Our latest newsletter highlights a structural shift in capital formation. The single-track fundraising era is over. Liquidity is now the prerequisite that frames every allocation decision, with capital formation spanning primaries, co-investments, secondaries, and continuation vehicles. DPI has displaced IRR and TVPI as the principal metric of LP focus.

Against a widening supply-demand imbalance – more GPs in market, tightening LP capital – LP allocation decisions have become materially more selective. Secondary market transaction value reached $226bn in 2025, reflecting sustained demand for active portfolio management. Blended portfolio construction is becoming standard practice as LPs deliberately combine primaries, co-investments, and secondaries to balance exposure, liquidity, and pacing.

For GPs, performance remains necessary but is no longer sufficient. Managers gaining ground in 2026 are competing on access, flexibility, alignment, and the breadth of relationship they can offer.

You can read the full Q2 2026 Asante Market Pulse at the link below.