2026年资产管理行业调查报告现状与未来-

ASSET

MANAGEMENT

SURVEY

REPORT2026THE

PRESENT

ANDFUTURESTATEOFASSETMANAGEMENTOurrespondents,polledinthesummerof2025,spanfinancialsectorsincludingprivate

equityandventurecapitalfirms,privatecredit,

hedgefunds,andfundsof

funds.Whiletheresearchincludesestablishedandemerging

funds,mostfundleaderswhocompletedthe

surveymanageandgrowestablishedfunds.Morethanhalf

havebeenoperatingfor6to10

yearsandhavemorethan$500millioninassets

undermanagement.Thetopicswecoverinthe

research

and

ourhighest-levelfindingsfocuson:Prioritycapitalsources,fundraisingtimelines,and

the

shiftingdemandsofinvestors.Amongoursurveyrespondents,weseecapitalsourcesshiftingfrompredominantlyhigh-net-worthindividualstoabalancebetweenthoseindividualsandinstitutionalinvestors,

likecorporateandpublicpensionfunds

orinsurancecompanies.Thisshiftbringsaddedburdensforincreasedreportingandotherconcessions,like

lowerfees.Whiletimelinesforfundingsitinthe7–12-monthrange,onaverage,fundingtermsareincreasinglydemanding.Economic

volatilityanditsimpactondealmaking,exitplans,andstrategicresponses.Respondents

reportthattheshiftingtidessurrounding

theeconomy,politics,tariffs,interest

rates,andotherfactorshavetaken

atollondealmakingpaceandexit

plans.Fourintenhavepausedfuture

dealmakingactivityoralldealmakingactivity.Theopportunistic,

andperhapsthebetterfunded,are

pressingonwithdealmaking.Operationalactionsandintentions.Ourquestionsregardingoperationsrangefromplanstoacceptaninjectionofoutsidecapitalintothemanagement

companytotopicslikeoutsourcedsolutions,AIuses,headcountplans,andchallengestotalentattractionandretention.

Amideconomicuncertainty,surveyrespondents

areconsideringstrategiestosharpenperformanceandincrease

profitability.Theassetmanagementindustrycontinues

toundergosignificanttransformationdrivenbyevolvinginvestorpreferences,shiftingmarketdynamics,and

advancements

in

artificial

intelligence(AI)and

othertechnologies.Citrin

Cooperman,s2026

Asset

Management

Survey

Reportgathers

theresponsesandinsights

from300assetmanagementleadersacross

the

United

States.Survey

questions

focused

on

sources

of

capital,deal

making

pace,exit

plans,and

operations.Thank

youtotheassetmanagementleaders

whoparticipatedinthisyear’ssurveyandour

contributorsforsharingtheirinsights.Wehopethatyoufindthisreportvaluable,and

welookforwardtodiscussingourfindingswith

you.Sincerely,AlexanderReyesPartnerandFinancialServicesIndustry

PracticeLeaderWELCOME2.3.1.218

AcPetrionstoStformancerengthen26IndustryOutlook27

MS

oydoDelogyanmogradphics28

AC

ounttrOurbutorsi

4

AboutOurResearch5

TC

epiCutal

rrReanitsi

Stngateof13

ci

s

certaintyonDeal

Making

andExit

PlansUnofctmenEoeETCONTENTSASSETMANAGEMENT

SURVEYREPORT

2026CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENT382%are

managing

partners,partners,or

C-suiteequivalentleadersRespondentProfileataGlance78%have

fundslocatedoffshore67%arewithprivateequity

or

venturecapitalfirms58%havebeenoperatingbetween6and10years29%<$250MAUM

and22%>$1BAUMAboutOurResearchInthesummerof

2025,wepolled300seniorleadersof

asset

managementfirmsacrosstheUnitedStates.Respondentsspansectorsincludingprivateequityandventurecapitalfirms,privatecreditfunds,hedgefunds,fundsof

fundsandmore.Theseleaderssharetheirviewsandexperiencewiththestateoffundraising,theeffectsof

theeconomicenvironmentondeal

making,strategicresponsestouncertainty,andoperationalactionstostrengthenperformance.Completeinformationon

thesurveymethodologyandrespondentdemographicscanbe

found

at

the

end

ofour

report.CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansTheCurrentStateof

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsIndustry

OutlookAbout

Our

Research4THECURRENT

STATEOFCAPITALRAISING5CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansThe

