The majority of private markets GPs are optimistic about their fundraising prospects in 2026 – although pessimism remains with a significant chunk of capital raisers, new research from S&P Global shows.
Almost 60% of GP respondents to a February survey by S&P were optimistic about hitting fundraising targets this year – with a fifth of those “highly optimistic”.
But more than a quarter were “concerned” about their fundraising activity, the S&P Global Private Equity and Venture Capital Outlook said.
The report stated, “With Intelligence’s outlook report cautions that any rebound in private equity fundraising is likely to proceed slowly.
“It’s still tough going, particularly for first-time managers and middlemarket managers who can’t demonstrate strong investment performance to prospective investors.”
The top fundraising challenge is shifting investor priorities, according to almost half of GP responses to the survey, while fund competition and LP concerns about distributions were both cited by about 36% of respondents.
About 60% of GPs surveyed were dissatisfied with the availability of information on LP allocations and mandates, S&P said, with over half dissatisfied with their access to intelligence on peer fundraising strategies.
On the dealmaking side, GPs were largely optimistic or neutral about the outlook for 2025, with almost four in five respondents expecting deal volume to remain consistent (40.4%), improve somewhat (34%) or improve significantly (4.3%).
S&P said that aligned with the With Intelligence outlook, which predicts a gradual uptick in private equity-backed transaction volumes in 2026. (S&P bought With Intelligence in a $1.8bn deal last November.)
The firm’s new survey report said, “In 2025, global private equity and venture capital backed deal value, both through M&A and rounds of funding, increased over prior-year totals, even as the number of deals declined, according to S&P Global Market Intelligence data.
“Of the GPs surveyed in February, close to 40% expect deal numbers to hold steady in 2026, while nearly as many are anticipating an uptick in deals.
“One possible ingredient in that positive outlook is capital availability. GPs predicting an improvement in capital availability outnumbered those expecting a tougher time tapping capital sources.
“GPs are also expecting continued pressure on corporate valuations. While the largest group predicted no change in 2026, those with a negative outlook outnumbered those with a positive outlook.
“There may not be an exit boom in the forecast, but With Intelligence’s outlook sets the expectation for exit activity to at least normalize in 2026 as both dealmaking and IPOs continue on multi-year recovery trends.”
GPs in the survey were prioritizing traditional private equity buyouts as their core strategy in 2026, followed by growth equity investments and venture capital.
Private credit ranked fourth in the survey, but more than half of respondents rated deteriorating credit quality as a top risk to the asset class in 2026.
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