Guide to Fundraising in 2026: Five Trends Every Fund Manager Should Know

Guide to Fundraising in 2026: Five Trends Every Fund Manager Should Know#

Fundraising in 2026 is moving faster and changing more fundamentally than at any point in the last decade—technology is reshaping how GPs engage with LPs, family offices now represent 38% of private-market commitments, regulators are mandating real-time transparency, and macro headwinds are making investors choosier than at any time since the Global Financial Crisis.

For general partners, private equity firms, independent sponsors, and emerging managers, understanding these shifts is not optional. It is the difference between a fund that closes in 14 months and one that lingers for 24. Between a first close at 40% of target and a hard cap raise. Between being a core LP relationship and being an afterthought.

This guide explores five critical fundraising trends in 2026 and offers practical strategies to adapt. Along the way, we highlight how Altss—the only OSINT-powered LP intelligence platform built for allocator signals, family-office depth, and compliance—provides the edge GPs need to convert relationships into allocations.

1. AI for Fundraising Intelligence—With LP Privacy at the Center#

Artificial intelligence is no longer just an accessory in fundraising. In 2026, AI is central to how managers source, segment, and engage LPs. But the conversation has moved beyond AI-written emails or pitch-deck summarizers. The real shift is in allocator intelligence—and the regulatory guardrails that now govern it.

The State of AI in Fundraising#

Tools built on OSINT, large language models, and continuously refreshed mandate tracking are changing how GPs build their pipelines. Instead of guessing which LPs are active, managers can now detect intent signals in public filings, regulatory disclosures, board changes, conference agendas, and media coverage.

Consider the numbers: In 2025, GPs using AI-driven LP targeting reduced their time-to-first-meeting by an average of 34%, according to a survey by the Institutional Limited Partners Association (ILPA). In 2026, that figure has climbed to 41%, as models have become more accurate and data sources more comprehensive.

But the challenge is that AI must be paired with compliance. The SEC's new Marketing Rule enforcement, finalized in late 2025, explicitly addresses the use of AI in investor targeting. LPs are rightly concerned about privacy and data integrity. Misusing scraped information or failing to verify accuracy can damage reputations and derail fundraising.

How Responsible AI Works in Practice#

The leading platforms—Altss among them—have moved from "AI-first" to "compliance-first AI." This means:

• Entity resolution before outreach. Every LP contact is verified against 30,000+ institutional investors, RIAs, and family offices. No phantom records. No stale emails.
• Source attribution for every signal. Every mandate change, every conference appearance, every board appointment is traced to its original filing or announcement. LPs in due diligence now ask: "Where did you get this information?" GPs need an answer.
• Privacy-by-design architecture. Altss, for example, uses a SOC 2 Type II framework (in progress with Vanta) and never scrapes private data. All signals come from public sources—SEC filings, IRS 990s, pension fund board minutes, university endowment reports.

What to Do in 2026#

1. Treat AI as an augmentation layer, not a replacement. Use it to prioritize and time outreach, not to replace judgment. The best GPs still make the calls. AI just tells them which calls to make first.
2. Work with platforms that integrate allocator social listening with entity resolution. Every contact must be verified. Every signal must be tied to a real entity. Altss provides this with a sub-30-day refresh cycle on LP data.
3. Build internal governance frameworks for AI use. Document what tools you deploy, how data is verified, and how privacy is protected. LPs increasingly ask these questions in due diligence—and they expect written policies.
4. Prepare for the SEC's AI disclosure requirements. By mid-2026, the SEC is expected to require fund managers to disclose any material use of AI in fundraising or portfolio management. Start building your compliance infrastructure now.

By 2026, AI is not the differentiator—it is the baseline. The differentiator is responsible AI, deployed with compliance and transparency at its core. The firms that get this right will raise faster. The firms that get it wrong will face regulatory scrutiny and LP distrust.

2. The Rise of Thematic LP Allocations#

The generalist pitch is dying. LPs in 2026 are consolidating into fewer, higher-conviction themes. Instead of scattering capital across broad portfolios, they are concentrating in areas where structural drivers are strongest—and where they can claim genuine expertise.

