Insights From the Center of Alternatives

How are investors playing the massive wave of AI capex hitting markets?
We have answers.

iConnections surveyed hundreds of leading allocator decision makers in 2025 and 2026. Here’s what’s changing: 

• AI didn’t just gain traction. It took over the conversation. In the last few years, it’s been a solid and growing theme. By 2026, it has become a central driver of entire portfolios, shaping how allocators think about markets, asset allocation, and where capital goes next. 

In 2025, adoption was meaningful but still in development. 54% of allocators reported investing in AI-related assets, themes, or strategies, while 45% indicated their firms were using AI as an investment or operational tool. These figures point to a market that had moved beyond curiosity. AI was no longer a fringe allocation, but it had not yet reached consensus status. It was being explored both as a source of returns and as an internal capability, but the framing remained tactical rather than foundational. 

By 2026, that framing changed decisively. AI is no longer simply a theme within portfolios. It is now a core lens through which allocators interpret the investment landscape. A striking 83% of allocators cite the AI supercycle as a top theme shaping investment sentiment, placing it alongside macro forces such as interest rates and geopolitical risk in terms of importance.  

In 2025, just over 50% of respondents listed the AI supercycle as a top theme, behind political and regulatory changes. The shift is not just in adoption levels, but in mindset. AI has moved from being one opportunity among many to a structural driver of capital allocation decisions. 

Source: iConnections Global Allocator Reports 2025 & 2026. Numbers will sum to >100, as LPs could select multiple answers

Where AI Supercycle Allocators See Opportunity

What is particularly notable is how allocators are choosing to express this conviction. The opportunity set is not being pursued uniformly across the AI ecosystem. Instead, there is a clear preference for areas that provide exposure to the underlying buildout of the AI economy, rather than purely to its most visible applications. 

In 2026, 44% of allocators identified AI infrastructure as the most compelling opportunity. This includes the physical and digital backbone required to support AI deployment, such as data centers, energy capacity, semiconductor supply chains, and enabling technologies. The emphasis on infrastructure reflects a broader allocator tendency to favor durable, cash flow–oriented exposure over more speculative growth segments. 

This positioning is increasingly reinforced by what allocators are seeing in public markets. Recent earnings reports from major technology firms have highlighted significant increases in AI-related capital expenditure, particularly in data centers, compute capacity, and energy infrastructure. That level of spending serves as a real-time validation of the infrastructure thesis. It signals that the buildout phase of the AI cycle is not theoretical. It is already underway at scale, supported by some of the largest balance sheets in the world. 

At the same time, the opportunity is not limited to infrastructure alone. Allocators are also exploring AI across a range of adjacent areas, including private equity, venture capital, and public equities. However, these exposures are increasingly being approached with greater selectivity and discipline, particularly given the rapid repricing that has occurred across AI-linked assets. 

Where Allocators See Risk

If opportunity defines the upside narrative, valuation defines the constraint. The most consistent and dominant risk identified by allocators in 2026 is not technological uncertainty or adoption risk. It is pricing. 

This year, a majority 59% of allocators cite valuation bubbles as the top risk associated with AI investing. This is a critical signal. It suggests that while allocators broadly agree on the long-term significance of AI, they are far less confident in the near-term entry points and pricing dynamics across the space. 

This tension is also being reinforced by market dynamics. The same earnings reports that point to unprecedented levels of AI investment have also raised questions around return on invested capital, payback periods, and the sustainability of current spending levels. For allocators, that creates a more complex equation. The scale of investment confirms the opportunity, but it also increases the risk that expectations embedded in valuations may be running ahead of realized outcomes. 

The result is a market characterized by high conviction but cautious implementation. Allocators are not avoiding AI. They are recalibrating how they access it. 

The Emerging Allocation Framework

Taken together, these data points point to a more nuanced allocator approach to AI in 2026. The shift is not simply from “no exposure” to “more exposure.” It is from broad curiosity to targeted execution. 

Three defining characteristics emerge: 

• Selective Expression of Conviction 
  Allocators are aligning with the AI theme, but they are doing so through specific parts of the value chain. Infrastructure has emerged as a preferred entry point, while more crowded segments face greater scrutiny.  

