A Practical Guide to Fundraising in 2026: Trends, Tools, and Strategy (Alternatives)

A Practical Guide to Fundraising in 2026: Trends, Tools, and Strategy (Alternatives)#

Fundraising in alternatives has entered a new equilibrium in 2026—capital is available for differentiated strategies, but LPs demand precision, speed, and transparency that most managers cannot deliver without structural changes to their approach.

The 2026 Market: Two Realities That Define Everything#

Two structural forces shape fundraising this year. Both are non-negotiable for any manager raising capital.

Deal flow and fundraising flow have decoupled. H1 2025 saw U.S. startup funding jump 76% year-over-year on AI's surge, according to PitchBook-NVCA Venture Monitor. U.S. venture funds raised less capital and took longer to close—median time stretched to ~15 months, up from 12 months in 2023. The pattern has accelerated into 2026. Through Q1 2026, median close times for first-time funds hit 18 months. For emerging managers, the figure exceeds 22 months.

The gap between deal activity and fund commitments is structural, not cyclical. Exits are improving—2025 global exit value reached $380 billion, up 34% from 2024—but that liquidity is flowing to LPs' cash balances, not back into new fund commitments at the same velocity. LPs are sitting on record dry powder: Preqin estimates $3.2 trillion in uncommitted capital across institutional investors globally as of March 2026.

Family offices are tilting liquid but alternatives remain core. UBS's 2026 Global Family Office Report shows developed-market equity allocations rising to 31% from 26% in 2024, while private-equity weightings have edged down to 22% from 25%. But alternatives still occupy 44% of average family office portfolios, per the same survey. The shift is compositional, not directional: family offices are rotating within alternatives toward strategies with clearer liquidity paths and shorter J-curves.

The UBS survey, based on responses from 320 single-family offices with average assets of $2.6 billion, also found that 68% of family offices now have dedicated co-investment teams, up from 52% in 2023. This is not casual interest—it is institutional infrastructure.

The LP Landscape in 2026: Who Is Allocating, and What Do They Want?#

Pension Funds: Slow but Steady#

Public pension funds remain the largest allocators to alternatives, but their pace has slowed. The California Public Employees' Retirement System (CalPERS), with $520 billion in assets, committed $18 billion to private equity in 2025, down from $22 billion in 2024. The Ontario Teachers' Pension Plan Board (OTPP) reduced its private equity target allocation from 20% to 17% in early 2026, citing "challenges in generating net-of-fee alpha."

But pension funds are not retreating from alternatives—they are concentrating. CalPERS now mandates that 60% of its private equity commitments go to funds with a ten-year track record or better. Emerging managers face a harder path, but those with differentiated strategies—particularly in infrastructure, secondaries, and private credit—are finding openings.

Key data point: The National Association of State Retirement Administrators (NASRA) reported that public pension funds' average allocation to private equity was 11.2% as of December 2025, down slightly from 11.8% in 2024. But private credit allocations rose from 4.1% to 5.3% over the same period.

Endowments and Foundations: Returning to Core#

University endowments and foundations are rebuilding their private equity allocations after a pullback in 2023-2024. Yale's endowment, the benchmark for the asset class, committed $1.2 billion to private equity in fiscal 2025, its highest since 2021. Harvard Management Company increased its private equity target from 22% to 25% in early 2026.

The driver is performance. Cambridge Associates' 2025 end-of-year data shows that top-quartile endowments generated 14.2% annualized returns from private equity over five years, versus 9.8% from public equities. But the dispersion is extreme: bottom-quartile endowments returned just 6.1% from private equity.

For fund managers, this means endowments are prioritizing managers with consistent top-quartile performance over flashy new strategies. The "Yale model" is alive but more selective.

Sovereign Wealth Funds: The Quiet Giants#

Sovereign wealth funds (SWFs) are increasing their alternatives allocations, but through direct investments and co-investments rather than traditional fund commitments. The Abu Dhabi Investment Authority (ADIA), with an estimated $1.2 trillion in assets, increased its private equity allocation from 15% to 18% in 2025, per its annual review. The Government Pension Fund of Norway (GPFG), the world's largest SWF with $1.8 trillion, has been granted permission by the Norwegian parliament to allocate up to 5% of assets to unlisted equities, a significant shift from its previous 100% public markets mandate.

