As returns from certain alternative investment strategies and private markets fundraising are losing steam, limited partners’ expectations of their managers are picking up.
A survey by Commonplace—a networking community for limited partners—of 46 asset allocators in early January, completed in partnership with research firm AlphaSense and branding company PC3 Creative, examined investors’ thinking...
The strongest version of this narrative highlights a maturing private markets landscape where LPs are demanding more from GPs—transparency, specialization, and alignment—amid slowing returns and fundraising challenges. The survey data suggests a rational shift toward disciplined, long-term partnerships, with LPs favoring managers who demonstrate operational depth over hype. The emphasis on experienced LP bases and realistic underwriting reflects a market correcting for past excesses, particularl...