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Global Fund Banking’s survey of 227 PE/VC firms shows pockets of positive sentiment amid a still-difficult fundraising environment.
Only flagship funds were more popular, at 57%.
This mirrors the 2x decline of LP interest in late-stage venture capital.
That compares to 44% reporting higher distributions in 2025 vs. 2024.
Industry data, SVB data, and survey data from more than 200 private funds CFO and COO clients, plus insights from hundreds of conversations with market participants demonstrate near-peak activity, but uneven confidence.
Fundraising activity for co-investment funds has risen closer to the level of flagship funds, a trend seen across both PE and VC.
Going forward, firms will continue to leverage innovation in fund structures.
As interest in late-stage venture funds decreases, LPs are increasingly turning to buyouts, growth equity, and private credit.
26% of LPs are interested in funds targeting private credit, double that of 2023.
The share of respondents expecting increased distributions in 2026 is 18 percentage points higher than the share that reported increased distributions in 2025.
Survey respondents expect exit momentum to continue in 2026.
Read the full report for more insights.
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