LPs Expect Private Markets Managers to Level Up in 2027: SS&C Intralinks Survey
“Alternatives once again delivered in 2026, and LPs are still committing capital, but their expectations of managers continue to rise,” said
Key findings from the report include:
- Alternatives portfolios continue to outperform. 62% of respondents said their portfolios exceeded expectations. The share reporting performance that far exceeded expectations rose to 18% from 13% in last year’s survey.
- Commitments are getting more selective. While nine in 10 managers surveyed still plan to add to alternatives, more than half (53%) plan to increase their allocations by 4-6%. Private credit stands out, with more than 70% of respondents planning to increase their allocations to the asset class.
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Smaller, specialized managers are gaining favor. Nearly half of the LPs surveyed (49%) say they prefer allocating to managers with less than
USD 500 million in assets under management, up from 28% a year ago. Additionally, the share of LPs planning to add to their manager rosters has declined to 65% from 75% a year ago, while the share planning to cut rosters has grown to 15% from 4% in the last year. - LPs expect technological sophistication. Technology and data provision top the list of growing investor demands, with 41% citing increased expectations over the past two years. LPs increasingly expect managers to provide real-time portfolio data, self-service dashboards, secure data rooms and standardized digital reporting.
- AI is becoming table stakes for allocators. 43% of LPs surveyed are scaling or embedding AI into their operations, and 95% of those respondents are reporting measurable value. Nearly one-third said they would not allocate capital to a manager without a credible AI strategy.
Click here to read the full report.
SS&C Intralinks is the pioneer of the virtual data room, delivering software-enabled services across the entire deal life cycle, including deal marketing, deal prep, due diligence, insights and post-merger integration. Intralinks technology enables and secures the flow of information by facilitating M&A, capital raising and investor reporting. SS&C Intralinks has executed more than
*Responses were collected in Q3 2026.
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Source: SS&C