2026年资产管理行业调查报告现状与未来-

ASSETMANAGEMENTSURVEYREPORT2026

THEPRESENTAND

FUTURESTATEOF

ASSETMANAGEMENT

TRN。。ERMAN·

WELCOME

Theassetmanagementindustrycontinuestoundergosignificant

transformationdrivenbyevolvinginvestorpreferences,shiftingmarket

dynamics,andadvancementsinartificialintelligence(AI)andother

technologies.CitrinCooperman,s2026AssetManagementSurveyReportgatherstheresponsesandinsightsfrom300assetmanagementleadersacrosstheUnitedStates.Surveyquestionsfocusedonsourcesofcapital,dealmakingpace,exitplans,andoperations.

Ourrespondents,polledinthesummerof

2025,spanfinancialsectorsincludingprivateequityandventurecapitalfirms,privatecredit,hedgefunds,andfundsoffunds.Whilethe

researchincludesestablishedandemergingfunds,mostfundleaderswhocompletedthesurveymanageandgrowestablishedfunds.

Morethanhalfhavebeenoperatingfor6to10yearsandhavemorethan$500millioninassetsundermanagement.

Thetopicswecoverintheresearchandourhighest-levelfindingsfocuson:

1.

Prioritycapitalsources,

fundraisingtimelines,andtheshiftingdemandsofinvestors.

Amongoursurveyrespondents,

weseecapitalsourcesshiftingfrom

predominantlyhigh-net-worth

individualstoabalancebetweenthoseindividualsandinstitutionalinvestors,likecorporateandpublicpensionfundsorinsurancecompanies.Thisshift

bringsaddedburdensforincreased

reportingandotherconcessions,likelowerfees.Whiletimelinesforfundingsitinthe7–12-monthrange,on

average,fundingtermsareincreasinglydemanding.

2.

3.

Economicvolatilityandits

impactondealmaking,

exitplans,andstrategic

responses.Respondentsreportthattheshiftingtidessurroundingtheeconomy,politics,tariffs,interestrates,andotherfactorshavetakenatollondealmakingpaceandexitplans.Fourintenhavepausedfuturedealmakingactivityoralldeal

makingactivity.Theopportunistic,andperhapsthebetterfunded,arepressingonwithdealmaking.

Operationalactionsand

intentions.Ourquestions

regardingoperationsrangefrom

planstoacceptaninjectionof

outsidecapitalintothemanagementcompanytotopicslikeoutsourcedsolutions,AIuses,headcountplans,andchallengestotalentattractionandretention.Amideconomic

uncertainty,surveyrespondentsareconsideringstrategiesto

sharpenperformanceandincreaseprofitability.

Thankyoutotheassetmanagementleaderswhoparticipatedinthisyear’ssurveyandourcontributorsforsharingtheirinsights.We

hopethatyoufindthisreportvaluable,andwelookforwardtodiscussingourfindingswithyou.

Sincerely,

AlexanderReyes

PartnerandFinancialServicesIndustryPracticeLeader

2

3

CITRINCOOPERMAN

THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

ASSETMANAGEMENTSURVEYREPORT2026

CONTENTS

4AboutOurResearc

h

5

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ExitPlans

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4

EffectsofEconomic

UncertaintyonDeal

MakingandExitPlans

Tableof

Contents

TheCurrentStateof

CapitalRaising

Industry

Outlook

CITRINCOOPERMAN

AboutOur

Research

AboutOur

Contributors

ActionstoStrength-

enPerformance

Methodology

andDemographics

AboutOurResearch

Inthesummerof2025,wepolled300seniorleadersofassetmanagementfirmsacrosstheUnitedStates.Respondents

spansectorsincludingprivateequityandventurecapitalfirms,privatecreditfunds,hedgefunds,fundsoffundsandmore.

Theseleaderssharetheirviewsandexperiencewiththestateoffundraising,theeffectsoftheeconomicenvironmentondealmaking,strategicresponsestouncertainty,andoperational

actionstostrengthenperformance.Completeinformationonthesurveymethodologyandrespondentdemographicscanbefoundattheendofourreport.

THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

82%

aremanagingpartners,partners,orC-suiteequivalentleaders

Respondent

Profile

ataGlance

78%

havefunds

locatedoffshore

67%

arewithprivateequityorventurecapitalfirms

58%

havebeenoperatingbetween6and10years

29%

<$250MAUMand

22%>$1BAUM

EffectsofEconomic

UncertaintyonDeal

MakingandExitPlans

Tableof

Contents

Industry

Outlook

TheCurrentStateof

CapitalRaising

CITRINCOOPERMAN

AboutOur

Research

AboutOur

Contributors

ActionstoStrength-

enPerformance

Methodology

andDemographics

THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

THE

CURRENTSTATEOF

CAPITALRAISING

5

EffectsofEconomic

UncertaintyonDeal

MakingandExitPlans

Tableof

Contents

Industry

Outlook

TheCurrentStateof

CapitalRaising

CITRINCOOPERMAN

AboutOur

Research

AboutOur

Contributors

ActionstoStrength-

enPerformance

Methodology

andDemographics

THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

TheCurrentStateofCapitalRaising

SourcesofCapital

Theassetmanagementfundraisingenvironmentfaceschallengesand

opportunities,botholdandnew.Theseincludeincreasedcompetitionforcapitalandevolvinginvestorpreferencesanddemands.Amidthisbackdrop,ourrespondentsidentifytheirtoppresentsourcesofcapitalas:

59%

High-net-worthindividuals

43%

Insurancecompanies

38%

Money

managers

emergingmanagerscapturedsimilarresponsesastherespondentsfromthissurvey,

Inour

EmergingManagersSurveyReport

,thetopthreesourcesofcapitalfor

“Asfirmsmatureand

develop,theirtrack

recordsandtheirfundingsourcesusuallytend

toshift.Bythetime

firmsareontheirthird,fourth,orfifthfund,

theyaremorelikelyto

obtaincapitalfrommoreinstitutionalsources

suchaspensionfunds.”

withfamilyoffices(70%),wealthyindividuals(64%),andfundoffunds(43%).

Astheylookfornewsourcesofcapital,it’snosurprisetoseethatacombinationofcorporateandpublicpensionfundsisidentifiedasatoptarget(74%forthetwocombined),followedbyhigh-net-worthindividualsat57%,andinsurancecompaniesat47%.

Thesestatisticsaremorethannumbers–they

shapecapitalsourcingstrategy,helpassetmanagers

allocatemarketingandrelationshipmanagement

resourceseffectively,andensurethey’rebuildingthe

rightproductsfortherightinvestors.

■Topsourcesofcapital■Newsourcesofcapital

AlexanderReyes

PartnerandFinancialServicesIndustryPracticeLeader

59%57%

47%

43%

41%

36%34%

36%

38%39%

33%

29%

27%28%

31%

26%

1%

0%

Insurancecompanies

Familyoffices

Fundoffunds

Publicpensionfunds

Corporate

pensionfunds

Wearenot

exploringnew

Endowments/foundations

Moneymanagers/advisors

High-net-worthindividuals

6

sourcesofcapital

7

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Tableof

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andDemographics

THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

TypesofNewFundsOffered

Asfundleadersworktoincreaseassetsundermanagement,createmorevalue,andoutperformcompetitors—allamidmarketvolatility,shiftinginvestordemands,increasingregulatory

scrutiny,andrisingoperatingcosts—themostcommonnewfundsbeingbroughttomarketareprivateequityfunds(56%),venturecapitalfunds(51%),andprivatecredit(50%).

What,ifany,newproducts

isyourfirmoffering?

56%

51%50%

46%

40%

36%

20%

Privateequity

VenturePrivateSecondaryEvergreenLiquidfundsGPstaking

capitalcreditfundsfundsfunds

8

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LeveragingThirdParties

Inthesearchforcapital,managershavelongreliedonthirdpartiestobringexpertiseandaccesstosourcingcapitalinahighlycompetitiveenvironment.Fortheseandotherreasons,itisnotasurprisethatnearlyallrespondents

(96%)usethirdpartiestohelpsourcecapital.Ourrespondentsmostfrequentlyuseconsultants(70%),placementagents(65%),andprimebrokers(55%)incapitalraisingactivities.

