Limited partners (LPs) are maintaining their private markets commitments but changing how they build them, according to Goldman Sachs’s 2026 global alternatives survey.

Almost half (47 per cent) of surveyed LPs plan to keep their current exposure, with over one-third (37 per cent) expecting to deploy more capital than last year, and only 11 per cent intending to deploy less.

The survey captures the views of 225 LPs between June and August 2026. Respondents include, among others, public and private pensions, insurance companies, endowments and foundations, sovereign wealth, and family offices. The sample had an almost even split between those based in the Americas and EMEA, with less than 20 per cent of respondents based in APAC.

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“LPs are not retreating, they are rethinking where to deploy capital, with whom, and on what terms,” said Marc Nachmann, global head of asset and wealth management at Goldman Sachs. “Their confidence in private markets remains intact, but they are taking a more selective approach, focusing on managers who can deliver value creation to achieve target returns.”

Most LPs report that a meaningful share of their commitments over the past 12 months were re-ups with existing general partners.

When LPs add new managers, 78 per cent say track record matters most, with half of respondents also flagging access to new strategies or asset classes, followed by specialist expertise (39 per cent), and diversification across sectors or regions (35 per cent).

“New managers have to earn their allocations,” said Mike Brandmeyer, global head and chief investment officer of the external investing group at Goldman Sachs Alternatives. “Track record is critical; but investors now want to see underwriting discipline, a clear edge over competitors, and a manager’s ability to adapt to structural shifts, especially those driven by AI,” he added.

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Another point highlighted in the survey was that geopolitical risk remained a the top investment risk for LPs for the third straight year, but they continue to deploy capital into private markets.

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