CurrentState

of

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

OutlookInour

Emerging

ManagersSurveyReport,thetopthreesourcesof

capitalforwithfamilyoffices(70%),

wealthyindividuals(64%),andfundof

funds(43%).Astheylookfornewsourcesof

capital,

it’s

nosurpriseto

seethat

acombination

of

corporateandpublicpensionfundsisidentifiedas

a

top

target

(74%

forthe

twocombined),followedbyhigh-net-worthindividualsat57%,andinsurance

companiesat47%.Thesestatisticsaremorethannumbers–theyshapecapitalsourcingstrategy,helpassetmanagersallocatemarketingandrelationshipmanagementresourceseffectively,andensurethey’rebuildingtherightproductsfortherightinvestors.“

As

firms

mature

anddevelop,

their

trackrecordsand

their

fundingsourcesusually

tendto

shift.By

the

timefirms

are

on

their

third,

fourth,or

fifth

fund,theyaremorelikely

toobtain

capital

from

moreinstitutional

sourcessuch

as

pension

funds.”AlexanderReyesPartnerandFinancialServices

IndustryPracticeLeader659%High-net-worth

individuals43%Insurancecompanies38%MoneymanagersSourcesofCapitalTheassetmanagementfundraisingenvironmentfaceschallengesandopportunities,botholdandnew.Theseincludeincreased

competition

for

capitalandevolvinginvestorpreferencesanddemands.

Amidthisbackdrop,

ourrespondentsidentifytheirtoppresentsources

of

capital

as:TheCurrentStateof

CapitalRaising59%

57%High-net-worth

individuals38%

39%Moneymanagers

/advisorsemergingmanagerscapturedsimilarresponsesastherespondentsfromthis

survey,41%31%Corporatepensionfunds36%26%Endowments/

foundations36%

34%FundoffundsCITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENT27%

28%Familyoffices■

Top

sources

of

capital

■New

sources

of

capitalEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansWeare

notexploringnewsourcesofcapitalThe

CurrentState

of

Capital

RaisingPublicpension

fundsMethodologyandDemographicsActionstoStrength-

en

PerformanceInsurance

companiesAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook43%33%29%47%0%1%56%51%

50%46%40%36%20%Types

of

New

Funds

OfferedAsfundleaders

worktoincreaseassetsundermanagement,createmore

value,

andoutperform

competitors—allamidmarket

volatility,shiftinginvestordemands,increasingregulatoryscrutiny,andrisingoperatingcosts—

themostcommonnewfundsbeing

broughtto

marketare

privateequityfunds(56%),

venturecapitalfunds(51%),andprivatecredit(50%).What,if

any,new

productsis

your

firm

offering?VenturePrivateSecondaryEvergreenLiquidfundsGPstakingcapitalcreditfundsfundsfundsCITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansThe

CurrentState

of

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

OutlookPrivate

equity7Leveraging

ThirdPartiesInthesearchforcapital,managershavelongreliedonthirdparties

to

bring

expertiseandaccess

to

sourcingcapital

inahighlycompetitiveenvironment.Fortheseandotherreasons,itisnota

surprisethat

nearlyallrespondents(96%)usethirdpartiestohelpsourcecapital.Ourrespondentsmostfrequentlyuse

consultants

(70%),

placement

agents(65%),andprimebrokers(55%)incapitalraising

activities.Engagingexternalpartnersisastandardindustrypractice.

Whilethemajorityof

survey

respondentsare

moreestablishedmanagers,

we

wouldliketohighlighttheimportanceof

emergingmanagerspartnering

withthirdparties.Thesepartnershipscanofferanintroductiontoestablishedrelationships

withinstitutionalandhigh-net-

worthinvestors,canlendcredibilitytoamanager’sfundandstrategy,andcan

bringdeep

market

insights,

investor

preferences,andregulatoryawareness.Thishelpsmanagerstailortheirpitches,navigatecomplexsalescycles,and

align

withinvestorexpectations.Those

whofailtoleveragethesethird-partyrelationshipsriskfalling

behind

peers

infundraisingreachand

efficiency.70%65%55%33%4%Whichthirdpartiesare

you

using

to

raise

capital?ofall

respondentsusethird

partiestohelpsourcecapitalConsultantsPlacement

PrimeCapintroWedon,tagentsbrokersusethird-parties96%CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansThe

CurrentState

of

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook8Howlong,onaverage,does

ittaketo

fundraise

and

launch

a

fund?