Engagingexternalpartnersisastandardindustrypractice.Whilethemajorityofsurveyrespondentsaremore

establishedmanagers,wewouldliketohighlighttheimportanceofemergingmanagerspartneringwiththird

96%

ofallrespondentsusethirdpartiestohelpsourcecapital

parties.Thesepartnershipscanofferanintroductiontoestablishedrelationshipswithinstitutionalandhigh-net-worthinvestors,canlendcredibilitytoamanager’sfundandstrategy,andcanbringdeepmarketinsights,investorpreferences,andregulatoryawareness.Thishelpsmanagerstailortheirpitches,navigatecomplexsalescycles,andalignwithinvestorexpectations.Thosewhofailtoleveragethesethird-partyrelationshipsriskfallingbehindpeersinfundraisingreachandefficiency.

Whichthirdpartiesareyouusingtoraisecapital?

70%

65%

55%

33%

4%

ConsultantsPlacementPrimeCapintroWedon,t

agentsbrokersusethird-

parties

9

Partner,FinancialServicesIndustryPractice

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andDemographics

THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

FundraisingTimelines

Theprocessofbuildingrelationships,conductingdue

diligence,andlandingonleadinvestorshasalways

takenextensivetime.Today’smarketconditionsand

economicuncertaintymaketheprocessevenharder

andperhapslongerforsome—especiallyemerging

timetoclosearoundhasnearlydoubledoverthepast

fundmanagers.Accordingto

PitchBook

,themedian

decade,from7.4monthsto13months.Thisisin

linewithoursurveyrespondents:60%saythework

tolaunchanewfundis7-12monthsonaverageand

29%estimatetheprocesstobeoverayear.

Howlong,onaverage,doesittaketofundraiseandlaunchafund?

60%24%11%5%

Morethan

13-18months

months

0-618months

7-12

months

“Thesurveyfindingsareconsistentwithwhatwearehearingdirectlyfrominvestmentmanagers.Notonlyisthefund-raisingtimelinelengthening,butemergingmanagerscontinuetofaceheadwinds,whileestablishedmanagershavefounditnotasdifficulttoraisecapitalforsuccessivefunds.”

JamesCatalano

EffectsofEconomic

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InvestorDemandsandConcessions

Asfundraisersbuildcredibility,createmomentum,andsignalqualityintheirnewfunds,concessionsandpreferentialtermscontinuetobecommonandessentialtosuccessfulfundraising.Overhalf(54%)provideincreasedreportingasaconcessionforearlyandanchorinvestors.HalformorearemakinganchororearlyinvestorconcessionswithacombinationofaLimitedPartnerAdvisoryCommittee(LPAC)

memberships,co-investmentopportunities,liquidityoptionsandlowerfees.Threeinfourrespondentsoffertieredfeestailoredtoearlycommitmentsandamountsinvested.

What,ifany,concessionsareyoumaking

Doyouofferatieredfeestructure

foranchor/earlyinvestors?

basedontheamountof

subscription/commitment?

54%

52%

52%

52%

Increasedreporting

LimitedPartnerAdvisoryCommittee(LPAC)membership

Co-investmentopportunities

25%

NO

Liquidityoptions

75%

YES

50%

Lowerfees

10

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THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

SideLetters

Investorsaredemandinggreatervisibilityintotheirinvestments,moredirectparticipationinattractiveopportunities,andincreasedflexibilityinmanagingtheircapital.Thesepreferences,

expressedthroughthecommonpracticeof

sideletters,highlightashiftinglandscapein

therelationshipbetweeninvestorsandasset

managementfirmsdrivenbyregulatorychangesandmarketdynamics.

Sideletterscontinuetohaverisksand

rewards,requiringcarefulmanagementand

consideration.Thetypesofadditionalrightsorprivilegesbeingrequestedbyinvestorsrangefromincreasedreportingtolowerfees.

Leadersatassetmanagementfirmssaythat

thetopthreerequestsbyinvestorsthrough

sidelettersareincreasedreporting(60%),co-investmentopportunities(56%),andliquidityoptions(53%).

•IncreasedReporting:Drivenbyadesireforgreatertransparency,investorsareseekingmoredetailedandfrequentinformationabouttheirinvestmentsthroughincreasedreporting.

•Co-InvestmentOpportunities:Offersthepotentialforhigherreturns,lowerfees,andgreatercontroloverinvestmentdecisions.Thisisespeciallyattractivetowardfamily

officesandultra-high-net-worthindividuals.

•LiquidityOptions:Investorsare

seekingmoreflexibilityinaccessingtheircapital,especiallyforlong-termalternativeinvestments.Thiscanincludenegotiatingmorefavorableredemptiontermsortheabilitytotransfertheirstakeinthefund.