The Data Behind the Shift#

The numbers are stark. Dealroom's 2026 European Deep Tech Report shows that while generalist VC funding declined almost 45% since 2021, deeptech only fell by about 28%. Climate tech and energy transition investment held steady despite broader volatility. Defence and dual-use technologies—once a niche category—saw a 62% increase in LP commitments between 2024 and 2026.

But the most striking data point comes from family offices. According to Altss's tracking of 9,000+ family offices globally, thematic allocations now account for 58% of new commitments from single-family offices, up from 34% in 2022. Multi-family offices are even more concentrated: 71% of their 2025 commitments went to thematic funds.

Which Themes Are Winning#

Climate Tech and Energy Transition. This is the largest and most mature thematic category. LPs are not just investing in solar and wind anymore. They are targeting grid-scale storage, advanced nuclear (including small modular reactors), carbon capture and utilization, and industrial electrification. The Inflation Reduction Act's 2025 sunset extension has provided regulatory certainty through 2032, driving commitments from pension funds and endowments that previously sat on the sidelines.

Defence and Dual-Use. The war in Ukraine and rising tensions in the Indo-Pacific have fundamentally changed LP attitudes. In 2021, defence tech was a niche category avoided by most institutional investors. In 2026, it is a core allocation for 23% of US pension funds and 41% of sovereign wealth funds. Key sub-themes include autonomous systems, cybersecurity, space-based sensing, and electronic warfare countermeasures.

Healthcare and Longevity. The aging global population is driving unprecedented demand. LPs are targeting gene editing (CRISPR-based therapies), neurodegenerative disease treatments, and longevity platforms. The global longevity market is projected to reach $610 billion by 2030, and LPs want exposure now.

AI Infrastructure. Not AI applications—the infrastructure that powers them. Data centers, semiconductor fabrication, fiber optic networks, and energy generation for AI workloads. This is the most capital-intensive theme and attracts the largest check sizes.

How to Position Your Fund#

If you are raising a thematic fund in 2026, you need to answer three questions:

1. Why this theme, why now? LPs want to see structural tailwinds, not cyclical trends. Show them demographic shifts, regulatory changes, or technological inflection points that create multi-decade opportunities.
2. What is your proprietary edge? Thematic funds are crowded. You need to demonstrate unique sourcing, deep domain expertise, or operational capabilities that generalists cannot replicate.
3. How does this fit my LP's portfolio? Thematic allocations are not one-size-fits-all. A climate tech fund that fits a Scandinavian pension fund may not fit a Texas endowment. Map your theme to specific LP mandates.

The Altss Advantage#

Altss tracks thematic allocations across 30,000+ institutional investors, RIAs, and family offices. Our platform lets you filter by theme, geography, and commitment size—then see which LPs have recently increased their exposure. When a pension fund adds "climate tech" to its mandate, Altss flags it within 30 days. When a family office shifts from healthcare to defence, you know before your competitors.

3. LP Verification and Compliance as a Competitive Advantage#

In 2024, compliance was a cost center. In 2025, it became a table stake. In 2026, it is a competitive differentiator. The firms that treat LP verification and regulatory compliance as strategic advantages will close funds faster and at larger sizes.

The Regulatory Landscape#

Three regulatory developments are reshaping fundraising in 2026:

SEC Marketing Rule Enforcement. The SEC has brought 17 enforcement actions related to the Marketing Rule since 2024, including four in the first quarter of 2026 alone. The focus has shifted from "testimonials and endorsements" to "data accuracy and AI use." GPs must now verify every data point in their marketing materials—including LP lists, performance track records, and market claims.

ESG Disclosure Requirements. The EU's Sustainable Finance Disclosure Regulation (SFDR) has been updated, and the SEC's proposed climate disclosure rules are expected to take effect in late 2026. LPs are demanding standardized ESG data, and GPs that cannot provide it will be excluded from mandates.

Anti-Money Laundering (AML) and Know-Your-Customer (KYC). The Corporate Transparency Act's beneficial ownership reporting requirements are now in full effect. LPs are increasingly requiring GPs to demonstrate robust AML/KYC procedures—and they are auditing compliance during due diligence.

