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 third report, ILPA focused on the current exit environment and LPs’ preferred paths to liquidity. The data highlights increasing alignment challenges as LPs prefer long-term performance and exit discipline through traditional exits over near-term liquidity. The report explores LP perspectives on liquidity pathways, expectations regarding future performance, and thoughts on reporting and communication.