• Separation of Theme and Timing 
  There is a clear distinction between belief in the long-term trajectory of AI and confidence in current valuations. Allocators are willing to wait, structure exposure differently, or access the theme indirectly to manage this tension.  

• Integration into Core Portfolio Thinking 
  AI is no longer treated as a standalone allocation bucket. It is increasingly influencing decisions across asset classes, including private markets, public equities, real assets, and even credit.  

A Market Defined by Conviction and Constraint

The year-over-year shift in AI sentiment encapsulates a broader evolution in allocator behavior. In 2025, the question was whether AI would become a meaningful part of portfolios. In 2026, that question has been answered. The focus has shifted to how to gain exposure without overpaying for it. 

This creates a market environment where: 

• Demand is high, driven by widespread belief in the AI supercycle  

• Supply is abundant, with a growing number of strategies and managers seeking to capture that demand  

• Selectivity is increasing, as allocators differentiate between durable opportunities and overheated segments  

The net result is not a pullback from AI, but a more disciplined and structured approach to allocation. Allocators are leaning into the theme, but they are doing so with a clear awareness of the risks embedded in current market pricing. 

Bottom Line

AI has transitioned from an emerging allocation to a central organizing theme in allocator portfolios. Adoption has broadened, conviction has deepened, and the opportunity set has expanded. At the same time, concerns around valuation have introduced a meaningful constraint on how capital is deployed. 

Allocators believe in the AI supercycle. The defining question for 2026 is not whether to invest, but where in the ecosystem to participate and at what price.

GLADWYNE, Pa., April 28, 2026 – iConnections, the leading data-driven platform for LP–GP capital connection and allocation, today released its 2026 Global Allocator Report, underwritten by J.P. Morgan Asset Management, alongside new real-time findings from its Iran Conflict Pulse Check, offering a rare dual-lens view into allocator behavior before and after a major geopolitical shock.

Drawing on insights from more than 5,000 decision-makers representing over $55 trillion in assets, the report underscores a defining shift in institutional strategy: a move toward liquidity, selectivity, and macro-driven resilience in an increasingly uncertain global environment.

While the broader report captures sentiment at Global Alts Miami 2026, iConnections’ follow-on Iran conflict survey provides immediate context for how allocators are reacting to geopolitical escalation in real time.

View official release here→

A market defined by selectivity and macro awareness

The 2026 Global Allocator Report highlights a continued commitment to alternatives, with 67% of allocators planning to increase exposure, but with a markedly more disciplined approach.Institutional investors are increasingly favoring strategies that offer flexibility, liquidity, and the ability to navigate dispersion, including:

• Global Macro
• Multi-Strategy
• Long/Short Equity

At the same time, capital is being actively recycled, with investors reallocating from lower-conviction positions into more targeted, opportunistic strategies.

Macro uncertainty and liquidity constraints remain the dominant portfolio concerns, cited by 26% and 25% of allocators respectively.

Iran conflict data: real-time validation of a “wait-and-see” market

To capture how quickly sentiment can shift, iConnections re-surveyed its allocator base during the early days of the Iran conflict, providing one of the industry’s only pre- and post-event comparative datasets.

The findings reinforce a consistent theme:

1. Monitoring, Not Repositioning

• 55% of allocators reported no material change to asset allocation
• Only 10% are actively making portfolio moves

2. Liquidity Is the First Line of Defense

• 40% are increasing liquidity buffers, signaling preparation for volatility without broad repositioning

3. Targeted Hedging Over Structural Change

• 30% are increasing hedges
• 25% are diversifying selectively, rather than overhauling portfolios

4. Early Signs of Opportunistic Capital Deployment

• A smaller segment (~10%) is already deploying capital into dislocations

The rise of “macro-agile” portfolios

Across both datasets, a consistent structural theme emerges: allocators are redesigning portfolios for adaptability, not just return.

