Exits are still a key priority for limited partners. According to Coller Capital’s latest global private capital barometer, 81% of private capital investors surveyed worldwide have chosen to take liquidity when offered opportunities to roll investments over into a general partner’s continuation vehicle.
Asia should do well from resurgent IPO exits. In Asia Pacific, 87% of LPs expect IPO exits. Overall, more than three-quarters of GPs are seen to be planning listings.
The barometer summarises the views of 108 private capital investors with at least US$1.97 trillion of combined assets under management.
Co-investments remain a popular option for rebalancing fees. Some 78% cite this as the main reason for LPs to make co-investments. Overall, 44% said co-investments are becoming more important to their decision-making.
LPs also appear to be still supportive of private credit, with 42% planning increased allocations to the asset class over the 12 months. But 62% expect greater dispersion of returns between managers over the next one to two years. And 31% will be looking for opportunistic discounted buying opportunities when participating in private credit secondaries.
Meanwhile, 39% plan to raise allocations to infrastructure, 33% to secondaries, 31% to private equity, 21% to private real estate, and 14% to venture. Concurrently, 23% plan to cut allocations to real estate, and 25% to venture.
As GPs tap new retail and private wealth sources of capital, LPs are worried that scrutiny of retail investment in private assets will increase compliance costs and reduce efficiency.
Around 61% are concerned that the strategies of GPs could be unduly influenced by partnering with banks and larger asset managers to access their private wealth clients.
Meanwhile, India and Japan are looking attractive to LPs. Some 44% plan increased exposure to India via Asia-focused funds over the next three years, and 28% via single-country vehicles. As for Japan, 34% plan to step up exposure via Asia funds and 32% through single-country vehicles. China only attracted 6%.
It’s worthwhile noting that fieldwork for the barometer finished on November 10. Given how far and fast events are already moving this early in 2026, things may look even more different further into the year.