60%

24%

11%

5%

More

than13-18

monthsmonths7-12months“The

survey

findings

are

consistent

with

what

we

are

hearing

directly

from

investmentmanagers.Not

only

is

the

fund-raising

timeline

lengthening,but

emerging

managerscontinue

to

face

headwinds,while

established

managers

have

found

it

not

as

difficultto

raise

capital

for

successive

funds.”JamesCatalanoFundraising

TimelinesTheprocessof

buildingrelationships,conductingduediligence,andlandingonlead

investors

hasalwaystakenextensivetime.Today’smarketconditionsandeconomicuncertaintymaketheprocesseven

harderandperhapslongerforsome—

especially

emergingfundmanagers.

Accordingto

PitchBook,themediandecade,from7.4monthsto13months.This

is

inline

withoursurveyrespondents:60%saythe

worktolaunchanewfund

is

7

-12monthsonaverageand29%estimatetheprocessto

beovera

year.CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTtimetoclosearoundhas

nearlydoubledoverthe

pastPartner,FinancialServicesIndustryPractice0-6

18monthsEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansThe

CurrentState

of

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook9InvestorDemandsandConcessionsAsfundraisersbuildcredibility,createmomentum,andsignalqualityintheirnewfunds,concessionsand

preferentialtermscontinueto

be

commonandessentialtosuccessfulfundraising.Overhalf

(54%)provideincreasedreportingasaconcessionforearlyandanchor

investors.

Half

ormorearemakinganchororearlyinvestorconcessions

withacombinationof

aLimitedPartner

AdvisoryCommittee(LPAC)memberships,co-investmentopportunities,liquidityoptionsandlowerfees.Threeinfourrespondentsoffertieredfees

tailoredtoearly

commitmentsandamountsinvested.IncreasedreportingLimitedPartner

AdvisoryCommittee

(LPAC)membershipCo-investmentopportunitiesLiquidityoptionsLower

feesDo

you

offer

a

tiered

fee

structurebased

on

the

amount

ofsubscription/commitment?What,

if

any,

concessions

are

you

makingfor

anchor/early

investors?25%NO75%YES54%52%52%52%50%CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlans本报告来源于三个皮匠报告站（）,由用户Id:863553下载,文档Id:1124727,下载日期:2026-02-25The

CurrentState

of

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook10•IncreasedReporting:

Driven

byadesire

forgreatertransparency,investorsareseeking

moredetailedandfrequentinformationabout

theirinvestmentsthroughincreasedreporting.•

Co-Investment

Opportunities:

Offersthepotentialforhigher

returns,

lower

fees,

andgreatercontroloverinvestment

decisions.

Thisisespeciallyattractivetoward

familyofficesandultra-high-net-worthindividuals.•LiquidityOptions:

Investorsareseekingmoreflexibility

inaccessingtheir

capital,especiallyforlong-termalternative

investments.Thiscanincludenegotiating

morefavorableredemptiontermsorthe

abilitytotransfertheirstake

inthe

fund.“Side

letterrequestsand

concessions

for

early

oranchor

investorscontinue

to

be

prevalent.Allocators

know

thatthe

fundraising

environment

istoughanddonothesitate

to

ask

forconcessions

orpreferentialtermsinorder

for

managerstoearn

theircapital,”

notes

JamesCatalano.SideLettersInvestorsaredemandinggreatervisibilityintotheirinvestments,moredirectparticipationin

attractiveopportunities,andincreasedflexibility

inmanagingtheircapital.Thesepreferences,expressedthroughthecommonpracticeofsideletters,highlightashiftinglandscapeintherelationshipbetweeninvestorsandassetmanagementfirmsdrivenbyregulatorychangesandmarketdynamics.Sideletterscontinuetohaverisksandrewards,requiringcarefulmanagementandconsideration.Thetypesof

additionalrights

orprivilegesbeingrequestedbyinvestorsrangefromincreasedreportingtolowerfees.Leadersatassetmanagementfirmssaythatthetopthreerequestsbyinvestorsthroughsidelettersareincreasedreporting(60%),co-

investmentopportunities(56%),andliquidity

options(53%).60%56%

53%48%

46%Whatareinvestorsrequestingviaside

letter?CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTLimited

PartnerAdvisoryCouncil(LPAC)membershipEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansThe

CurrentState

of

Capital

RaisingCo-investment

opportunitiesMethodologyandDemographicsActionstoStrength-

en

PerformanceIncreased

reportingAboutOur

ContributorsLiquidity

optionsTableofContentsAboutOur

ResearchIndustry

OutlookLower

fees11Managementfees,includingannualchargesthatcovertheoperationalcostsofafund,

predominantly

fallintheindustrystandard

rangeof

1

to

2%,

with

nearly9in10(87%)confirmingmanagementfeecharges

withinthatrange.Eightpercentresponded

thatmanagementfees

weregreater

than

2%.Regarding

performancefees,half

of

respondents

(56%)saythattypicalperformancefeesare

between

10-15%.One-third(34%)seeperformancefeesin

the16-20%range.“Acrosstheassetmanagementindustry,performance

feesaredecliningforalternativeinvestmentsduetoinvestorpressureandthe

rise

oflow-cost

products.