Key trends include:

• Increased demand for liquid strategies that can respond to volatility
• Greater emphasis on portfolio resilience and downside protection
• Heightened scrutiny of manager differentiation and repeatable edge

At the same time, enthusiasm for long-term themes—such as AI—remains strong, though increasingly disciplined. While 83% of allocators cite AI as a major driver, many are shifting toward infrastructure plays over higher-valuation segments.

The bottom line: liquidity is paramount

Across both the Global Allocator Report and the Iran Pulse Check, one message stands out:

Liquidity is now the defining constraint—and opportunity—across the alternatives ecosystem.

Rather than retreating, institutional investors are:

• Holding more cash
• Stress-testing portfolios
• Waiting for clearer signals before making large-scale shifts

About the report

The iConnections Global Allocator Report 2026, underwritten by J.P. Morgan Asset Management, combines:

• Survey data from Global Alts Miami 2026
• Proprietary meeting and engagement analytics
• Follow-on geopolitical pulse checks, including the Iran Conflict survey

Together, these datasets provide a multi-dimensional view of allocator intent, behavior, and forward-looking positioning.

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About iConnections

iConnections is the most efficient and effective network for capital connection. Built for fund managers and allocators, the platform facilitates high-quality relationship building, discovery, and fundraising all in one place, all year long. By combining powerful technology with deep institutional participation, iConnections helps investment professionals connect with the right partners, at the right time before, during, and after events. The firm also hosts Global Alts, one of the alternative investment industry’s most influential event series, bringing together thousands of allocators and managers worldwide.

Visit iconnections.io to learn more.

For years, our community has told us the same thing: bring Global Alts to Europe. We listened, and now it’s happening. 

Global Alts Europe 2027 will take place on April 28–29, 2027 at Les Salles du Carrousel, Carrousel du Louvre, in Paris. It’s the first time our flagship capital introduction event crosses the Atlantic, and we couldn’t be more excited about where it’s headed. 

Why Europe, and Why Now

This isn’t a decision we made lightly. We’ve spent years building Global Alts into the largest cap intro event in alternatives. From our flagship in Miami to New York and Asia, the brand has grown steadily. Expanding into Europe, however, had to happen at the right moment.

That moment is now. At our most recent event Global Alts Miami, we surveyed LP attendees about their allocation plans. The results were clear: 55% of respondents said they intend to allocate to Europe over the next 12 to 18 months, up from 47% the year before. That’s a significant shift. For years, sentiment toward the region stayed muted. Now, institutional investors are turning their attention back to European opportunities. That includes private equity, hedge funds, private credit, and beyond.

We built Global Alts Europe to meet that demand. The goal is simple: give allocators and fund managers a dedicated, high-efficiency environment. There, they can build relationships and explore opportunities across the European alternative investments landscape.

Why Paris

When we thought about where to launch this event, Paris stood out for several reasons. It’s a global financial center with deep roots in asset management. It sits at a geographic crossroads that’s accessible to LPs and GPs from across Europe, the UK, and the Middle East. And the venue (Les Salles du Carrousel, inside the Carrousel du Louvre) gives us the kind of setting that matches the scale and prestige our members expect. 

Paris has also become an increasingly important hub for alternative asset managers. In recent years, firms have expanded their European presence beyond London. For an event focused on connecting institutional allocators with managers across the continent, it’s the natural starting point. 

What to Expect

If you’ve attended Global Alts Miami, Global Alts New York or Global Alts Asia, the format will feel familiar. Global Alts Europe 2027 will feature our signature model: curated one-on-one meetings between allocators and fund managers. Additionally, the program includes thought leadership sessions, panel discussions, and dedicated networking time.

The difference is the audience and the focus. We built this event to bring global fund managers face-to-face with European institutional allocators: the LPs actively deploying across the region. Are you raising capital across European strategies? Looking to strengthen your LP network on the continent? This event is designed to be the most efficient way to make those connections.

We’ll be sharing more details on programming, speakers, and registration in the coming months. In the meantime, you can visit the Global Alts Europe 2027 event page for updates. 

We announced the event formally a few days ago. You can read the full press release here. 

This is a big step for iConnections, and it’s one our community has been asking for. See you in Paris.