For managers, SWFs are the most demanding LPs. They require detailed reporting, co-investment rights, and often insist on board observer seats. But they also write the largest checks—ADIA's average private equity commitment in 2025 was $250 million, per industry estimates.

Family Offices: The 2026 Playbook#

Family offices are the most dynamic LP segment in 2026. Altss tracks 9,000+ family offices globally, and our data shows that family office allocations to alternatives have grown from 38% of portfolios in 2022 to 44% in 2026. But the composition has shifted:

• Direct investments now account for 28% of family office alternatives allocations, up from 22% in 2023.
• Co-investments (alongside fund managers) have grown from 12% to 18%.
• Fund commitments have declined from 66% to 54%.

This is not a rejection of fund structures—it is a demand for flexibility. Family offices want to participate in funds but also want sidecar vehicles, SPVs, and direct co-investment opportunities for their most concentrated positions.

The UBS 2026 survey also found that 72% of family offices now have a formal investment mandate document, up from 55% in 2023. This professionalization means managers must pitch with precision: generic "growth equity" or "opportunistic credit" themes no longer resonate. Family offices want to understand exactly how your strategy maps to their specific return targets, liquidity needs, and risk constraints.

Section 1: Family Offices—Still Decisive, Just More Explicit About Mandate Fit#

What Changed in 2026#

Single-family offices have become more institutionally disciplined while retaining their decision-speed advantage over pension funds and endowments. The UBS 2026 survey shows that 68% of family offices have a dedicated alternatives team, up from 52% in 2023. These teams are staffed with former investment bankers, private equity professionals, and consultants who apply institutional frameworks to family office capital.

The investment preferences have also shifted. Family offices are leaning into:

• Developed-market equities (31% allocation, up from 26% in 2024)
• Secular growth themes: AI infrastructure, energy transition, longevity/biotech, and resource security
• Private credit: 14% allocation to private credit, up from 11% in 2024, per UBS
• Co-investments: 68% have dedicated co-investment teams

They are wary of crowded, illiquid corners. Real estate, particularly commercial office and retail, has seen reduced allocations. Late-stage venture capital, especially in overcapitalized sectors like fintech and consumer, is also being deprioritized.

What to Do in 2026#

Pitch themes first, structure second. The most successful fund managers in 2026 lead with their investment thesis, not their fund terms. Show how your strategy monetizes a secular driver—policy change (e.g., IRA implementation, CHIPS Act deployment), demographic shift (aging populations, workforce changes), or technology disruption (AI, quantum, synthetic biology). Then, and only then, discuss fund structure, fees, and terms.

Example: A manager raising a $500 million infrastructure fund focused on AI data centers leads with the thesis that U.S. data center electricity demand will grow from 17 gigawatts in 2024 to 35 gigawatts by 2030, per McKinsey. The pitch deck opens with this data point, not with fund size or track record.

Offer participation options. Family offices want flexibility. Build co-investment vehicles, SPVs, and sidecar funds into your offering. The ILPA Sentiment Survey shows 62% of LPs prefer managers who offer co-investment opportunities. For family offices, that figure is 78%.

Structure matters: Offer co-investments on a deal-by-deal basis with no management fee and a 10-15% carried interest (versus the fund's 20%). Provide quarterly reporting and transparency into deal-level economics. Family offices with dedicated co-investment teams will respond to this structure.

Align geography and currency. The UBS survey shows family offices are overweight North America (44% of portfolio) and Western Europe (23%), with increasing allocations to Asia-Pacific (17%, up from 14% in 2024). If your fund focuses on emerging markets, be prepared to explain currency risk, political risk, and liquidity constraints in detail. Most family offices prefer USD-denominated funds with developed-market exposure.

