“Our second annual IPEM Allocation and Fundraising Report, created in partnership with AlixPartners, really shows how competitive and nuanced the market has become.
We’re seeing a continued shift beyond traditional Private Equity, with more attention now on Private Debt and Real Assets. Interestingly, there’s also a rising interest among LPs in areas like Fund of Funds, Special Situations, and Natural Resources. Secondaries are still a strong point, especially given the ongoing challenges in M&A and public exits. This suggests that demand for Secondaries will likely stay strong through 2025. We’re also noticing that the Secondary market is branching out into new territories, such as Venture Capital, Growth Equity, Private Credit, and Infrastructure.
Re-ups are back in favourtoo, with LPs showing a clear preference for sticking with tried-and-true GP relationships. Yet with the market being so crowded, areas like the small and mid-markets are becoming increasingly competitive. It’s no surprise that fundraising is taking longer, with about a third of fundraising GPs reporting a first close in the last calendar year –almost double what we saw in 2023. As more funds come into play, hitting those fundraising targets is only going to get tougher.
At IPEM, we’re committed to fostering the growth of Private Capital by helping the industry connect in meaningful, informed ways. We’re excited to dive into these trends and opportunities with all of you and welcome you to Paris!”

“The market appears slightly more fluid than this time last year, with more exits and deals in the pipeline, but conditions remain challenging. Exiting from investments has only marginally eased, liquidity remains constrained, and competition among GPs for capital remains tight. LPs are investing smaller amounts, allocating to primaries, and focusing more on Re-ups than this time last year.
Within Private Equity, there is a noticeable demand from LPs for Turnaround and Restructuring investment, and increased interest in Private Debt, particularly Special Situations and Fund of Funds, likely driven by looming debt maturities and financing challenges.

Our findings indicate strong alignment between GPs and LPs in specific sectors and technology focus areas, with Technology and Software emerging as a top consideration for more than half of LPs in 2025, followed by Healthcare.
Lastly, if the Value Creation approach, ESG and Sector Expertise remain key arguments for GPs to offer the expected performance and returns to LPs, the proper execution and capabilities to deliver them become even more critical priorities.
These are all areas where AlixPartners specialises in helping its clients define, execute or restore value creation trajectories across sectors and in highly complex environments.”