Partnered research: IPEM Allocation and Fundraising Trend Report 2027

Our fourth annual IPEM Allocation and Fundraising Trend Report analyzes the investment strategies, trending sectors, and key strengths desired – and offered – by investors and funds for the year ahead.

This report evaluates the data submitted by attendees of IPEM Global 2026. It includes responses from individual LP attendees and GPs representing more than 1,200 funds. Download the full report via the IPEM website and find out more about our knowledge partnership with IPEM.

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 trends: 

• Fundraising timelines continue to be extended, with fewer funds expected to hold a first close in the next 12 months
• The average 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)
• However, fund size remains firmly mid-market: three quarters of the total funds represented are small (€100m to €500m) or mid-sized (€500m to €2bn) vehicles

“A new private markets cycle is underway. A liquidity premium is no longer assumed by allocators, and they are seeking out areas of the market where the potential for returns is highest. Small-and mid-cap PE, late-stage VC, and emerging managers are all segments where LP appetite has increased, and the value creation capabilities of GPs are under the microscope in due diligence.” Antoine Colson, CEO & Managing Partner, IPEM