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Private equity fundraising is recovering, but co-investments, SMAs and other negotiated benefits are making the headline size of a flagship fund an increasingly incomplete measure of what it costs to raise.
The alternative asset industry's long-standing bargain — higher yields in exchange for opacity and illiquidity — is being dismantled piece by piece, and the firms moving fastest to replace it may define the next decade of the private market.
May 13, 2026
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As capital tightens, middle-market GPs turn to SMAs and fund-of-one structures to win allocations, while LPs demand control, flexibility and tailored economics.