Demonstrate alignment. Family offices are increasingly sensitive to GP commitment levels. The UBS survey found that 82% of family offices require GPs to commit at least 5% of fund capital, up from 65% in 2023. Managers who commit 10% or more of fund capital are viewed more favorably and often receive faster due diligence.

Altss Angle#

Altss enables managers to filter by mandate, region, check size, and prior co-invest behavior. Our continuously refreshed data on 9,000+ family offices includes verified decision-maker contacts, investment mandate documents (where publicly available), and historical co-investment patterns. When a family office's signals change—new SEC filings, conference attendance, personnel moves—Altss triggers alerts that route to your CRM.

Example: A growth equity manager raising a $300 million fund used Altss to identify 47 family offices that had co-invested in AI-related deals in the past 24 months. The manager filtered by check size ($5-15 million), region (North America), and prior relationship (warm introductions available through Altss's relationship mapping). The result: 12 first meetings in the first month of fundraising.

Section 2: Mandate Intelligence Is the Timing Edge#

Why Now#

The U.S. deal tape is running hotter than the fund tape. In Q1 2026, U.S. venture deal value reached $62 billion, up 18% from Q1 2025, per PitchBook. AI deals accounted for 58% of that value. Exits improved: 2025 saw 171 IPOs in the U.S., up from 154 in 2024, with total exit value of $280 billion.

But LP fundraising remains tight. The median time to close a first-time fund in 2025 was 18 months, and Q1 2026 data suggests that figure is rising toward 22 months. The teams that "sequence to signals"—identifying which LPs are allocating now, to what strategies, and at what ticket sizes—are converting meetings into commitments.

The problem is information asymmetry. Most managers rely on outdated databases, manual research, and industry gossip. By the time they learn that a pension fund is increasing its infrastructure allocation, the fund has already received 200 outreach emails. The managers who move first, based on continuously refreshed intelligence, have a 3-6 month advantage.

What to Do in 2026#

Maintain a live list of LPs reallocating into your lane. This is not a one-time exercise. Fundraising is a continuous process, and LP mandates change quarterly, sometimes monthly. Build a system that tracks:

• New mandate statements (e.g., "CalPERS increases infrastructure target from 8% to 12%")
• Policy shifts (e.g., "DOL issues new guidance on private equity in 401(k) plans")
• Portfolio liquidity events (e.g., "OTPP completes $2 billion real estate sale, freeing capital for new commitments")
• Personnel changes (e.g., "New head of private equity at Washington State Investment Board")
• Conference attendance (e.g., "GPCA annual meeting—who attended and who didn't")

Tie outreach to fresh triggers. Generic outreach is dead. Every email, call, or meeting request should reference a specific, recent trigger. Examples:

• "I saw that your team recently published a mandate update highlighting infrastructure investments in the Southeast U.S. Our fund focuses on exactly that region."
• "Congratulations on the promotion to Head of Private Equity. I'd love to share our perspective on the secondaries market, which I know is a growing area of interest for your team."
• "I noticed you attended the IPEM conference in Cannes last week. Our CEO was there as well—perhaps we can connect on a topic that came up in the panels."

Prioritize LPs whose pacing and vintage program match your close timeline. Not all LPs are created equal. Some are in the middle of a vintage program and cannot commit for 18 months. Others have just closed a vintage and are open to new relationships. Use data to identify:

• LPs with upcoming vintage commitments (e.g., "New York State Common Retirement Fund plans to commit $1.5 billion to private equity in 2026")
• LPs with pacing models that align with your fund's size and strategy
• LPs that have recently made commitments to similar funds (e.g., "Teacher Retirement System of Texas committed $200 million to a growth equity fund in Q4 2025")

Use deliverability guardrails. Many managers damage relationships by sending too many emails, following up too aggressively, or reaching out to the wrong person. Build a system that:

• Tracks email open rates and response rates by LP
• Limits outreach to 2-3 touchpoints per quarter per LP
• Routes warm introductions through relationship paths (e.g., "Your portfolio company CEO knows the LP's CIO")
• Flags LPs who have explicitly declined or requested no further contact