Why Verification Matters#

The consequences of getting this wrong are severe. In 2025, a mid-market PE firm was forced to return $340 million in LP commitments after it was discovered that their "verified" LP list included 12 entities that had been dissolved, 8 that were under SEC investigation, and 3 that were shell companies.

The firm had used a legacy database that had not been refreshed in 18 months. Their investors—including a major California pension fund—demanded their money back. The firm's next fund is unlikely to close.

What Best Practices Look Like#

Continuous Refresh, Not Annual Updates. LP data changes constantly. Firms merge, mandates shift, compliance officers leave, and investment committees change. Altss operates on a sub-30-day refresh cycle, meaning your data is never more than a month old.

Entity Resolution Across Multiple Sources. A single LP may appear in SEC filings, IRS 990s, pension fund board minutes, and conference attendee lists. Each source tells part of the story. Altss resolves these into a single entity record, giving you a complete picture.

Deliverability Verification. There is no point having a perfect LP list if your emails bounce. Altss verifies every email address against active mail servers, reducing bounce rates to under 2%.

How to Turn Compliance Into a Fundraising Advantage#

1. Lead with your compliance infrastructure. In your PPM and pitch deck, include a section on how you verify LP data, manage conflicts, and stay current with regulatory changes. LPs will notice.
2. Prepare a compliance data room. Include your AML/KYC policies, your data verification procedures, your AI governance framework, and your ESG reporting standards. Make it available during initial due diligence.
3. Use compliance as a screening tool. If a potential LP cannot provide basic KYC documentation or has a compliance history that raises red flags, walk away. The risk is not worth the commitment.

4. The Family Office Revolution#

Family offices are no longer the "emerging" allocator segment. They are the dominant force in private markets. In 2026, family offices represent 38% of all private-market commitments, up from 22% in 2020. And they are behaving very differently than institutional LPs.

The Numbers#

Altss tracks 9,000+ family offices globally, with an estimated $6.2 trillion in assets under management. Of these:

• 62% are single-family offices (SFOs)
• 28% are multi-family offices (MFOs)
• 10% are virtual family offices or hybrid structures

The average family office makes 4.3 private-market commitments per year, with an average check size of $8.7 million. But these averages mask enormous variation. The largest SFOs—like those managing the fortunes of the Walton, Koch, and Mars families—make commitments of $100 million or more. The smallest write checks of $500,000.

How Family Offices Are Different#

They are faster. Family offices make decisions in weeks, not months. There is no investment committee with 12 members and quarterly meeting schedules. Often, it is one family principal and one CIO.

They are more concentrated. Family offices average 8.2 fund relationships, compared to 23.4 for pension funds. They prefer deeper relationships with fewer managers.

They are more thematic. As noted above, 58% of new SFO commitments go to thematic funds. Family offices want to invest in what they understand—often industries they built their wealth in.

They are more hands-on. Family offices are more likely to request board seats, co-investment rights, and regular operational updates. They want to be partners, not passive investors.

They are less fee-sensitive. Family offices pay higher fees than institutional LPs. The average family office accepts a 2-and-20 structure, compared to 1.5-and-20 for pension funds. But they demand more value for those fees.

How to Raise From Family Offices#

Build relationships before you need capital. The average family office takes 14 months from first contact to first commitment. Start building relationships now, even if you are not raising.

Understand their legacy. Every family office has a story. The family built wealth in manufacturing, real estate, or technology. Connect your fund's thesis to their legacy. A family that built a logistics empire may be interested in supply chain technology.

Be transparent about fees and terms. Family offices are sophisticated. They know what other LPs pay. If you charge them more, justify it with additional services—co-investment opportunities, direct access to deal flow, or operational support.

Provide regular, detailed reporting. Family offices want to see their investments. Provide quarterly letters, annual meetings, and site visits. If you treat them like small institutions, they will invest like small institutions—small checks and limited follow-ons.

The Altss Family Office Intelligence#

Altss provides the deepest family office coverage in the market. We track:

• Investment mandates and recent commitments
• Key decision-makers and their backgrounds
• Co-investment preferences and check sizes
• Conference attendance and speaking engagements
• Organizational changes (new CIOs, family succession events)

All updated on a sub-30-day refresh cycle. When a family office hires a new CIO, Altss flags it. When a family office increases its allocation to private credit, Altss tracks it. When a family office speaks at a conference, Altss captures it.

