Goldman's 2026 GP Survey: What 36 GPs Say About Exits

TL;DR: Goldman Sachs Asset Management's 2026 Global Alternatives Survey: The GP View finds that valuations are the main obstacle to exits, with 65% of the 36 general partners (GPs) surveyed ranking them a top-three challenge. Managers still want bigger funds, but just over a third call retail a high priority. The sample is small, so read the percentages as sentiment among a few dozen managers, not a census of the industry.

What did Goldman's GP survey find?

Per Goldman, nearly two-thirds of GPs (65%) ranked valuations as a top-three challenge for exit, up from 60% in 2025. Macro uncertainty came second at 50%. Concern over the cost and availability of financing has fallen sharply since 2024.

Finding	Result	Source
GPs ranking valuations a top-three exit challenge	65% (60% in 2025)	Goldman Sachs Asset Management
GPs targeting a next flagship larger than the last	65% (52% in 2025)	Goldman Sachs Asset Management
GPs offering evergreen strategies	35%	Goldman Sachs Asset Management
GPs calling retail a high priority	35%	Goldman Sachs Asset Management
GPs naming AI the top driver of change over five years	47% (business cycle turns: 19%)	Goldman Sachs Asset Management

Why are valuations blocking exits?

Sellers and buyers disagree on price, and a fund cannot return cash until someone gives in. The obstacle has moved from borrowing to pricing.

That matters to you if you hold a private fund or are weighing one. Downside first: slow exits mean slow distributions, and your capital stays locked while the manager waits for a better bid. A fund's stated term is a ceiling on patience, not a promise of when you get paid.

Other surveys point the same way. The Moonfare Investor Survey 2026, which gathered responses from 303 private markets investors, found that exits are a key concern for two-thirds of respondents (66%).

Are GPs actually chasing individual investors?

Most are not, at least not as a first priority. According to Goldman, only 35% of GPs offer evergreen strategies, compared with 79% offering co-invest and 71% offering drawdown funds.

If a platform or a friend has pitched you your first private fund, verify before you trust. The manager behind it may treat your check as a side channel. Ask what share of the fund comes from institutions and who gets first call on liquidity if redemptions spike.

Our earlier piece on private credit fundraising fatigue covers what happened when retail money did arrive in size.

What does the LP side say?

The SS&C Intralinks 2027 LP Survey shows limited partners (LPs) getting pickier about who they back. SS&C Intralinks reports that 49% of LPs prefer managers with less than USD 500 million in assets under management, up from 28% a year ago. The share of LPs planning to add to their manager rosters fell to 65% from 75%, and the share planning to cut rosters grew to 15% from 4%.

Set that beside Goldman's finding that 65% of GPs want a larger flagship. Managers want to grow while a rising share of their buyers prefer smaller shops. Someone is going to be disappointed. A fund that misses its target size may run a longer fundraising period, and Dynamo Software's 2026 GP survey found 71% of GPs cite securing LP commitments as their most significant challenge.

What does the AI finding mean for fees?

Goldman reports that 47% of GPs named AI the top driver of change over five years, ahead of business cycle turns at 19%. Over three-quarters (77%) use or are considering AI to reduce costs. About a quarter cite integration as a top challenge.

Goldman's summary page gives no fee figures, so whether those savings ever reach investors is an open question. If a manager says AI will cut expenses, ask whether the management fee changes.

Common mistakes

People read a manager survey as a forecast of returns. It records what 36 GPs say they plan to do and worry about, and the summary page we read shows no performance data.

A second mistake is reading a bigger fund as a better fund. A larger target can mean more capacity for the manager and a harder job deploying it. A third is assuming a stated fund term tells you when cash comes back, when the exit data shows sellers waiting on price.

For the allocation side of this question, see how family offices put alternatives to work and how the secondaries market offers one route out of a stuck fund. If you are weighing venture funds specifically, the Q1 2026 venture funding analysis shows how concentrated recent money has been.

FAQ

Can I rely on a survey of only 36 GPs?

Use it as a read on manager sentiment, not as a measurement of the whole industry. Goldman collected responses between June and August 2026, and its summary page shows no performance data. Compare it with other surveys before acting on any single figure.

Are LPs as worried as GPs?

Not by the same measure. SS&C Intralinks reports that 62% of LP respondents said their portfolios exceeded expectations. Moonfare found two-thirds of investors still worry about exits. Satisfaction with returns and concern about getting cash back can both be true.

Will AI lower the fees GPs charge?

The survey summary does not say. Goldman reports that 77% of GPs use or are considering AI to reduce costs, but its summary gives no fee figures. Ask any manager directly whether cost savings change what you pay.

What should I ask a manager about exits?

Ask how many exits the fund expects in the next 24 months and what valuation method prices them. A specific answer shows the manager has a plan. A vague one suggests the exit timeline is hope.

What to do this week

Pick one private fund you hold or are considering and put those two exit questions to the manager in writing. A clear answer tells you more than the pitch deck does. If you want this kind of read-through on private-market news each week, join the free AIN briefing.

Educational content only. Not investment, tax, or legal advice. Not an offer or solicitation to buy or sell securities. Past performance does not guarantee future results. Private-market investments are illiquid and involve risk of loss, including total loss of capital. Consult qualified advisers. Angel Investors Network is not a broker-dealer or investment adviser.