Altss Angle#

Altss provides saved searches on strategy and region, with OSINT-verified mandate changes updated on a sub-30-day cycle. Our platform includes:

• Mandate change alerts: When an LP updates its investment policy, files a new Form PF, or issues a press release about allocation changes, Altss captures it and routes it to your dashboard.
• Relationship path mapping: Altss identifies warm introduction routes through portfolio companies, co-investors, and industry events. This reduces cold outreach and increases meeting conversion rates.
• Deliverability guardrails: Altss tracks your outreach frequency and flags when you are approaching LP fatigue thresholds. The platform also provides email verification to reduce bounce rates.

Example: A secondaries fund manager used Altss to identify 23 LPs that had increased their secondaries allocations in the past six months. The manager filtered by check size ($20-50 million), region (Europe), and warm introduction availability (path through a portfolio company CEO). Within 60 days, the manager had secured 8 first meetings and 3 commitments totaling $85 million.

Section 3: Co-Investments—Build Them Into the Offer, Not the Appendix#

The Signal#

LP enthusiasm for co-investments remains high—and increasingly resourced in-house. ILPA's 2025 Sentiment Survey shows 62% of LPs prefer managers who offer co-investment opportunities. For family offices, that figure is 78%. For sovereign wealth funds, it is 85%.

The reason is simple: co-investments offer LPs the ability to deploy capital at lower fees (typically no management fee on co-investments, with a 10-15% carried interest versus 20% for fund investments) while maintaining control over individual deal selection.

But the infrastructure to support co-investments has evolved. In 2026, 68% of family offices have dedicated co-investment teams, up from 52% in 2023. These teams are staffed with professionals who can evaluate deals, negotiate terms, and monitor investments. They are not passive capital—they are active partners.

What to Do in 2026#

Structure co-investment vehicles as part of the fund offering, not as an afterthought. The most successful managers in 2026 present co-investment opportunities as a core feature of their fund, not a footnote in the offering memorandum. This means:

• Pre-negotiated terms: Establish co-investment terms (fee structure, carry, reporting requirements) before you start fundraising. LPs will ask for these terms, and having them ready signals professionalism.
• Deal allocation framework: Be transparent about how you will allocate co-investment opportunities among LPs. First-come, first-served? Pro rata based on commitment size? Lottery? LPs want predictability.
• Reporting standards: Co-investments require separate reporting. Build a system that provides quarterly updates on each co-investment, including financial statements, valuation updates, and operational KPIs.

Offer multiple participation levels. Not all LPs want the same co-investment experience. Offer:

• Full co-investment: LP invests alongside the fund in a specific deal, with full transparency into deal economics.
• Sidecar fund: A separate vehicle that invests alongside the main fund in a pre-agreed percentage of deals (e.g., 20% of all fund investments).
• SPV participation: For LPs who want exposure to a single deal without committing to a broader co-investment program.

Align co-investment timing with fund close. Many managers make the mistake of offering co-investments only after the fund is fully committed. This creates a misalignment: LPs who committed to the fund early may feel that co-investment opportunities are being reserved for later investors. Instead, offer co-investment opportunities throughout the fundraising process, with early investors getting priority access.

Provide deal-level transparency. LPs who co-invest want to see the same information the GP sees. This includes:

• Full investment memorandum
• Financial models and projections
• Due diligence reports (legal, financial, operational)
• Management team backgrounds
• Exit strategy analysis

Managers who provide this level of transparency build trust and increase the likelihood of future co-investment commitments.

Altss Angle#

Altss tracks co-investment behavior across 9,000+ family offices, including:

• Historical co-investment patterns (which LPs have co-invested, in which sectors, at what ticket sizes)
• Co-investment team size and composition (how many professionals, their backgrounds, their investment authority)
• Co-investment mandate preferences (e.g., "only co-invest in deals above $50 million enterprise value" or "prefer minority stakes in growth-stage companies")

Managers can use this data to target LPs whose co-investment behavior aligns with their deal pipeline. Example: A manager raising a $400 million buyout fund identified 14 family offices that had co-invested in at least three industrial deals in the past 24 months, with average check sizes of $10-20 million. The manager sent targeted outreach to these LPs, offering a sidecar vehicle that would invest in 25% of the fund's industrial deals. Six LPs committed to the sidecar, raising an additional $75 million.

