Private equity fundraising is becoming less dependent on one market
The U.S. remains private equity’s most important fundraising market. But managers increasingly recognise that future growth cannot depend on a single pool of capital.
Building a more international investor base is becoming a strategic priority, and regulatory readiness will be important in enabling firms to act on that opportunity.
Private equity managers aren’t turning away from the U.S. They’re looking beyond it
Ocorian’s research1 shows that the U.S. remains the market in which managers see the greatest fundraising opportunity. At the same time, economic and geopolitical uncertainty is encouraging firms to broaden the investor base on which their future growth depends.
This shift is not away from the U.S., but towards a broader fundraising model, where managers are continuing to prioritise the U.S. while developing additional sources of capital in other markets.
The U.S. remains the anchor
More than half (55%) of the private equity fund managers Ocorian surveyed identify the U.S. as offering the greatest fundraising growth opportunity over the next three years. Among U.S.-based managers, that rises to 78%.
Managers’ expectations for their own fundraising reinforce that position. More than a third expect at least half of the capital they raise during the next two years to come from the U.S. For Europe (excluding the UK), that falls to 11% and to 5% for the UK.
International fundraising is becoming a hedge against concentration
Among U.S.-based managers, 87% say conditions are leading them to look abroad reluctantly, while a smaller group is already approaching international expansion as a source of strategic value. Only 4% describe the shift as a short-term response.
An international investor base offers more than additional prospective LPs. It gives managers more routes to pursue when domestic allocations tighten or investor priorities shift and reduces dependence on conditions in any one capital market.
Thomas Fahl, Head of AIFM at Ocorian, says: “Current economic and geopolitical conditions are influencing fundraising strategies, with U.S. based private equity fund managers looking to other markets for capital. We see this trend mirrored in the increased level of interest for our services supporting AIFMD-compliant fund marketing in the EU.”
Europe is an important part of this diversification. More than a third (39%) of managers expect at least a quarter of their fundraising over the next two years to come from Europe (excluding the UK). The UK, Canada and the Middle East also feature in managers’ plans.
Accessing capital requires more than identifying it
Different markets bring different regulatory frameworks, marketing rules, investor expectations and operating requirements. In Europe, for example, managers must make considered decisions about pre-marketing, national private placement regimes and the AIFMD passport. They can’t treat the region as a single, easily accessible fundraising market.
That makes regulatory and operational readiness part of the fundraising strategy itself. A manager may have a compelling investment proposition, but without the right structure and permissions, it can’t present that proposition efficiently to investors in its chosen markets.
Rebecca Thorpe, Global Head of Regulatory Consulting at Ocorian, explains: “Successfully managing that complexity will be key to supporting efficient capital raising, maintaining investor confidence and enabling sustainable growth across jurisdictions.”
Ocorian’s research highlights that the fundraising map is becoming more diversified, but access to that map must be built strategically. The firms best positioned for growth are those with the expertise and operating model needed to reach capital across multiple jurisdictions.
By prioritising regulatory and operational aspects of their strategies, managers can stay in control as they expand and keep their focus on raising capital, deploying it and delivering for investors.
Finding a partner that can anticipate complexity, bring clarity to the details and keep essential work moving gives managers the freedom to focus on building investor relationships, raising capital and pursuing growth across markets.
1Research referenced in this article was commissioned by Ocorian and conducted by PureProfile in May 2026 among 300 senior executives at private equity fund managers in the US and Europe, representing combined assets under management of $3.511 trillion. This article is provided for general information only and does not constitute legal, regulatory or investment advice.