Atthesametime,managersareusing

moreinnovativeandcomplexperformance-based

feestructurestoattracthigh-net-worthclientsand

justifycostsforspecializedstrategies,”

notes

AlexanderReyes.9%56%Whatisthe

typicalperformance

feecharged

toinvestors?34%Whatisthe

typicalmanagement

feecharged

toinvestors?87%Lessthan1%Greater

than2%8%CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansThe

CurrentState

of

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceMorethan20%Lessthan10%AboutOur

ContributorsFeeTrendsBetween16%-20%Between1%-2%Between10%-15%TableofContentsAboutOur

ResearchIndustry

Outlook5%1%12THEEFFECTSOFECONOMICUNCERTAINTY

ON

DEALMAKING

ANDEXITPLANS13CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDealMakingandExit

PlansTheCurrentStateof

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook14Wehave

paused

futureactivitybutcontinuedealsin

process29%How

has

therecent

economicuncertaintyimpacted

yourdeal

making?33%DealMakingPaceRespondentsreportthattheshifting

tides

and

volatilitysurroundingtheeconomy,

politics,tariffs,interestrates,andother

factorshastakenatollondeal

makingpaceandexitplans.

Weseethisin

the

data

fromourresearchasfunds

seek

suitable

buyersor

valuationsforassets.

Nearly4in10(or39%)havepausedfuturedealmakingactivityoralldeal

making

activity.Thisleavesa

largeand

perhaps

opportunisticpercentage(approximately

61%)

whoreportnoimpacton

dealmakingorincreasedactivity(29%).TheEffectsof

EconomicUncertaintyonDeal

Making

andExit

PlansCITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDealMakingandExit

PlansWe

haveincreasedour

activityWehave

paused

allactivityTheCurrentStateof

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchNo

impactIndustry

Outlook36%3%Exit

Plans

and

Delay

CausesAlmosttwo-thirds(62%)of

surveyrespondentssaytheyarenot

experiencing

delaysinexitplans.However,

nearly

4in10

arefaced

withdelays.Thetopreported

causes

of

delays

in

exits

are

economicuncertainty(69%),

frozen

mergers

andacquisitions(M&A)

market(65%)andlimited

initial

publicoffering(IPO)

opportunities(62%).

Itremains

to

be

seen

whetherrecentupticks

in

broader

financial

marketsequateto

exit

planning

clarity.Onthesell-side,managementteamsare

gearingupforexitsand

going

throughthe

fullqualityof

earnings(QoE)processes

inhopesthatthemarket

window

reopens

soon.Dealsmay

behittinga

pause

when

valuationexpectationsdon’tquitematch

today’smorecautiousunderwriting.Onthebuy-side,diligenceis

stilluncovering

strongfundamentalsin

businesses,

yetsponsorsarehesitanttomove

forward

given

theupsanddownsin

capital

marketsand

uncertaintyaroundfinancing.YESAre

you

experiencing

delaysin

exits?NO62%“While

exits

aren’t

off

the

table,some

have

been

pushed

back

until

there’s

betteralignment

between

market

sentiment

and

company

performance.Exit

readiness

needs

to

go

beyond

strong

financials–it’s

about

staying

flexible

and

having

astrategy

thatcanadapt

when

the

market

shifts.