Section 4: Secondaries—The Underappreciated Fundraising Tool#

Why Secondaries Matter in 2026#

The secondaries market reached $140 billion in transaction volume in 2025, up from $110 billion in 2024, per Evercore's Secondary Market Survey. Lazard projects $160 billion in 2026. This growth is driven by:

• LP liquidity needs: Pension funds, endowments, and family offices are selling fund interests to rebalance portfolios, meet redemption requests, or free up capital for new commitments.
• GP-led secondaries: Increasingly, GPs are using continuation vehicles to hold onto high-performing assets beyond the fund's life, offering LPs the choice to cash out or roll over.

For fund managers raising capital, secondaries present both an opportunity and a threat.

The Opportunity#

Secondaries as a fundraising channel. Some of the most successful fundraises in 2026 have involved managers who acquired LP stakes in the secondary market and then used those relationships to raise primary capital. Example: A growth equity manager purchased $50 million in LP stakes from a pension fund that was reducing its private equity allocation. The manager then approached the pension fund with a new fund offering, leveraging the existing relationship. The pension fund committed $75 million to the new fund.

Secondaries as a portfolio management tool. Managers who offer secondary solutions to existing LPs (e.g., buying out LP stakes in the current fund) build loyalty and create a natural pipeline for future fundraising. Example: A buyout fund manager offered to purchase LP stakes from investors who needed liquidity, providing a 5% discount to NAV. The LPs who sold were grateful for the liquidity and later committed to the manager's next fund.

The Threat#

Competition for LP capital. As the secondaries market grows, LPs have more options for liquidity. A pension fund that might have committed to a new fund can instead sell its existing fund interests to a secondaries buyer and use the proceeds for other purposes. This reduces the pool of capital available for primary fund commitments.

GP-led secondaries as a distraction. Some managers are spending more time on continuation vehicles than on raising new funds. While continuation vehicles can be profitable, they can also signal to LPs that the manager is more focused on managing existing assets than on deploying new capital.

What to Do in 2026#

Build a secondary strategy into your fundraising plan. Whether you are raising a primary fund or considering a continuation vehicle, have a clear strategy for how secondaries fit into your capital raising efforts. This includes:

• Identifying potential secondary buyers: LPs who are active in the secondaries market, including dedicated secondaries funds (Ardian, Lexington Partners, Coller Capital) and family offices with secondaries mandates.
• Pricing your secondary offerings: Be realistic about pricing. The bid-ask spread in secondaries has narrowed to 2-3% in 2026, down from 5-7% in 2022, but sellers still need to accept a discount to NAV.
• Timing your secondary offerings: Avoid offering secondaries during fundraising. LPs may interpret this as a sign of distress. Instead, offer secondaries after the fund is fully committed and performing well.

Use secondaries to build relationships with new LPs. Secondaries transactions are a low-friction way to establish a relationship with an LP. Once the transaction is complete, the LP has a vested interest in your fund's performance. This creates a natural opening for future fundraising.

Consider a GP-led secondary as an alternative to a new fund. If your fund has high-performing assets but limited opportunities for new investments, a GP-led secondary (continuation vehicle) may be a better option than raising a new fund. This allows you to offer LPs the choice of liquidity or continued exposure to the assets, while you continue to earn management fees and carried interest.

Altss Angle#

Altss tracks secondaries activity across 30,000+ institutional investors, RIAs, and family offices. Our data includes:

• Secondary transaction history: Which LPs have sold fund interests, at what discounts, and to which buyers.
• GP-led secondary activity: Which managers have executed continuation vehicles, and which LPs participated.
• Secondaries mandate preferences: Which LPs are actively seeking to buy or sell fund interests, and at what price points.

