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Matthias Knab, Opalesque for New Managers:

Citrin Cooperman's 2026 survey of 300 U.S. asset managers reveals shifting capital sources toward institutions, extended fundraising timelines, and deal-making pauses amid economic uncertainty.

The asset management landscape is undergoing a fundamental transformation in its investor base. High-net-worth individuals (59%) remain the top current capital source, but managers are increasingly targeting institutional investors for new capital. Corporate and public pension funds combined represent 74% of targeted new sources, followed by high-net-worth individuals at 57% and insurance companies at 47%.

"As firms mature and develop, their track records and their funding sources usually tend to shift. By the time firms are on their third, fourth, or fifth fund, they are more likely to obtain capital from more institutional sources such as pension funds," notes Alexander Reyes, Partner and Financial Services Industry Practice Leader at Citrin Cooperman.

The median time to close a fundraising round has nearly doubled over the past decade, from 7.4 months to 13 months according to PitchBook data. The survey confirms this trend, with 60% of respondents reporting 7-12 month fundraising timelines and......................

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