Private funds in focus: what are the key themes shaping markets in 2026?

Private markets fund managers are currently operating in an environment shaped by more selective fundraising, greater investor scrutiny and a growing pressure to demonstrate operational resilience.

Despite a more challenging backdrop, opportunities remain for fund managers with a clear investment strategy, the right fund structure and an operating model capable of supporting long-term growth.

These themes continue to shape discussions across leading fund jurisdictions, including Cayman, Luxembourg, Ireland and Jersey, and formed the focus of Ogier's recent private markets breakfast in London.

In this article, Ogier Global’s Mark Grenyer explores the trends influencing fund manager priorities, fund structuring, operational resilience and future growth.

What are fund managers prioritising today?

The core priorities haven't changed, but the level of scrutiny certainly has.

Investors have always looked for strong returns and experienced managers. What has changed is the amount of evidence they now want before committing capital. LPs are asking deeper questions around governance, reporting, operational controls, technology, cyber security and succession planning.

In a more competitive fundraising environment, operational credibility is becoming a genuine differentiator. A strong track record remains critical, but investors also want confidence that managers have the infrastructure, oversight and service providers in place to support future growth.

We're also seeing greater demand for transparency and more frequent reporting. Investors increasingly expect timely information and clear communication, particularly during periods of market uncertainty.

So I wouldn't say LP priorities have fundamentally changed. Rather, the standards required to demonstrate those priorities have increased significantly.

Which fund structures are gaining traction?

There is no single dominant structure across private markets. Fund managers are increasingly selecting vehicles based on strategy, investor expectations and fundraising objectives.

Closed-ended funds remain the preferred structure across many private equity, venture capital and private credit strategies. At the same time, co-investment, parallel and continuation vehicles continue to gain traction as fund managers seek greater flexibility and more tailored solutions for investors.

Regulatory developments are also influencing structuring decisions, particularly in the private credit market, where evolving frameworks are creating new opportunities across European domiciles.

Innovation can also shape structuring decisions - for example, Cayman recently introduced a clear regime allowing for the creation of tokenised funds within Cayman’s existing fund framework.

Ultimately, structure selection is becoming increasingly strategic. Rather than starting with a preferred vehicle, managers are focusing on how a structure supports fundraising, governance requirements, investor preferences and long-term operational goals. 

What does resilience mean for private market fund managers?

Resilience means something quite different today than it did five years ago. Historically, resilience was often associated with weathering a downturn. Today, it's about the ability to perform, adapt and continue growing despite constant change.

For private market managers, that means continuing to deliver value in a more challenging fundraising environment, managing liquidity carefully and maintaining strong relationships with investors even when distributions are taking longer than many would like.

What we're also seeing is that operational resilience has become just as important as investment resilience. Investors are undertaking significantly more due diligence on governance, reporting, controls and operating models. They're not just investing in the fund strategy, they're investing in the manager's ability to execute consistently over the long term.

What are the characteristics you see in the most resilient private market managers today?

Managers spend enormous effort building resilient portfolios, but if the reporting, governance, operational controls and investor servicing aren't equally resilient, confidence can quickly erode during periods of stress.

The managers that consistently outperform over the long term tend to balance ambition with discipline. They continue to pursue growth opportunities, but they do so with strong governance, robust risk management, transparent reporting and scalable infrastructure.  The most resilient managers we work with typically share four characteristics.

Firstly, they have strong governance. Decision-making is clear, oversight is effective and they view governance as a strategic advantage rather than a regulatory obligation.

Secondly, they embrace technology and data. They're using technology to improve efficiency, provide better reporting and make more informed decisions.

Thirdly, they remain extremely focused on investor relationships. They communicate consistently, they are transparent when challenges arise and they recognise that investor confidence is built over many years.

Finally, they have scalable operating models. They build infrastructure that can support future growth rather than waiting until growth creates pressure. That allows them to be agile when opportunities emerge.

Ultimately, the most resilient managers think long term. They avoid reacting to every market headline and instead focus on building sustainable businesses that can perform across multiple market cycles.

How can fund managers future-proof their approach?

The starting point is recognising that technology should be viewed as an enabler rather than an end in itself.

There's enormous potential in AI, automation and digital reporting to improve efficiency, reduce risk and enhance the client and investor experience. But technology is only as valuable as the quality of the data and governance supporting it.

The managers who will benefit most are those investing in clean data, strong controls and scalable processes today. That creates a foundation for automation and future innovation.

At the same time, innovation must be balanced with cybersecurity, governance and regulatory requirements. Technology can increase efficiency, but accountability remains with people.

I believe the future belongs to organisations that successfully combine technology, human expertise and strong governance. That's where the real competitive advantage will come from.

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Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

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