture their perspectives in the ILPA LP Sentiment Survey 2025-2026 Edition, our second annual survey.

In the first report from the ILPA Sentiment Survey 2025-2026, ILPA laid a foundation by providing an overview of the LP respondents and their organizations, along with reporting on PE allocations, return assumptions, plans to adjust PE program (across number of managers and check size), staffing levels, negotiations, GP behavior, and co-investments.

In the second report, ILPA focused on retail capital, highlighting where the use of retail capital has directly shifted LP sentiment in meaningful ways. Through a lens oriented on retail capital, we provide insight into alignment of interest, areas of focus for LPs, criteria for bringing a fund to the IC, shifts in manager exposure, and impact on market stability, retail investors, GPs, and PE.

In the weeks to come, we will release additional reports to provide greater analysis and deeper insight into LP views across even more key topics, including a focus on continuation vehicles.