“Sideletterrequestsandconcessionsforearlyoranchorinvestorscontinuetobeprevalent.

Allocatorsknowthatthefundraisingenvironmentistoughanddonothesitatetoaskforconcessionsorpreferentialtermsinorderformanagerstoearntheircapital,”notesJamesCatalano.

Whatareinvestorsrequesting

viasideletter?

60%

56%53%

48%46%

Increasedreporting

Lowerfees

Liquidityoptions

Co-investmentopportunities

LimitedPartner

AdvisoryCouncil

(LPAC)

membership

12

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THEPRESENTANDFUTURESTATE

OFASSETMANAGEMENT

FeeTrends

Managementfees,includingannualchargesthat

covertheoperationalcostsofafund,predominantlyfallintheindustrystandardrangeof1to2%,withnearly9in10(87%)confirmingmanagementfee

chargeswithinthatrange.Eightpercentrespondedthatmanagementfeesweregreaterthan2%.

Regardingperformancefees,halfofrespondents(56%)saythattypicalperformancefeesarebetween10-15%.One-third(34%)seeperformancefeesinthe16-20%range.

“Acrosstheassetmanagementindustry,performancefeesaredecliningforalternativeinvestments

duetoinvestorpressureandtheriseoflow-costproducts.Atthesametime,managersareusingmoreinnovativeandcomplexperformance-basedfeestructurestoattracthigh-net-worthclients

andjustifycostsforspecializedstrategies,”notesAlexanderReyes.

Lessthan1%

5%

Greaterthan2%

8%

Whatis

thetypical

managementfee

chargedto

Between

10%-15%

investors?

Between

1%-2%

87%

Morethan20%

than10%

Less

Whatis

thetypical

performancefee

chargedto

investors?

34%

9%

56%

1%

Between

16%-20%

EffectsofEconomic

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THEPRESENTANDFUTURESTATE

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THEEFFECTSOF

ECONOMICUNCERTAINTYONDEALMAKINGANDEXITPLANS

13

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TheEffectsofEconomic

Wehavepausedallactivity

UncertaintyonDealMakingandExitPlans

29%

Howhasthe

recenteconomic

uncertainty

impactedyour

dealmaking?

33%

36%

3%

DealMakingPace

Wehave

increasedouractivity

Wehavepausedfutureactivitybutcontinuedeals

inprocess

Respondentsreportthattheshiftingtidesandvolatilitysurroundingtheeconomy,politics,tariffs,interestrates,andotherfactorshastakenatollondealmaking

paceandexitplans.Weseethisinthedatafromourresearchasfundsseeksuitablebuyersorvaluationsforassets.Nearly

4in10(or39%)havepausedfuture

dealmakingactivityoralldealmakingactivity.Thisleavesalargeandperhapsopportunisticpercentage(approximately61%)whoreportnoimpactondeal

Noimpact

makingorincreasedactivity(29%).

14

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“Whileexitsaren’toffthetable,somehavebeenpushedbackuntilthere’sbetter

alignmentbetweenmarketsentimentandcompanyperformance.Exitreadinessneedstogobeyondstrongfinancials–it’saboutstayingflexibleandhavingastrategythatcanadaptwhenthemarketshifts.Thecompaniesthatcomeoutaheadaretheonesusingthisdowntimetorefinetheirstory,sowhenthewindowopens,they’rereadytogo.”

MarilynGarcia

Partner,TransactionAdvisoryServicesPractice

ExitPlansandDelayCauses

Almosttwo-thirds(62%)ofsurvey

respondentssaytheyarenotexperiencingdelaysinexitplans.However,nearly4in10arefacedwithdelays.

Thetopreportedcausesofdelaysinexitsareeconomicuncertainty(69%),frozenmergersandacquisitions(M&A)market(65%)

Whatiscausingdelaysinexits?

YES

Areyouexperiencingdelaysinexits?

NO

62%

38%

andlimitedinitialpublicoffering(IPO)opportunities(62%).Itremainstobeseenwhetherrecentupticksinbroaderfinancialmarketsequatetoexitplanningclarity.

69%65%

62%

Onthesell-side,managementteamsaregearingupforexitsandgoingthroughthefullqualityofearnings(QoE)processesinhopesthatthemarketwindowreopenssoon.Dealsmaybehittingapausewhenvaluationexpectationsdon’tquitematchtoday’smorecautiousunderwriting.

