The findings from our 5th CAMMI (Core Alternative Manager’s Mood Index) survey should be on every private markets CFO and COO’s radar.
Core Alternative Managers' Mood Index Summary results from our 5 th survey PRIVATE MARKETS REPORT What's shaping your next 12 months?
Through the responses provided in each CAMMI survey, a score above 50 signals rising allocations; below 50, a decline. With an overall score of 56.56 for Q4 2025, UK and European fund managers remain optimistic that investor allocations will grow over the next 12 months. CAMMI (the Core Alternative Managers' Mood Index) measures allocation sentiment across private equity, real assets and private credit on a scale of 0 to 100. The mood is positive. Here’s what it means 01 4 Key findings from the 5 th CAMMI report: Technology has overtaken talent as the number one internal challenge for private market fund managers. Your operating model may not be ready for what comes next. Political uncertainty and recession risk are the dominant external threats in the year ahead, and both have direct implications for your cost structure and forecasting model. Fundraising is growing but getting harder. Cycles are stretching, first closes are tougher and capital is concentrating in fewer asset classes. Investor due diligence has shifted. LPs are no longer just asking what you deliver; they want to know how you run the business that delivers it. 1 2 3 4 DOWNLOAD Want the full picture? The complete CAMMI report contains detailed findings across every asset class and strategy.
02 Ranking of internal challenges: Technology Talent Operational efficiency Data management 26% 23% 17% 14% Your operating model needs to scale without adding fixed costs. If you are still relying on headcount to fill gaps that systems should be solving, you are already behind. Prioritise technology that improves reporting accuracy and eliminates manual processes and assess whether your outsourcing or co-sourcing arrangements are aligned with where investor expectations are heading, not where they were. Your biggest risk isn't talent. It's technology. of fund managers cite technology as their leading internal challenge. Technology has overtaken talent for the first time, reflecting mounting pressure around systems, data quality and reporting speed. CFOs and COOs are being asked to deliver faster, more transparent reporting and stronger controls without a corresponding increase in cost. What this means for you
03 27% Growth Capital Buyout 38% 37% Private Debt 40% Venture Capital of allocation expectations are led by Growth Capital. The market expects increased investor allocations across all major asset classes, but at a more selective pace than earlier in 2025. Fundraising cycles are stretching, first closes are becoming harder to secure and subscription pacing is varying sharply across strategies. Capital is concentrating. Is your fund in the right place? This is not a uniform market. The gap between the strongest and weakest asset classes is nearly 20 percentage points and capital is becoming more selective. Fundraising timelines need to be modelled conservatively, and your cost base stress-tested against a longer raise than you might expect. If your fund sits in a lower-allocation category, operational credibility is no longer a nice-to-have, it’s what will protect your LP relationships when competition for commitments intensifies. What this means for you Allocation increases expected by asset class: 46% Real Estate / Infrastructure 45% Secondaries / Fund of Funds
A structural shift. Is your liquidity infrastructure fit for purpose? 04 are already using or planning continuation vehicles. Liquidity and strategy pressure indicators: Continuation vehicle use Increased secondaries allocations expected Expected Buyout allocation declines 53% 49% 36% Widening performance and allocation gaps between strategies are creating multi-speed portfolio economics, with material differences in liquidity timing, valuation cadence and capital deployment. If your finance and operations infrastructure was built around a single-strategy or single-speed model, the growing use of continuation vehicles and secondaries will expose those limitations quickly. Now is the time to stress-test your reporting and governance frameworks against the complexity that is already here. As exits normalise unevenly across strategies, the tools being used to manage timing mismatches between exits, distributions and investor expectations are becoming more sophisticated and more operationally demanding. What this means for you
Cyber security Cash management ESG Outsourcing governance Domicile choice 60% 52% 30% 24% 23% 05 of respondents cite cybersecurity as the top investor due diligence priority. Cash management (52%) and ESG (30%) follow closely, with outsourcing governance (24%) and domicile choice (23%) rounding out the top five. The message is clear: LPs have shifted their scrutiny from investment performance to operational integrity. Investor due diligence priorities: If cybersecurity, cash controls and third-party governance are not already embedded in your investor reporting and DDQ responses, they need to be. It is a front-line fundraising issue. Managers who can demonstrate institutional-grade controls clearly and confidently will have a material advantage over those who cannot. What this means for you It's not just what you deliver. It's how you operate.
06 of fund managers cite political uncertainty as a leading external concern for the year ahead. This signals a year of potential regulatory shifts, market volatility and slower deployment velocity. For CFOs and COOs, this translates directly into greater forecasting complexity and heightened pressure on cost structure resilience. Political uncertainty 11% 12% Fundraising challenges The macro environment has changed. Has your plan? Heightened external uncertainty means robust scenario planning is now essential. If your working capital assumptions and cost structure have not been stress-tested against a slower-deployment or extended-fundraising environment, that work should be on your near-term agenda. The managers who navigate this period most effectively will be those who built resilience into their financial model before they needed it. What this means for you Greatest obstacles to growth: 34% Global regulation 8% Competition / consolidation 24% Recession risk
07 Gen II works with private market fund managers across the UK, Europe and the US to design and deliver the operational and financial infrastructure that underpins each of these priorities - from technology-enabled reporting and fund administration to governance frameworks and investor transparency. If the themes in this briefing resonate with priorities you are facing, please get in touch at contact@gen2fund.com or speak to your usual Gen II contact. 4 actions that cannot wait The results from our 5th CAMMI survey point to four clear priorities for private market CFOs and COOs in the year ahead: Audit your operating model against the technology and reporting demands your investors already expect — not the ones they had two years ago. Stress-test your fundraising assumptions across asset classes, recognising that the gap between the strongest and weakest strategies is widening. Review your liquidity and governance frameworks in light of growing continuation vehicle and secondaries activity. Ensure your DDQ and investor reporting addresses cybersecurity, cash controls and outsourcing governance as front-line priorities. 1 2 3 4 How Gen II can help This briefing captures the headlines. The full CAMMI report gives you the depth behind the data, including detailed asset class breakdowns and trend analysis. DOWNLOAD
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