📊 Macro & Market Backdrop
US private markets remain structurally strong, with fundraising momentum rebounding into 2026 and North America maintaining global leadership.
GP sentiment is improving, with ~59% optimistic about hitting fundraising targets despite LP selectivity and shifting allocation priorities.
Clear bifurcation:
Mega-funds → facing LP fatigue
Mid-market & specialist funds → outperforming in fundraising
👉 Takeaway: LPs are reallocating toward focused strategies, operational alpha, and sector specialization (AI, defense, infrastructure).