Global Alts Miami has long served as the alternatives industry’s opening bell, and the 2026 gathering, held despite a major Northeast snowstorm, still convened 5,000 decision makers representing over $55 trillion in assets, offering an early read on how the market is positioning for the year ahead.

What differentiates this report is not just access, but vantage point. iConnections sits directly inside the capital formation process, capturing three distinct layers of allocator behavior: what LPs say they want, where they actually spend time, and how they expect to allocate over the next 12 months.

The combination of stated intent, observed meeting behavior, and forward-looking survey data provides a uniquely complete view of the allocator pipeline that no single dataset can offer in isolation.

• 5,000 — Decision Makers at Global Alts Miami 2026
• $55 Trillion — In Represented Assets
• 500+ — Global Allocators Surveyed
• 67% — Plan to Increase Alternatives Allocation in 2026
• 33% — Of LP Contacts Manage $3B+ Portfolios

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The following top takeaways are drawn directly from the 2026 Global Allocator Report

01: Alternatives Remains a Core Allocation

Alternatives remains a core allocation for investors, with two-thirds expecting to increase their allocation to the alts space, and over 90% intending to maintain or increase exposure.

02: Capital Recycling, Not Retreat

Capital recycling, not retreat, is shaping allocator behavior. While three-quarters of LPs reported making at least one redemption in 2025 — with 46% withdrawing from public strategies and roughly 23% from private markets — this pruning is paired with an intent to redeploy capital to higher-conviction strategies.

03: Broad Interest With a Strong Core

Allocator interest remains broad across the alternatives landscape, with a strong core of high-engagement strategies. More than 40% of LPs attending Global Alts Miami 2026 expressed interest in eight major strategies, including Long/Short Equity, Multi-Strategy, Event Driven, Global Macro, Private Equity, Relative Value, Liquid Credit, and Private Credit. Allocators are prioritizing strategies that combine flexibility, liquidity, and the ability to navigate macro uncertainty.

04: Private Markets Remain Core But Are Becoming Crowded

Private markets remain core allocations but are becoming increasingly crowded. The Allocator Demand Map shows Private Equity, Private Credit, Real Estate, and Real Assets continue to attract interest, but each faces growing manager supply relative to LP attention, and a higher bar for future allocations.

05: Liquid, Agile Strategies Attract the Lowest Rejection Rates

More liquid, agile strategies attract the lowest rejection rates. Hedge fund strategies not only rank highest in LP interest but also show the lowest percentage of allocators explicitly saying they are not interested.

06: Liquidity and Macro Uncertainty Dominate Portfolio Concerns

26% of respondents cited global macro risk as the largest threat to portfolios, closely followed by 25% pointing to insufficient liquidity, highlighting why many allocators are gravitating toward strategies capable of navigating volatility and market dislocations.

07: Manager Discovery Remains Overwhelmingly Relationship-Driven

Manager discovery remains overwhelmingly relationship-driven. Nearly 80% of LPs say they discover new managers through their professional networks, while over half cite conferences and industry events as a primary sourcing channel, underscoring the continued importance of in-person allocator ecosystems.

About this report

Survey responses from over 500 global allocators — including pensions, endowments, foundations, and family offices — complete the picture, providing a forward-looking view on allocation plans, strategy demand, and the risks shaping portfolio decisions in the year ahead.

“Taken together, these datasets provide a rare, integrated view of allocator behavior at a pivotal moment, linking intent, action, and outlook into a single framework that highlights not just where capital is today, but where it is moving next.”

It is said that “capital moves at the speed of trust.” The iConnections Global Allocator Report is designed to help managers and allocators source, build, and strengthen that trust through better information and clearer signals.

