Inside The VC Unicorn Factory | Global Alts 2023

There are over 250 alternative investment conferences a year. Most fund managers attend the wrong ones, in the wrong order, with the wrong preparation, and then conclude that conferences do not work. The selection problem is especially acute when it comes to the capital introduction conference — the format most directly tied to your raise.

The conferences are not the problem. The selection is. And the selection problem is solvable if you start evaluating them by the only metric that actually matters during a raise: meetings with allocators who can write a check inside your fundraising window.

This article walks through the three questions that separate a conference worth the calendar block from a conference that quietly costs you a week of fundraising time you cannot get back.

Question 1: Who Will Actually Be in the Room

The right question is not “who is presenting.” It is “what percentage of the LP attendees are currently allocating, in my strategy, in my fund-size band.”

This is one of the reasons Global Alts Miami is built the way it is: 1,500 institutional allocators and 1,200 fund managers, vetted before they get a credential. iConnections schedules over 21K+ expected one-on-one meetings pre-scheduled through the iConnections platform before anyone arrives at the Miami Beach Convention Center. Registration is complimentary for qualified institutional allocators who commit to taking 12 onsite meetings, and pricing is tiered for fund managers based on AUM. The structure is intentional. The math is the headline.

The signal to look for at any capital introduction event: does the conference share LP attendee data in advance, in enough detail to qualify the trip before the registration check is written? Events that operate on a real platform can answer that question with data, including allocator firm type, seniority, and active mandate signals. Events that operate on networking momentum alone usually cannot.

Question 2: How the Meeting System Actually Works

Conferences live or die on their meeting mechanics. The good ones run on infrastructure. The bad ones run on hope.

A meeting system that earns its keep does three things in plain sight. It surfaces fund managers to allocators with relational and mandate signal, not just demographic filters. It gives both sides a way to prepare with materials uploaded ahead of time. And it gives the work continuity beyond the event itself.

“If a manager doesn’t upload documents or if they’re outdated, I cancel the meeting. If they aren’t organized, I don’t waste my time.” — an allocator on the platform

iConnections built the meeting system around this exact behavior. Fund managers upload pitch decks, DDQs, track records, and investor updates once and share them everywhere. Allocators evaluating a meeting request see strategy, AUM, fund documents, Get Verified administrator-sourced returns when applicable, and the full profile context before the credential check is even scanned. The result is a meeting where the first ten minutes are about substance, not about explaining the basics.

In fact, nearly half of all Global Alts onsite meetings are allocator-initiated, which is the clearest single signal that the meeting system is producing real intent rather than calendar density.

Additionally, the fundraising side benefits from the same infrastructure. Power Scheduler for enterprise managers, calendar sync, one-click meeting requests to LPs, and the Roadshow tool layered on top so that the in-person meetings at Global Alts can roll directly into a focused multi-city week with the allocators who lit up in the room. Conferences with a platform underneath them compound. Conferences without one reset to zero at the closing reception.

Question 3: What Happens After the Meeting

The single most underrated criterion for a conference worth attending is what it does for the relationship after it ends.

This is where most events fail and most managers learn the lesson too late. The conference creates the meeting. The meeting creates the interest. And then the event ends, and if there is no platform layer underneath, the relationship is back to cold email outreach to allocators who shook the manager’s hand three days earlier.

The fast-closing fund managers treat the after-the-event phase as the highest-leverage part of the entire conference investment. They show up to the event with the follow-up sequence already designed. They walk out of each meeting with one specific next step agreed. And they treat the events that give them year-round access to the same allocators as fundamentally different from one-off conferences that drop the relationship as soon as the closing reception ends.

iConnections built Pipelines to close this gap. Visual boards for the full LP-by-LP workflow, meeting notes from Global Alts that carry through to platform interactions, diligence stage tracking, document engagement history, and Violet (iConnections agentic AI) drafting follow-ups from the meeting notes within minutes. Year-round Digital Gatherings (Webinars, Manager Showcases, Meet the Allocator live Q&A) keep the conversation visible between flagship events. Roadshows turn warm allocator interest from Global Alts into focused in-office weeks in the cities that matter. The platform is what carries the relationship between the moments where the rooms are full.

