In the first report from the ILPA LP Sentiment Survey 2025-2026, ILPA lays the 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.
While LPs are not a monolith, the trends that emerge from the first report:
- LPs are at or within target, with allocation expected to stay or grow
- Return expectations remain stable, but more headwinds appear on the horizon
- Programs will likely adjust over the next 12 months
- Negotiations remain a contentious topic for LPs
- GP behavior is worsening in concerning areas
Data was collected in Q42025. All responses were anonymized and aggregated to ensure confidentiality.