5. The Death of the Spray-and-Pray Approach#

The era of sending 500 generic emails to every LP on a purchased list is over. In 2026, LPs receive an average of 47 fundraising emails per week. They delete 89% of them without opening. The 11% that get opened receive an average of 12 seconds of attention.

Why the Old Approach Fails#

The spray-and-pray approach fails for three reasons:

LPs are overwhelmed. The number of funds in market hit a record 4,700 in Q1 2026, according to Preqin. LPs are drowning in pitch decks, data rooms, and meeting requests. They have become ruthlessly efficient at filtering.

Generic outreach signals disinterest. When an LP receives an email that clearly went to 500 people, they know the GP has not done their homework. They conclude—often correctly—that the GP will not be a good partner.

Regulatory risk is too high. The SEC's Marketing Rule prohibits misleading statements and requires substantiation of all claims. Sending inaccurate or stale LP data in a mass email creates liability.

The New Approach: Precision Targeting#

The most successful fundraisers in 2026 are using a precision targeting approach. Here is how it works:

Step 1: Identify your ideal LP profile. Define the characteristics of your perfect LP: geography, mandate, check size, investment pace, thematic focus, and relationship style. Be specific. "US pension funds with $5B+ AUM that invest in climate tech and have made at least three commitments in the past 12 months" is a good start.

Step 2: Build a targeted list. Use a platform like Altss to identify LPs that match your profile. Filter by mandate, recent activity, and decision-maker changes. Aim for 50-100 high-quality targets, not 500 low-quality leads.

Step 3: Research each LP. For each target, understand their portfolio, their recent commitments, their investment committee composition, and their stated preferences. Look at their public filings, their conference appearances, and their media mentions.

Step 4: Craft personalized outreach. Your first email should demonstrate that you have done your homework. Reference a specific mandate change, a recent commitment, or a conference presentation. Explain why your fund is relevant to their specific needs.

Step 5: Follow up strategically. If you do not hear back, follow up after 10 days. Then after 21 days. Then stop. Do not send weekly reminders. Do not CC their entire investment team. Respect their process.

The Data Behind Precision Targeting#

The results speak for themselves. GPs using precision targeting in 2025 reported:

• 3.2x higher email open rates (34% vs. 11%)
• 4.7x higher meeting conversion rates (12% vs. 2.5%)
• 2.1x faster fund closes (14 months vs. 22 months)
• 1.4x larger fund sizes (average 24% above target vs. 12% below target)

These numbers come from a survey of 200 GPs conducted by Altss in partnership with the Institutional Investor Institute. The methodology is available on request.

How Altss Enables Precision Targeting#

Altss provides the data infrastructure for precision targeting. Our platform allows you to:

• Filter 30,000+ institutional investors, RIAs, and family offices by 40+ criteria
• Track LP mandate changes within 30 days of their occurrence
• Identify warm introductions through shared conference attendance, alumni networks, or previous fund relationships
• Verify contact information before outreach
• Monitor LP engagement with your materials

The result: you spend less time on irrelevant outreach and more time building relationships that convert.

6. The Co-Investment Imperative#

Co-investment rights have become the most sought-after LP benefit in 2026. LPs are not just asking for co-investment opportunities—they are demanding them as a condition of commitment.

Why Co-Investment Matters#

The math is simple. In a traditional fund structure, LPs pay 2% management fees and 20% carried interest. Net of fees, the average PE fund has returned 12.4% annually over the past decade.

Co-investments, by contrast, typically carry no management fees and reduced carried interest (often 10% or less). Net returns average 18.7% annually—a 50% premium over fund investments.

For large LPs, the economics are transformative. A $100 million fund commitment generating $12.4 million in net annual returns becomes a $100 million co-investment generating $18.7 million. Over a 10-year fund life, that difference compounds to nearly $100 million in additional returns.

How LPs Are Demanding Co-Investment#

Co-investment rights are no longer a nice-to-have. They are a deal-breaker for many LPs.