“It changed how we run cap intro. We tell the platform what we’re looking at, the right managers come to us, and the meetings actually fit the book.” — an allocator member on iConnections

The 40% Question Every Fund Manager Should Ask

The forcing question that separates a worthwhile conference from an expensive social trip is this: at the end of the event, what percentage of my meetings will translate into a real second conversation inside 60 days?

If the answer is below 20%, the conference was not worth the calendar block. If the answer is between 20% and 40%, the conference was a useful investment in network density even if no commitments come from it. Above 40%, the conference is the kind that should anchor an entire fundraising calendar.

The fund managers who hit the higher end of that range do not get there by accident. They get there because they did the math before they registered, used the platform to qualify the room before the trip, prepared around allocator intent, and kept the relationship alive after the event through Pipelines, Roadshows, and year-round Digital Gatherings.

What This Means for Fund Managers Picking 2027 Events

Three practical takeaways:

1. Register on math, not on brand. Meetings per allocating LP in your strategy and fund-size band is the only metric that matters during a raise. Use the platform to filter the room before the registration check is written.
2. Evaluate the meeting system. Pre-meeting materials, mandate-matched scheduling, mutual interest signal, and post-event continuity are the infrastructure you should be looking for.
3. Anchor the calendar around year-round programs, not one-off events. Conferences tied to a platform with continuing engagement convert at materially higher rates than stand-alone events that end at the closing reception.

The events worth attending in 2027 are the ones built for the way relationships actually compound in alternative investments. The four Global Alts flagship events (Miami in Q1, New York June at The Glasshouse, the Europe debut April 2027 at the Carrousel du Louvre) are designed around that compounding by intent. The iConnections platform is what makes the year between them work the same way.

If you wanted one structural shift to track in alternative investments over the next two years, it would be the rise of the family office as a primary LP for fund managers across strategies.

The shift is not new. What is new is the speed of it. According to the iConnections Global Allocator Report 2026, 67% of allocators plan to increase their allocation to alternatives in 2026, with over 90% intending to maintain or increase exposure. That commitment is the backdrop. The question for fund managers is which slice of that capital actually moves fastest.

Across iConnections, where 6,000+ LPs representing $50T+ in LP capital interact with 1,400+ GPs in real time. Family offices and family-office-aligned vehicles are increasingly the LP cohort fund managers describe as their highest-velocity buyer. This piece walks through why, drawn from manager and allocator interviews in the 2025 research, the public Global Allocator Report 2026, and platform engagement signal.

Three Forces Driving Family Office LP Growth in Alternatives

1. Speed of Decision

Family offices generally make decisions faster than institutional LPs. They have shorter committee cycles, fewer process layers, and decision-makers who are often closer to the original wealth creation, which means they evaluate funds the way an operator evaluates a partnership, not the way an institutional process evaluates an RFP.

For fund managers racing to a final close, that speed compounds. A family office that meets in March can commit in April. A public pension that meets in March is meeting again in September, if at all.

The implication on the platform side is that velocity is observable. Allocator Intelligence on iConnections surfaces live mandate activity, recent meeting cadence, and behavioral signal by allocator type.

2. Strategy Flexibility

Family offices are increasingly willing to write checks across strategies that institutional LPs treat as separate buckets. A single family office on the platform might commit to a venture fund, a private credit fund, and an emerging-markets hedge fund in the same calendar year. Pensions and endowments rarely do this; they staff and budget by strategy bucket.

For fund managers in any of the “in-between” strategies (private credit niches, secondaries, lower-middle-market buyout, sector-specific venture), family offices are increasingly the most natural buyer.

Platform engagement reflects this breadth. Looking at where family office attention actually goes on the platform, Long/Short Equity leads family office meeting activity at 24% of all meetings taken, followed by Private Credit at 22%, with Long Only Equity at 14% (iConnections Allocator Intelligence). The spread itself is the point. Family office capital is not concentrated in a single bucket; it shows up across strategies that institutional LPs would route through separate teams.

This is one of the reasons iConnections built Search and Violet (iConnections agentic AI) to filter the network by mandate behavior rather than by category alone. A family office with a stated venture preference and a six-month track record of credit meetings shows up in a credit manager’s network when the underlying signal supports it, not just when the catalog category matches.

