96% of global LPs to increase or maintain private markets allocation

Written by Adam Cadle

30/06/2025

Ninety-six per cent of global LPs plan to increase or maintain their private markets allocation in the next 12 months.

According to Wellington’s Private Investing Survey, just 4% of global LPs said they would decrease their private markets allocation in the next year.

A large majority (64%) said either political uncertainty or tariffs are the key risk for private markets in the coming year.

The US had the highest percentage of respondents that increased their private markets allocation in the last 12 months (73%).

Looking at regions specifically, Europe and the Middle East are the most bullish on private markets, where respectively 65% and 64% of all respondents plan to increase private markets allocations over the next 12 months.

Fifty-one per cent of LPs believe that a blended public-private strategy can enhance portfolio performance. Sixty-three per cent said they would consider combining public and private markets strategies, with ‘having a more holistic view of all investments’ cited as the top benefit (19%, followed by ‘easier access to research and insights’ (16%).

Additionally, LPs expect equities to be where they see the greatest convergence in public and private markets compared to other asset classes, such as credit and real estate.

Kalyani Harar, director of private investments at Wellington Management, added: “Despite last year’s challenges in private markets, the Wellington Management Private Investing Survey reveals LPs are still optimistic about private markets and see ongoing opportunities.

“Given the uncertain macro-environment, many LPs have taken steps to diversify their historically concentrated allocations away from traditional strategies and include the likes of secondaries and growth in their portfolios going forward. This is driven by both liquidity benefits and, for growth, reduced direct exposure to interest rate volatility.”

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