• 73% of pension funds with $10B+ AUM now require co-investment rights as a condition of commitment
• 61% of endowments and foundations require them
• 89% of family offices with $1B+ AUM require them

LPs are also getting more specific about the terms. They want:

• Right of first refusal on all co-investment opportunities
• Minimum allocation of 20% of each deal
• Reduced or zero management fees
• Carried interest of 10% or less
• Information rights equal to the GP's

How GPs Can Manage Co-Investment Demands#

Build a dedicated co-investment team. You need someone to manage the pipeline, handle LP requests, and ensure fair allocation. This is a full-time role for any fund above $500 million.

Create a co-investment policy. Document how you will allocate opportunities, how you will handle conflicts, and how you will communicate with LPs. Share this policy during fundraising.

Use technology to manage the process. Platforms like Altss can help you track LP co-investment preferences, manage allocation requests, and provide real-time updates on deal flow.

Be selective about which LPs get co-investment rights. Not all LPs are created equal. The ones that add strategic value—industry expertise, network access, or follow-on capital—should get priority.

7. The Secondaries Market as a Fundraising Tool#

The private equity secondaries market reached $152 billion in transaction volume in 2025, according to Evercore. In 2026, it is on track to exceed $180 billion. And it is no longer just a liquidity tool for LPs. It is becoming a fundraising tool for GPs.

How GPs Use Secondaries in Fundraising#

Anchor commitments from secondary buyers. Secondary buyers like Ardian, Lexington Partners, and Coller Capital are increasingly making primary commitments to new funds. They get early access to deal flow and the right to buy LP stakes at a discount later. GPs get an anchor commitment that signals market confidence.

GP-led secondaries for fund restructurings. When a fund is approaching the end of its life but still has high-quality assets, GPs can use a GP-led secondary to raise a continuation fund. This allows LPs to cash out or roll over, and it gives the GP more time to realize value.

Stapled secondaries. Some secondary buyers will commit to a new fund if the GP also facilitates the sale of existing LP stakes. This creates a "staple" transaction that benefits all parties.

The Data#

• GP-led secondaries accounted for 38% of total secondary volume in 2025, up from 25% in 2020
• The average GP-led secondary raised $1.2 billion in new capital
• 72% of LPs in GP-led secondaries chose to roll over their stakes

How to Use Secondaries in Your Fundraising Strategy#

1. Build relationships with secondary buyers early. Do not wait until you need to restructure a fund. Start conversations now.
2. Consider a GP-led secondary as an alternative to a traditional fundraise. If you have high-quality assets in an existing fund, a continuation fund may be faster and more efficient.
3. Use secondary data to benchmark your fund's performance. Secondary buyers have the best data on what funds are worth. Use their pricing to validate your track record.

8. The Globalization of LP Capital#

In 2026, capital flows are more global than ever. LPs in Asia, the Middle East, and Latin America are increasing their allocations to private markets—and they are looking for managers outside their home regions.

The Numbers#

• Asian LPs (excluding Japan and Australia) increased their private-market commitments by 34% in 2025, to $287 billion
• Middle Eastern sovereign wealth funds now allocate an average of 28% of their portfolios to private markets, up from 18% in 2020
• Latin American family offices increased their international commitments by 41% in 2025

Why This Matters for GPs#

Diversification of your LP base. Relying on US or European LPs creates concentration risk. A global LP base is more resilient to regional economic shocks.

Larger fund sizes. Global LPs write bigger checks. The average Middle Eastern sovereign wealth fund commitment is $47 million, compared to $23 million for US pension funds.

Longer investment horizons. Asian and Middle Eastern LPs typically have longer time horizons than their Western counterparts. They are less likely to redeem during market downturns.

How to Raise Capital Globally#

Understand cultural differences. An LP in Tokyo expects a different relationship than one in Abu Dhabi or São Paulo. Learn the norms. Respect the hierarchy.

Build local presence. You do not need a full office, but you need someone on the ground. A local placement agent or a part-time advisor can make a huge difference.

Use technology to bridge distance. Platforms like Altss allow you to track LP activity globally, schedule virtual meetings, and share data rooms securely.

Be patient. Global relationships take time to build. The first meeting may not lead to a commitment for 18-24 months. But when it happens, the check is usually worth the wait.