3. Network Density

The third force is the one most people miss. Family offices increasingly source managers through other family offices. A single positive reference inside a family office network can fill a fund manager’s calendar with new meetings within a month.

The broader allocator data confirms how widespread this pattern is. Nearly 80% of LPs say they discover new managers through their professional networks, and over half cite conferences and industry events as a primary sourcing channel (iConnections Global Allocator Report 2026). Family offices sit at the most network-dense end of that spectrum.

This is also the structural reason iConnections built three formats of Regional LP Gatherings (Coffee & Connections, Roundtables, and Intimate Receptions) on top of the year-round platform. The format is small-group, allocator-first, and city-local: 15 to 30 allocators per Coffee & Connections, 10 to 25 per Roundtable, evening receptions in major financial hubs. Family offices are disproportionately represented in those rooms because the rooms are sized for the way family-office decision-making actually compounds, peer to peer, in person, in their own city.

“Conferences are great. Roadshows are personal. Both belong in your year, but Roadshows are the one I built our schedule around.”— a family office allocator on iConnections

The iConnections Roadshow format is built around the same network density. An allocator member shares a mandate (strategy focus, fund size, openness to track record). The platform surfaces matching fund managers. The allocator selects three to five for a focused in-office week, and iConnections handles the coordination. It is mandate-driven matching, not mass outreach, and it produces the kind of small-group, high-fit conversation family offices repeatedly tell us is the format they want more of.

What the Allocator Side Tells Us About Workflow

The broader LP-side research surfaces a consistent set of behaviors. Allocators want fewer logins, cleaner data, and tighter integration between discovery and decision.

iConnections addresses that consolidation by design. The platform combines AI-powered Search (200+ filters), Violet (agentic AI that takes action on your behalf), full meeting and pipeline management, fund Documents with download tracking, peer-allocator group chats, Business Trip Connections, and Allocator Intelligence (live first-party behavioral signals from the network) in one workflow. Allocators initiate nearly half of all platform meetings precisely because the platform surfaces the right fits rather than asking allocators to dig.

What This Means for Fund Managers Raising in 2026

The implication for fund managers is not “switch the entire raise to family offices.” That would over-correct. The implication is that the LP mix in the target list needs to reflect where the velocity actually is.

For most fund managers raising in 2026, the working ratio inside a target list is shifting toward more family office. Multi-family office names than would have been the right answer two or three years ago. Pension and insurance names stay on the list, but they are increasingly relationships built for the next fund, not the buyers expected to close this fund.

Three Practical Adjustments

For fund managers adjusting to this distribution, three changes are showing up across the research:

1. Compress materials for an operator audience. Lead with thesis and team, not with process. Family offices generally do not need a 60-page ODD pack as the first read. Upload the materials on iConnections so allocators can triage on substance before requesting a meeting, and use Get Verified to take performance provenance off the table from day one.
2. Build network density before you need it. The single highest-ROI activity in a fundraising year is being in the rooms where family offices talk to each other. Roadshows, Coffee & Connections, and the four Global Alts flagship events are designed around that density by intent.
3. Reset the calendar to family office cycles. Meaningful first-half progress is possible if the team starts in January. Waiting until Q3 to begin outreach forfeits the velocity advantage entirely. iConnections built the year-round platform, Violet’s proactive surfacing, and Allocator Pro so the calendar runs continuously, not in event-only bursts.

The Bigger Picture

The story under the family-office shift is that the architecture of alternative investments is moving from institutional gatekeepers to a denser, faster, more relationship-driven network of private capital. Family offices are the most visible part of that shift, but they are not the only part. Multi-family platforms, single-family operating capital, and private-wealth vehicles are all moving the same direction.

For fund managers who adjust, the result is a shorter raise. For fund managers who do not, the cycle just keeps getting longer.

Ask any allocator who has been navigating LP-GP relationships in alts for a decade how they actually found the managers in their portfolio, and the answer will sound almost identical across the LP types. Not from a database. Not from a cold email. From a conversation with another allocator, a former colleague who joined a fund, a manager met in passing at an event two years before the first meeting that mattered.