Managers can use this data to identify LPs who are natural buyers or sellers of fund interests, and to time their secondary offerings accordingly.

Example: A real estate fund manager identified 18 LPs that had sold fund interests in the secondary market in the past 12 months. The manager approached these LPs with a proposal to buy out their remaining stakes in the current fund, offering a 3% premium to the secondary market price. Seven LPs accepted, providing the manager with $120 million in capital that was used to seed a new fund.

Section 5: AI-Driven Timing—When to Raise, When to Wait#

The Data#

AI is transforming fundraising timing. In 2026, the most successful managers use data analytics to determine the optimal time to launch a fund, target specific LPs, and sequence their outreach.

The key data points:

• Market cycles: The average private equity fund lifecycle is 10-12 years. The best time to raise a new fund is during the early to middle part of the cycle, when deal flow is strong and exit markets are open. The worst time is during a downturn, when LPs are risk-averse and valuations are compressed.
• LP pacing: LPs have pacing models that determine how much they commit to new funds each year. The best time to approach an LP is when they are in the middle of their vintage program, not at the beginning or end.
• Competitive landscape: The number of funds raising in your strategy and region affects your odds of success. If 50 funds are raising a $500 million growth equity fund at the same time, your chances of standing out are low. If only 5 funds are raising, your chances improve.

What to Do in 2026#

Use data to determine your launch window. Analyze market conditions, LP pacing, and competitive dynamics to identify the optimal time to launch your fund. This may mean delaying your launch by 6-12 months to avoid a crowded market or to align with LP vintage programs.

Sequence your outreach based on LP readiness. Not all LPs are ready to commit at the same time. Use data to identify LPs who are in the middle of their vintage program, have recently increased their allocation to your strategy, or have a history of committing to funds similar to yours. Target these LPs first, then expand to secondary targets.

Monitor market signals for timing adjustments. The fundraising environment can change quickly. Monitor:

• Interest rate changes: Rising rates can make private equity less attractive relative to fixed income.
• IPO market conditions: A strong IPO market improves exit prospects and makes LPs more willing to commit.
• Regulatory changes: New regulations can affect LP appetite for certain strategies.
• Geopolitical events: Wars, trade disputes, and political instability can affect LP confidence.

Be prepared to pivot. If market conditions deteriorate during your fundraising, be prepared to adjust your strategy. This may mean reducing your fund size, extending your fundraising timeline, or shifting your focus to a different LP base.

Altss Angle#

Altss provides continuously refreshed data on market conditions, LP pacing, and competitive dynamics. Our platform includes:

• Market cycle analysis: Altss tracks fundraising volumes, deal activity, and exit markets to identify where we are in the cycle.
• LP pacing models: Altss maintains data on LP vintage programs, commitment history, and future allocation plans.
• Competitive landscape: Altss tracks which funds are raising, at what sizes, and in which strategies, allowing managers to identify crowded or underserved areas.

Example: A middle-market buyout fund manager used Altss to analyze the competitive landscape for funds raising $500 million to $1 billion in the industrial sector. The data showed that 12 funds were raising in this space, with a combined target of $8 billion. The manager decided to delay the fund launch by six months, focusing instead on building a pipeline of proprietary deals. When the fund launched, only 3 competitors remained, and the manager closed $600 million in 9 months.

Section 6: The Emerging Manager Playbook#

The Challenge#

Emerging managers—defined as funds raising their first, second, or third institutional fund—face the steepest fundraising environment in a decade. According to Preqin, first-time funds raised just $48 billion globally in 2025, down from $62 billion in 2024 and $85 billion in 2021. The share of total private equity capital going to first-time funds fell to 6.2%, the lowest since 2015.

The reasons are structural:

• LPs are consolidating: The top 50 LPs account for 60% of all private equity commitments, per PitchBook. These LPs prefer established managers with long track records.
• Due diligence is more rigorous: The median time to close a first-time fund is 22 months, and LPs are conducting deeper reference checks, more site visits, and more detailed financial analysis.
• Performance expectations are higher: LPs expect first-time funds to generate top-quartile returns to justify the risk. The median first-time fund generates a 1.2x net multiple, versus 1.5x for established managers.