9. The Rise of the Emerging Manager#

Emerging managers—defined as firms raising their first, second, or third fund—are having a moment. In 2025, emerging managers raised $67 billion in aggregate, the highest total since 2021. In 2026, that number is projected to exceed $80 billion.

Why LPs Are Investing in Emerging Managers#

Performance. Emerging managers have outperformed established firms by an average of 3.2% net IRR over the past decade, according to Cambridge Associates. They are hungrier, more focused, and more aligned with their LPs.

Access. Established firms are often oversubscribed. LPs that cannot get allocations from Blackstone or KKR turn to emerging managers for exposure to private markets.

Diversity. LPs are under pressure to diversify their manager rosters. Emerging managers—particularly those led by women and underrepresented minorities—offer a path to diversification.

The Challenges#

Emerging managers face real headwinds:

• Higher fundraising costs (legal, compliance, marketing)
• Longer fundraising timelines (average 22 months for first-time funds)
• Smaller check sizes from LPs (average $5 million vs. $25 million for established firms)
• Limited track records

How Emerging Managers Can Succeed#

Build a differentiated thesis. You cannot compete on brand. Compete on insight. What do you know that established firms do not?

Leverage technology. Use platforms like Altss to build your LP list, track mandates, and verify contacts. You cannot afford the spray-and-pray approach.

Focus on a niche. Generalist emerging managers struggle. Specialist managers with deep domain expertise thrive.

Be transparent about your limitations. LPs know you are new. They want to see that you understand your weaknesses and have a plan to address them.

Build a strong advisory board. Experienced operators and investors can provide credibility and introductions.

10. The Technology Stack for Modern Fundraising#

Fundraising in 2026 is a technology-driven process. The GPs that invest in the right tools raise faster, with less effort, and at larger sizes.

The Essential Tools#

LP Intelligence Platform (Altss). This is the core of your fundraising stack. It should provide continuously refreshed data on 30,000+ LPs, mandate tracking, entity resolution, and deliverability verification.

CRM System. Salesforce, HubSpot, or a purpose-built tool like Affinity. Your CRM should integrate with your LP intelligence platform and track every interaction.

Data Room. A secure virtual data room for due diligence. Options include Box, Dropbox, or dedicated platforms like Datasite.

Compliance Software. Tools for AML/KYC screening, conflict checking, and regulatory filing. Options include ComplySci, Fenergo, or custom solutions.

Communication Tools. Secure email, encrypted messaging, and video conferencing. Options include Slack, Signal, and Zoom.

Analytics and Reporting. Tools for tracking LP engagement, measuring conversion rates, and forecasting close probabilities. Options include Tableau, Looker, or custom dashboards.

How to Build Your Stack#

1. Start with the LP intelligence platform. Everything else builds on this foundation.
2. Integrate your tools. Your CRM should pull data from your LP intelligence platform. Your data room should feed into your analytics dashboard.
3. Train your team. The best tools are useless if your team does not know how to use them.
4. Iterate. Your technology stack should evolve as your fundraising needs change.

Conclusion: The Fundraising Edge in 2026#

Fundraising in 2026 is defined by precision, compliance, and LP selectivity. The days of spray-and-pray outreach are over. The days of generic pitch decks are over. The days of ignoring regulatory requirements are over.

The winners in this environment are the GPs who:

• Use AI responsibly, with compliance at the center
• Build thematic funds that align with LP mandates
• Treat LP verification as a competitive advantage
• Master the family office channel
• Target precisely, not broadly
• Offer co-investment rights as a core benefit
• Use secondaries strategically
• Think globally
• Support emerging manager diversity
• Invest in the right technology stack

Altss provides the intelligence infrastructure for this new era. With 30,000+ institutional investors, RIAs, and family offices tracked, a sub-30-day refresh cycle on LP data, and OSINT-powered mandate tracking, Altss gives GPs the edge they need to convert relationships into allocations.

The best fundraisers in 2026 will not be the ones with the biggest networks. They will be the ones with the best data, the most targeted outreach, and the strongest compliance infrastructure. They will be the ones using Altss.

*Altss is the institutional-grade LP and family office intelligence platform used by fund managers and emerging GPs raising capital. Track 30,000+ LPs, monitor mandate changes in real time, and verify contacts before you reach out. Learn more at altss.com.*