View official release here→

What’s inside the full report

• Who Attended — LP breakdown by investor type, portfolio size, and region; GP breakdown by strategy and AUM
• A Market Ecosystem in One Place — How 5,000 decision makers and $55 trillion in assets converged in Miami
• Behavior — Meeting activity by strategy, year-over-year demand shifts, and what changed from 2025
• Allocator Demand — The full Allocator Strategy Sentiment Map; which strategies are punching above their weight and which are crowded
• 2026 Global Allocator Survey — Full results: private credit sentiment, venture capital outlook, AI investment themes, geographic allocation plans, and portfolio risk priorities
• What This Means for Marketers — Strategy-by-strategy guidance on positioning, differentiation, and capturing allocator attention in a more competitive fundraising environment

Gladwyne, April 21, 2026 — iConnections today announced the launch of Global Alts Europe 2027, a new addition to its flagship event portfolio, to be held April 28–29, 2027 at Les Salles du Carrousel, Carrousel du Louvre, Paris. The event will bring together institutional allocators, fund managers, and industry leaders for two days of high-value meetings, curated networking, and timely market discussion in one of Europe’s most iconic venues.

The announcement comes at a time of renewed allocator interest in Europe. In a recent iConnections survey conducted at Global Alts Miami, 55% of LP respondents said they intend to allocate to Europe over the next 12 to 18 months, up from 47% last year. With more than half of surveyed LPs signaling planned activity in the region, Global Alts Europe 2027 is designed to meet that demand by creating a focused environment for relationship-building and capital formation.

Set in the heart of Paris at Les Salles du Carrousel, located within the Carrousel du Louvre, the venue offers a central and prestigious setting for an event aimed at the global alternatives community.

Global Alts Europe 2027 will extend the Global Alts brand into a market where investor interest appears to be strengthening after a long period of muted sentiment toward the region. By convening the allocator and manager community in Paris, iConnections aims to create another premier destination for efficient, high-value meetings and insight-sharing across alternatives.

Additional details, including registration and programming updates, are available on the Global Alts Europe 2027 event page.

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About iConnections

iConnections is the most efficient and effective network for capital connection. Built for fund managers and allocators, the platform facilitates high-quality relationship building, discovery, and fundraising — all in one place, all year long. By combining powerful technology with deep institutional participation, iConnections helps investment professionals connect with the right partners, at the right time — before, during, and after events. The firm also hosts Global Alts, one of the alternative investment industry’s most influential event series, bringing together thousands of allocators and managers worldwide.

Visit iconnections.io to learn more.

iConnections will soon release its 2026 Global Allocator Report, built from Global Alts Miami, one of the largest gatherings in alternatives, bringing together 5,000 decision-makers representing over $55 trillion in assets. At the event, we surveyed more than 500 global LPs across regions and allocator types. The message is direct. Demand for alternatives remains strong, but the market has become more exacting. Allocator attention is no longer evenly distributed. It must be earned.

Three takeaways define the shift:

1. Demand is not declining. It is concentrating.
Nearly two-thirds of allocators expect to increase their exposure to alternatives this year. But that growth is not broad-based. Capital is flowing toward strategies that offer liquidity, adaptability, and a clear role in navigating a more uncertain macro environment. The result is a market where attention clusters around a narrower set of high-conviction opportunities.

2. Private markets are hitting the limits of allocator bandwidth.
Meeting volumes remained high across private markets, but the underlying signal is selectivity. Even in large, established categories like private credit, allocators are becoming far more discriminating at the sub-strategy and manager level. Supply has expanded faster than attention. The implication is straightforward: being in the right strategy is no longer sufficient. Differentiation within that strategy now determines outcomes.

3. Allocators are not retreating. They are recycling.
Redemptions in 2025 were not a pullback from alternatives, but a repositioning within them. Capital is being actively reallocated toward higher-conviction, more opportunistic strategies, particularly those that can respond dynamically to volatility and dispersion. Investors remain engaged, but they are underwriting with tighter due diligence and clearer expectations.

The conclusion is a more mature alternatives market. Capital is still moving, and in many cases accelerating, but it is doing so with greater precision. In a larger and more competitive ecosystem, access to that capital is increasingly defined by clarity of strategy, strength of positioning, and the ability to meet a more exacting allocator standard.

Coming Soon… Global Alts Miami 2026 Investor Report

In the meantime, explore our previous volumes while you wait.

Welcome to iConnections—where the alternative investment industry comes to connect, learn, and grow. iConnections’ Global Alts is the world’s largest cap intro event, hosted at the Miami Beach Convention Center. This premier gathering features insights from top minds in investment, finance, and economics, while giving attendees exclusive access to the global alternative investment community.

