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As LPs from across the world head to Paris for IPEM Global 2026, they are preparing for a private markets cycle that looks very different from the last.
IPEM has analyzed allocation intention data from [more than 1,400] LPs in attendance to create the Allocation and Fundraising Report 2027, which paints a picture of allocators adapting to a more complex investment climate, where illiquidity is no longer expected to deliver the premium it once did.
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LP allocation trends:
- More than €110bn to be allocated in the next 12 months by LPs in attendance at IPEM Global 2026
- Signs of liquidity returning as more LPs move into larger allocation bands from last year: 39% will allocate between €20m-100m and a further 25% will allocate €100m-500m
- LPs are seeking alpha in private equity, prioritizing GP value creation skills in selecting new funds and increasingly looking for small and mid-cap funds. 83% are seeking €500m-2bn funds in the next 12 months and 70% want €100m-500m funds
- Appetite for emerging managers has increased, 88% of LPs will back funds I-III, in line with the search for alpha defining LP programs in 2027
- LP interest in the US has recovered from the drop seen last year. 74% of LPs are looking for funds in the region next year
- Fundraising timelines continue to be extended, with fewer funds expected to hold a first close in the next 12 months
- Size of GP has grown this year, with more €50bn+ AUM firms (17% vs 12% last year) and fewer €100m to €500m GPs (16% vs 20% last year)
- Fund size remains firmly mid-market, however; three quarters of the total funds represented are small (€100m to €500m) or mid-sized (€500m to €2bn) vehicles
Fundraising trends:
