2026年资产管理调查报告：资产管理的现状与未来

WELCOME Thank you to the asset management leaderswho participated in this year’s survey and ourcontributors for sharing their insights. Wehope that you find this report valuable, and The asset management industry continues to undergo significanttransformation driven by evolving investor preferences, shifting marketdynamics, and advancements in artificial intelligence (AI) and othertechnologies. Citrin Cooperman’s 2026 Asset Management Survey Report exit plans, and strategicresponses.Respondents reportthat the shifting tides surroundingthe economy, politics, tariffs, interestrates, and other factors have takena toll on deal making pace and exitplans. Four in ten have paused futuredeal making activity or all deal Sincerely, Our respondents, polled in the summer of2025, span financial sectors including privateequity and venture capital firms, private credit,hedge funds, and funds of funds. While theresearch includes established and emergingfunds, most fund leaders who completed thesurvey manage and grow established funds. The topics we cover in the research andour highest-level findings focus on: Alexander ReyesPartner and Financial Services IndustryPractice Leader shifting demands of investors.Among our survey respondents,we see capital sources shifting frompredominantly high-net-worthindividuals to a balance between thoseindividuals and institutional investors,like corporate and public pension fundsor insurance companies. This shiftbrings added burdens for increased regarding operations range fromplans to accept an injection ofoutside capital into the managementcompany to topics like outsourcedsolutions, AI uses, headcount plans,and challenges to talent attractionand retention. Amid economic CONTENTS 4About Our ResearchThe Current State ofCapital Raising5 Actions to StrengthenPerformanceIndustry Outlook1826 The E1ects ofEconomic Uncertainty13 In the summer of 2025, we polled 300 senior leaders of assetmanagement firms across the United States. Respondentsspan sectors including private equity and venture capital firms,private credit funds, hedge funds, funds of funds and more.These leaders share their views and experience with the state offundraising, the effects of the economic environment on dealmaking, strategic responses to uncertainty, and operational THECURRENTSTATE OF The Current State of Capital Raising Sources of CapitalThe asset management fundraising environment faces challenges and In ourEmerging Managers Survey Report, the top three sources of capital foremerging managers captured similar responses as the respondents from this survey,with family offices (70%), wealthy individuals (64%), and fund of funds (43%).As they look for new sources of capital, it’s no surprise to see that a combinationof corporate and public pension funds is identified as a top target (74% for the opportunities, both old and new. These include increased competition forcapital and evolving investor preferences and demands. Amid this backdrop,our respondents identify their top present sources of capital as: “ As firms mature anddevelop, their trackrecords and their fundingsources usually tendto shift. By the timefirms are on their third,fourth, or fifth fund, These statistics are more than numbers – theyshape capital sourcing strategy, help asset managersallocate marketing and relationship management Alexander ReyesPartner and Financial ServicesIndustry Practice Leader Types of New Funds OfferedAs fund leaders work to increase assets under management, create more value, and outperform competitors — all amid market volatility, shifting investor demands, increasing regulatory scrutiny, and rising operating costs — the most common new funds being brought to market areprivate equity funds (56%), venture capital funds (51%), and private credit (50%). Leveraging Third PartiesIn the search for capital, managers have long relied on third parties to bring expertise and access to sourcing capital in a highly competitive environment. For these and other reasons, it is not a surprise that nearly all respondents(96%) use third parties to help source capital. Our respondents most frequently use consultants (70%), placement Engaging external partners is a standard industry practice. While the majority of survey respondents are moreestablished managers, we would like to highlight the importance of emerging managers partnering with thirdparties. These partnerships can offer an introduction to established relationships with institutional and high-net-worth investors, can lend credibility to a manager’s fund and strategy, and can bring deep market insights, investorpreferences, and regulatory awareness. This helps managers tailor their pitches, navigate complex sales cycles, and of all respondents use thirdparties to help source capital Fundraising TimelinesThe process of building relationships, conducting due How long, on average, does it taketo fundraise and launch a fund? diligence, and landing on lead invest