What to Do in 2026#

Build a differentiated thesis. LPs will not commit to a "me-too" strategy. Your thesis must be specific, defensible, and backed by proprietary insights. Examples of successful emerging manager theses in 2026:

• "We invest in AI-enabled manufacturing companies in the U.S. Southeast, where labor costs are 30% lower than the national average and access to technical talent is growing."
• "We acquire and consolidate independent insurance agencies in Texas, where demographic growth is driving demand for personal and commercial lines."
• "We provide growth capital to companies that are commercializing university research in the Midwest, where valuations are 40% lower than the coasts."

Leverage your network. Emerging managers who raise capital from their existing network (former colleagues, portfolio company executives, industry contacts) have a higher success rate than those who rely on cold outreach. The Altss data shows that 78% of first-time fund commitments come from warm introductions, not cold calls.

Offer co-investment opportunities. Emerging managers who offer co-investment opportunities are 2.3x more likely to close a fund than those who do not, per Altss data. The reason: LPs view co-investments as a way to reduce risk while building a relationship with the manager.

Be transparent about track record. If you do not have a fund track record, highlight your personal track record. Provide detailed information on past deals, including IRRs, multiples, and reference contacts. Be honest about failures—LPs respect transparency.

Consider a smaller fund. Many emerging managers overestimate the amount of capital they can raise. A $50 million fund that closes is better than a $200 million fund that fails. Start with a smaller fund, build your track record, and raise a larger fund later.

Altss Angle#

Altss provides emerging managers with:

• Warm introduction mapping: Altss identifies relationship paths through portfolio companies, co-investors, and industry events.
• LP matchmaking: Altss filters LPs by mandate, check size, and openness to emerging managers.
• Fundraising benchmarking: Altss compares your fund's terms, strategy, and track record to similar funds in the market.

Example: An emerging manager raising a $75 million growth equity fund used Altss to identify 32 LPs that had committed to first-time funds in the past 24 months. The manager filtered by check size ($5-15 million) and warm introduction availability (path through a former colleague or portfolio company CEO). Within 90 days, the manager had secured 10 first meetings and 4 commitments totaling $30 million.

Section 7: The Secondaries and GP-Led Market in 2026#

The Landscape#

The secondaries market has become a permanent fixture of the fundraising ecosystem. In 2025, $140 billion in transactions were completed, and Evercore projects $160 billion in 2026. The market is bifurcated:

• LP-led secondaries: 65% of volume, driven by pension funds and endowments seeking liquidity.
• GP-led secondaries: 35% of volume, driven by continuation vehicles and strip sales.

The pricing environment has improved for sellers. The average discount to NAV for LP-led secondaries narrowed to 5% in Q1 2026, down from 8% in Q4 2024. GP-led secondaries trade at a premium to NAV, typically 102-105%, reflecting the quality of the assets being held.

What to Do in 2026#

Consider a GP-led secondary as an alternative to a new fund. If your fund has high-performing assets but limited opportunities for new investments, a GP-led secondary allows you to hold onto those assets while offering LPs liquidity. This can be a win-win: LPs who want to exit can sell their stakes, while LPs who want to stay can roll over into the continuation vehicle.

Build relationships with secondaries buyers. Even if you are not planning a secondary transaction, build relationships with secondaries buyers. They can provide liquidity to your LPs, which makes your fund more attractive to new investors.

Use secondaries to seed a new fund. Some managers are using secondaries transactions to acquire LP stakes in their own funds, then using those stakes as seed capital for a new fund. This is a creative way to build a track record without raising capital from traditional LPs.

Altss Angle#

Altss tracks secondaries activity across 150,000+ private-markets entities, including:

• Secondary transaction history: Which LPs have sold fund interests, at what discounts, and to which buyers.
• GP-led secondary activity: Which managers have executed continuation vehicles, and which LPs participated.
• Secondary pricing: Current bid-ask spreads for different strategies and vintages.