This is the unglamorous truth that the marketing copy around capital introduction rarely tells you. The architecture of how money moves in alternatives is relational. The platforms and events that work are the ones built to compound those relationships, not replace them.

Nearly 80% of LPs say they discover new managers through their professional networks, and over half cite conferences and industry events as a primary sourcing channel, per the iConnections Global Allocator Report 2026. That is not a soft statistic. It is the operating reality of the business. Any fundraising strategy that ignores it gets the casualty count it deserves.

This article walks through the three stages of how LP-GP relationships in alts actually form, and how the iConnections platform is built around the way the work already happens, not against it.

Stage 1: Discovery, Through the Network, at Network Speed

The most common misconception among first-time fund managers is that LP discovery starts with a database query. It does not. It starts with a name surfaced through a connection.

The fund managers who describe the most efficient outreach all say a version of the same thing. They use the platform to find people they already have some link to, then run the relationship from there.

The difference between a 4% reply rate and a 22% reply rate on first outreach is, almost always, whether the manager built the list around relational signal (prior co-invest, shared portfolio company, alumni overlap, prior employer link) or around demographic filters alone. The demographic filter produces a name. The relational filter produces a route in.

This is one of the structural reasons iConnections Search runs on 200+ filters and a network of 26,000+ active members rather than on a static database. Violet, the iConnections agentic AI, sits on top of that network and is designed to do exactly the kind of relational query a fund manager would otherwise piece together by hand: filter thousands of allocators down to the ones who match a mandate, surface shared affiliations, and rank fits by behavioral signal rather than just demographic filters. The 100K+ AI-driven searches happening on the platform in any given 90-day window are this work compounding at scale.

For LPs, the same Violet engine works in reverse. Create a mandate, scan the network continuously, and surface fund managers the moment their strategy and behavioral signals fit. Allocators on iConnections initiate nearly half of all platform meetings precisely because the discovery flow is built around live mandate matching, not catalog browsing.

Stage 2: The First Meeting in LP-GP Relationships in Alts, and What Earns the Second

The first meeting in alternative investments is not a sales pitch. It is a calibration. Both sides are figuring out whether the other is worth a second conversation.

The LP side is brutally efficient about the first cut. Allocators are managing hundreds of inbound requests, and they triage on signal density.

The volume of inbound is an industry-wide pain point.  What changes the outcome inside that volume is whether the manager arrives with materials organized and credible. The LPs who are likely to invest tell themselves a story about the manager’s competence in the first ten minutes, and that story is usually built on one or two specifics, not on the pitch as a whole.

This is exactly the workflow iConnections Documents and the manager profile system are built around. Fund managers upload pitch decks, DDQs, track records, and investor updates once and share them everywhere on the platform. Allocators evaluating a meeting request can see strategy, AUM, fund documents, and the full profile before deciding to accept. For funds participating in the Get Verified program, performance data flows directly from the fund administrator into the platform with a visible green From Administrator badge, which removes one of the most common back-and-forth questions before a first call even happens.

The fast-closing managers prepare more sharply on the two or three specifics the LP is going to test. They upload the materials ahead of time. They cite a specific portfolio company or trade that earned a result. They use the Get Verified badge to take performance provenance off the discussion list. They get a second meeting because they earned the right to it through specifics, not because they covered every slide.

Stage 3: The Follow-Up, Where Real Pipelines Compound

The single most under-resourced stage of LP-GP relationships in alts is the one between the first meeting and the second meeting. This is where relationships either compound or die.

The mechanics of a stalled follow-up are predictable. The manager sent materials. The allocator did not respond. The manager sent a nudge. Three months later, the allocator starts a new diligence project, remembers the meeting, but cannot find the materials, and the relationship that should have moved forward resets to zero.

What makes the follow-up work, when it works, is structure. The managers who close fast describe a follow-up cadence built around a single new piece of information per touchpoint (a portfolio update, a new co-invest, a relevant conference appearance), not a generic check-in. The allocators respond to those touchpoints because the marginal cost of reading them is low and the marginal value is non-zero.