But we’re more than just events. iConnections is a platform built to connect allocators, managers, and the alternative investment industry year-round. Through innovative technology and curated connections, we make it easier than ever to network, schedule meetings, and grow your business—all in one place. Join us as we transform the way the alternative investment world connects and collaborates. Let’s shape the future of the industry together.

Discover iConnections Today:

Learn more about our platform

Stay connected through our social channels:

LinkedIn | Twitter | Instagram | YouTube

At Global Alts Miami, we surveyed hundreds of institutional investors and family offices on the ground to understand how allocators are positioning portfolios heading into 2026. A few themes emerged clearly.

Private credit sentiment is moderating, not collapsing.

Private credit remains firmly embedded in institutional portfolios, but allocators are becoming more measured. The largest share of respondents indicated they are maintaining current allocations, while nearly as many said they are slowing deployment. Only a small minority are expanding exposure aggressively. The takeaway is clear: the asset class remains core, but capital is becoming more selective after a decade of rapid growth.

Strategy concerns are often really liquidity concerns.

When LPs cited “strategy” as a reason they might hesitate to allocate, it was rarely about conceptual disagreement with the strategy itself. More often, the concern was how the strategy behaves in stressed markets or constrained liquidity environments—a dynamic particularly relevant for areas like private credit and venture. In other words, allocators are scrutinizing not just what a strategy does in good markets, but how flexible and resilient it is when exits slow or capital becomes locked up.

Liquidity and macro risk dominate portfolio concerns.

When asked about the biggest challenges facing their portfolios today, LPs pointed overwhelmingly to global macro uncertainty and portfolio liquidity. After several years of market volatility and slower exits in private markets, investors are prioritizing flexibility and resilience alongside returns.

Bottom line:

Allocator demand for alternatives remains robust—but the environment has shifted from exponential expansion to disciplined capital allocation, where strategy resilience, liquidity management, and cycle-tested performance matter more than ever. In the current volatile market, alternatives remain more important than ever. Stay tuned for the full survey release later this month.Their perspectives echoed the broader mood of the year: allocators want in, but they want to understand exactly what they’re buying. As we close out 2025, the question for 2026 is no longer whether private credit continues to grow, but whether the industry can scale without diluting its edge. The firms that answer that question convincingly will define the next chapter of alternatives.

Coming Soon… Global Alts Miami 2026 Investor Report

In the meantime, explore our previous volumes while you wait.

Welcome to iConnections—where the alternative investment industry comes to connect, learn, and grow. iConnections’ Global Alts is the world’s largest cap intro event, hosted at the Miami Beach Convention Center. This premier gathering features insights from top minds in investment, finance, and economics, while giving attendees exclusive access to the global alternative investment community.

But we’re more than just events. iConnections is a platform built to connect allocators, managers, and the alternative investment industry year-round. Through innovative technology and curated connections, we make it easier than ever to network, schedule meetings, and grow your business—all in one place. Join us as we transform the way the alternative investment world connects and collaborates. Let’s shape the future of the industry together.

Discover iConnections Today:

Learn more about our platform

Stay connected through our social channels:

LinkedIn | Twitter | Instagram | YouTube

The Wall Street Skinny sits down with Ron Biscardi, the CEO and co-founder of iConnections, live at Global Alts Miami to get the skinny on what’s happening with fund managers and allocators in real time. Last year, private credit was the undisputed darling of investment strategies. Now, on the heels of Blue Owl headlines and concerns about cracks within the private credit markets, headlines seem to suggest a tough road ahead. But reality is far more nuanced. Ron synthesized both emotional reactions and hard data from investors responding to new perceived stresses in the sector in ways that might surprise you. We also learn where smart money is pivoting, where it remains steadfast, which asset classes and investment strategies stand poised to benefit, and how allocators are positioning for highly volatile markets this year.

Inside the Beltway: What Fund Managers and Investors Can Expect silent session at #GlobalAltsMiami 2026, sponsored by Akin.

Speaker:
Geoff Verhoff, Senior Advisor, Akin

Moderator:
JP Bruynes, Partner, Akin