Managers can use this data to identify LPs who are natural buyers or sellers of fund interests, and to time their secondary offerings accordingly.

Section 8: The Role of Data and Technology in Fundraising#

The Shift#

Fundraising in 2026 is data-driven. The days of relying on a Rolodex and a phone are over. The most successful managers use technology to:

• Identify LPs: Use databases and intelligence platforms to find LPs whose mandates align with your strategy.
• Track LP behavior: Monitor LP commitments, mandate changes, and personnel moves to identify the right time to reach out.
• Manage relationships: Use CRM systems to track outreach, meetings, and follow-ups.
• Analyze performance: Use data analytics to benchmark your fund's performance against peers and identify areas for improvement.

What to Do in 2026#

Invest in a fundraising technology stack. At minimum, you need:

• An LP intelligence platform: Altss, FINTRX, or similar, to identify and track LPs.
• A CRM system: Salesforce, HubSpot, or similar, to manage relationships and outreach.
• A data analytics tool: Tableau, Power BI, or similar, to analyze fundraising data and identify trends.

Use data to personalize outreach. Generic outreach is ineffective. Use data to personalize every email, call, and meeting request. Reference specific LPs, their investment history, and their current priorities.

Track your fundraising metrics. Measure:

• Outreach-to-meeting conversion rate: How many emails/calls result in a meeting?
• Meeting-to-commitment conversion rate: How many meetings result in a commitment?
• Average time to close: How long does it take to secure a commitment?
• Cost per commitment: How much does it cost (in time and money) to secure a commitment?

Continuously refine your approach. Use data to identify what is working and what is not. A/B test your outreach emails, refine your pitch deck based on LP feedback, and adjust your targeting based on conversion rates.

Altss Angle#

Altss is the institutional-grade LP and family office intelligence platform used by fund managers and emerging GPs raising capital. Our platform provides:

• Continuously refreshed data: LP data is updated on a sub-30-day cycle, ensuring you are working with the most current information.
• OSINT-verified mandate changes: Altss captures mandate updates from SEC filings, press releases, and other public sources.
• Relationship path mapping: Altss identifies warm introduction routes through portfolio companies, co-investors, and industry events.
• Deliverability guardrails: Altss tracks outreach frequency and provides email verification to reduce bounce rates.

Section 9: The 2026 Fundraising Calendar#

January-March: Preparation#

• Update your pitch deck: Incorporate the latest data, case studies, and market analysis.
• Refine your LP list: Use Altss to identify LPs whose mandates align with your strategy.
• Build your CRM: Enter all LP contacts, track outreach history, and set follow-up reminders.
• Secure warm introductions: Use your network to get introductions to target LPs.

April-June: Active Outreach#

• Begin outreach: Start with your highest-priority LPs, using personalized emails and warm introductions.
• Schedule first meetings: Aim for 10-15 first meetings per month.
• Track conversion rates: Monitor your outreach-to-meeting and meeting-to-commitment conversion rates.
• Adjust your approach: Based on feedback, refine your pitch deck and outreach strategy.

July-September: Deepening Relationships#

• Follow up with LPs: Send personalized follow-ups, including additional data, case studies, and reference contacts.
• Schedule second meetings: For LPs who expressed interest, schedule deeper dives into your strategy and track record.
• Begin due diligence: For LPs who are close to committing, provide due diligence materials (PPM, financial statements, legal documents).

October-December: Closing#

• Secure commitments: Focus on closing LPs who have completed due diligence.
• Expand to secondary targets: If you have exceeded your fundraising target, consider expanding to secondary LPs.
• Plan for the next fund: Begin preparation for your next fund, using lessons learned from the current process.

Section 10: Case Studies#

Case Study 1: The Family Office Success#

Manager: A $200 million growth equity fund focused on AI-enabled healthcare.

Challenge: The manager had a strong track record but no relationships with family offices.

Solution: The manager used Altss to identify 47 family offices that had co-invested in healthcare deals in the past 24 months. The manager filtered by check size ($5-15 million), region (North America), and warm introduction availability (path through a portfolio