How iConnections Keeps the Pipeline Moving Between Events

iConnections builds this structure in as the default, not the exception. Pipelines give fund managers visual boards for the full LP-by-LP workflow, with meeting notes, diligence stage tracking, document engagement history, and activity across both events and the year-round platform. When an allocator opens a deck, a track record, or a new fund update, the manager sees it. When a profile is refreshed or new performance lands through the administrator, the relevant LPs are notified.

This is the structural difference between an event-only relationship and a year-round relationship. The event creates the meeting. The platform keeps the meeting alive between events. Roadshows, Coffee & Connections, and Digital Gatherings (Webinars, Manager Showcases, Meet the Allocator live Q&A) layer in real-world and virtual touchpoints across the calendar so the relationship never resets between Global Alts cycles.

What Network Density Actually Means in Practice

Network density is the most over-used term in alternative investments. Most of the time it means “we know a lot of people,” which is the wrong frame entirely.

The right frame is this: network density is the number of paths to a yes that a single relationship creates. A fund manager with low network density has one path to one allocator, and if that path stalls, the relationship is dead. A manager with high network density has three or four paths to the same allocator, including warm references from other managers in the allocator’s portfolio, peer allocators who have already moved similar strategies through diligence, and shared service providers who can offer informal commentary.

This is exactly what 26,000+ active members across 6,000+ LPs, 1,400+ GPs, and the service providers connecting them produce by design. It is also why the same Global Alts events that anchor the four-flagship calendar (Miami, New York, Asia, and the inaugural Europe debut in April 2027) are designed around concentrated, pre-scheduled LP-GP meetings rather than open networking. Nearly half of live event meetings on iConnections are allocator-initiated, which is the clearest single signal that the network is operating as a relational system rather than a catalog.

What This Means for Fund Managers Raising in 2026

Three takeaways from the research and the platform data, kept short.

1. Build the list around relational signal, not demographic filters alone. Prior co-invest, shared portfolio company, alumni link, prior employer overlap. Use Search and Violet to find them inside the iConnections network of 26,000+ active members.
2. Prepare the first meeting around two or three specifics, not the deck as a whole. Upload materials ahead of time so the allocator can triage in your favor. Consider Get Verified to take performance provenance off the discussion list before it can stall the conversation.
3. The follow-up deserves the same rigor as the pitch — treat it as infrastructure, not heroics. Pipelines, and Violet were built so that a follow-up cadence with substance becomes the default, not the exception. The relationship survives between events because the platform carries it.

The bigger story under all three takeaways is that LP-GP relationships in alts are moving toward denser, faster, more relationship-driven private capital networks. The fund managers who treat capital introduction as a relationship problem instead of a database problem are closing in months instead of years, and they are doing it on the platform that was built for the way the work already happens.

How are investors playing the surge in AI capex?

We surveyed hundreds of global allocators across 2025 and 2026 to map the emerging AI investment framework. The shift is clear and measurable.

The Shift

AI is no longer an emerging opportunity. It is now central to how portfolios are constructed. 

• 2025: 54% of allocators reported investing in AI-related assets
• 2026: 83% cite the AI supercycle as a top investing theme

This is not incremental adoption. It is a structural change in allocator thinking. 

Where Capital Is Going

Allocators are not chasing the most visible parts of AI. They are targeting the buildout. 

• 2025: 44% identify AI infrastructure as the top opportunity
• 2026: Focus areas include data centers, semiconductors, and energy capacity

Recent earnings reinforce this view. Large-cap tech firms are committing significant capital to AI infrastructure, validating that the investment cycle is already underway. 

Where Risk Is Building

Conviction is high, but so is caution. 

• 2025: 59% cite valuation bubbles as the top AI-related risk

Allocators broadly agree on the long-term importance of AI, but remain disciplined on entry points and pricing. 

What This Means

AI has moved from a tactical allocation to a core investment lens. 

Three dynamics define the current environment:

• 2025: High conviction in the long-term theme
• 2026: Targeted exposure across the value chain
• 2026: Increasing selectivity driven by valuation concerns  

This is not a retreat from AI. It is a shift toward more disciplined implementation. 

Bottom Line

Allocators believe in the AI supercycle. 

The question is no longer whether to invest. It is where to gain exposure and how much to pay for it.

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.

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