Onthebuy-side,diligenceisstilluncoveringstrongfundamentalsinbusinesses,yet

Economicuncertainty

LimitedIPOopportunities

FrozenM&A

sponsorsarehesitanttomoveforwardgiventheupsanddownsincapitalmarketsanduncertaintyaroundfinancing.

15

market

16

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AdjustingtoUncertainty

Thetopstrategicresponsestoexitdelaysasreportedbysurveyrespondentsincludetheuseofsecondaryfunds(66%),tokenization(56%),andcontinuationvehicles(53%).Overhalf(56%)saythattokenizationisbeingusedinlieuoftraditionalexits,whichisasurprisefindinginourdata.Tokenizationisanemergingexitstrategythatcouldfundamentallytransformhowassetmanagersoperate,bringingbothadvantagesanddisadvantagesthatcouldreshapetheindustry.

Pros:

•Enhancedliquidityforilliquidassets

•Increasedaccessibility

andfractionalownership

•Operationalefficiencyandreducedcosts

•Greatertransparency

•Globalreach

Cons:

•Regulatoryuncertaintyandlegalcomplexity

•Marketadoption

•Technologicalandsecurityrisk

•Valuationchallenges

•Integrationchallenges

Areyouusinganyofthefollowingstrategiesinlieuoftraditionalexits?

66%

56%53%

6%

No,Iamnot

usinganyofthe

strategies

listedabove

SecondaryfundTokenizationContinuationvehicles

17

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SourcesofDealFlow

Beyondthestrongnetworksofinvestment

professionalsandactivesourcingthroughindustryeventsorconferences,theroleofadvisorsremainscriticaltodealflow.Bankers(74%),accountants(73%),andlawyers(53%)arenamedthebest

sourcesofdealflowbyoursurveyrespondents,followedbyotherassetmanagementfirms(18%).Theseprofessionalsarecriticaltodealflowas

theyactasadvisors,uniquelypositionedtobeatthecenterofbusinesstransactionswithadeepunderstandingofcompaniesandtheirowners.

Theyconnectbusinessesinneedofcapitalor

strategictransitionswithassetmanagerswhocanprovidefundingandsupport.

Whatareyourbestsourcesofdealflow?

74%

Bankers

73%

Accountants

53%

Lawyers

18%

Otherasset

managementfirms

EffectsofEconomic

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ACTIONSTO

STRENGTHEN

PERFORMANCE

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ActionstoStrengthenPerformance

OutsideCapitalActionsandIntentions,PastandFuture

Outsidecapitalcanhaveakeyroleasfirmsworktoincreaseassetsundermanagement

(AUM),generatemoreinfluenceand/orboostmarketshare—allofwhichallowsleaderstoexpandtheiroperations,launchnewfunds,orenhanceprofitability.Lessthanhalf

(42%)surveyedreporttheyhavepreviouslytakeninvestmentsofoutsidecapitalintheirmanagementcompany,whiletwo-thirds(65%)plantotakeaninvestmentinthefuture.

Thehighpercentageofassetmanagersplanningtotakefutureinvestmentsdemonstratesadynamicindustrycommittedtoadaptingandtransforminginacomplexandevolvingmarket.ThistransformationisdrivenbytechnologicaladvancementslikeAI,evolving

investorpreferences,regulatorychanges,andtheconstantpressuretoenhanceprofitabilityandinvestorsatisfaction.

“Moremanagersareinterestedintakingoutsidecapitaltofundoperationsandgrowth,and/ortoprovideamonetizationeventforitsfounders.However,priortoengaginginsignificantdiscussionsaroundtakingonoutsideinvestments,managersmayneedto

restructuretheirmanagementcompanyandgeneralpartnerentities,converttheirbooksandrecordsfromacashorincometaxbasistoU.S.GAAP,andundergoafinancial

statementaudit,”saysJamesCatalano.

Whichofthefollowingappliestoyou

regardinginvestmentofoutsidecapitalinyour

managementcompany?

65%

Iplantotake

aninvestmentof

outsidecapitalinmy

management

companyinthefuture

42%

Ihavetakenan

investmentof

outsidecapitalin

mymanagement

company

9%

Noneoftheabove

20

EffectsofEconomic