The

companies

that

come

out

ahead

are

the

ones

usingthis

downtime

to

refine

their

story,so

when

the

window

opens,

they’re

ready

to

go.”MarilynGarciaPartner,TransactionAdvisoryServicesPracticeWhat

is

causing

delays

in

exits?CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENT69%

65%EffectsofEconomic

UncertaintyonDealMakingandExit

PlansTheCurrentStateof

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceLimited

IPO

opportunitiesFrozen

M&AmarketEconomic

uncertaintyAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook62%38%15Pros:•

Enhancedliquidity

for

illiquidassets•

Increasedaccessibilityandfractionalownership•

Operationalefficiency

andreducedcosts•

Greatertransparency•

GlobalreachCons:•Regulatoryuncertainty

andlegalcomplexity•

Marketadoption•

Technologicaland

securityrisk•Valuationchallenges•

Integrationchallenges66%56%

53%6%Adjusting

toUncertaintyThetopstrategicresponsestoexitdelaysasreportedbysurveyrespondents

includetheuseof

secondary

funds(66%),tokenization(56%),andcontinuation

vehicles(53%).Overhalf

(56%)saythattokenizationis

beingusedinlieuof

traditionalexits,

whichisasurprisefinding

inourdata.Tokenization

isanemerging

exitstrategythatcouldfundamentallytransformhowassetmanagersoperate,bringing

bothadvantages

anddisadvantagesthatcouldreshapetheindustry.Are

you

using

any

of

thefollowingstrategiesin

lieu

of

traditional

exits?Secondary

fundTokenizationContinuation

vehiclesCITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTNo,

Iam

notusinganyofthestrategieslistedaboveEffectsofEconomic

UncertaintyonDealMakingandExit

PlansTheCurrentStateof

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook1674%Bankers73%Accountants53%Lawyers18%OtherassetmanagementfirmsSources

of

Deal

FlowBeyondthestrongnetworksof

investmentprofessionalsandactivesourcingthroughindustry

eventsorconferences,theroleof

advisorsremains

criticaltodealflow.Bankers(74%),accountants

(73%),andlawyers(53%)arenamedthe

bestsourcesof

dealflowbyoursurvey

respondents,

followedbyotherassetmanagement

firms(18%).

Theseprofessionalsarecriticaltodealflow

astheyactasadvisors,uniquelypositionedto

be

at

thecenterof

businesstransactions

withadeep

understandingof

companiesandtheirowners.Theyconnectbusinessesin

needof

capitalorstrategictransitions

withassetmanagers

whocan

providefundingand

support.What

are

your

best

sources

of

deal

flow?CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDealMakingandExit

PlansTheCurrentStateof

Capital

RaisingMethodologyandDemographicsActionstoStrength-

en

PerformanceAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

Outlook17ACTIONSTOSTRENGTHENPERFORMANCE18CITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansTheCurrentStateof

Capital

RaisingActionstoStrengthenPerformanceMethodologyandDemographicsAboutOur

ContributorsTableofContentsAboutOur

ResearchIndustry

OutlookOutsideCapital

Actions

andIntentions,Past

andFutureOutsidecapitalcanhaveakeyroleasfirms

workto

increaseassetsunder

management(AUM),

generatemoreinfluenceand/orboostmarketshare—allof

whichallows

leaders

toexpandtheiroperations,launchnewfunds,orenhanceprofitability.

Lessthan

half(42%)surveyedreporttheyhavepreviouslytakeninvestmentsof

outsidecapital

intheir

managementcompany,

whiletwo-thirds(65%)plantotakeaninvestmentinthe

future.Thehighpercentageof

assetmanagersplanningtotakefuture

investmentsdemonstrates

adynamicindustrycommittedtoadaptingandtransforminginacomplexand

evolving

market.Thistransformationisdrivenbytechnologicaladvancementslike

AI,evolvinginvestorpreferences,regulatorychanges,andtheconstantpressuretoenhance

profitability

andinvestorsatisfaction.“Moremanagersareinterestedintakingoutsidecapitaltofund

operationsand

growth,

and/ortoprovideamonetizationeventforitsfounders.

However,

prior

to

engaging

in

significantdiscussionsaroundtakingonoutsideinvestments,managersmayneed

torestructuretheirmanagementcompanyand

generalpartnerentities,converttheirbooks

andrecordsfromacashorincometaxbasisto

U.S.GAAP,andundergoa

financialstatementaudit,”

says

JamesCatalano.65%Iplanto

takeaninvestmentofoutsidecapitalinmymanagementcompanyinthe

future42%I

havetakenaninvestmentofoutsidecapital

inmymanagementcompany9%Noneof

theaboveWhich

ofthe

following

applies

to

youregarding

investment

of

outside

capitalin

yourmanagement

company?Actionsto

Strengthen

PerformanceCITRIN

COOPERMANTHE

PRESENTAND

FUTURE

STATE

OFASSET

MANAGEMENTEffectsofEconomic

UncertaintyonDeal

MakingandExitPlansTheCurrentStateof

Capital

RaisingActionstoStrengthenPerformanceMethodologyandDemographics