Global Alternatives Survey 2026: The LP View (Goldman Sachs Asset Management)

Summary

• The survey captures the perspectives of 225 limited partners and institutional investors worldwide.p.2
• Geopolitics ranks as the top investment risk for the third consecutive year, listed in the top five by 82% of respondents.p.6
• Inflation is the second greatest risk, in the top five for 67% of respondents.p.6
• More than a third (37%) expect to deploy more capital than last year, while 47% plan to maintain their current pace.p.10
• Only 11% expect to deploy less capital than a year ago.p.10
• For infrastructure, 43% report a favorable outlook and just 7% a less favorable one.p.7

Key insights

1. Concern about geopolitics is most concentrated in EMEA, where 44% rank it first, compared to 31% in APAC and 30% in the Americas.p.6
2. In private equity, 56% report no change in outlook, while positive and negative views stand at 24% and 20%.p.7
3. In private credit, 65% of LPs still believe opportunities are the same or better than a year ago.p.7
4. Only 6% of LPs report a weaker outlook for co-investments.p.7
5. 34% of LPs report a more favorable outlook for hedge funds.p.7
6. Private credit and infrastructure offer the greatest room to run, with nearly half of LPs below target allocations in both.p.9