U.S. asset managers forced to look overseas as fundraising pressure builds, new Ocorian research finds
Due to domestic challenges, 87% of asset managers are looking abroad, but funds must withstand robust compliance scrutiny.
June 2026, United States: Ocorian, a market leader in asset servicing for private markets, today released new research showing that U.S. asset managers are being forced to rethink their fundraising strategies as tougher market conditions, rising LP scrutiny and regulatory uncertainty put pressure on domestic capital raising.
The study found that nearly two-thirds (62%) say raising capital in 2026 has become more difficult than in 2025, with the biggest barriers to raising capital being increased due diligence requirements (63%), regulatory uncertainty (57%) and overallocation constraints (48%).
The findings suggest that U.S. managers are not simply expanding internationally because of new opportunities, but because domestic fundraising conditions are becoming more challenging. Nearly nine in ten respondents (87%) say current U.S. economic and geopolitical conditions are influencing their firm to seek more capital from non-U.S. investors reluctantly due to domestic challenges.
Vincent Calcagno, Head of U.S. Growth at Ocorian, commented: “Fundraising has become a much more demanding exercise for asset managers. Performance remains vital for attracting capital, but it is no longer enough on its own. LPs are asking more detailed questions, regulatory expectations are rising and managers are having to demonstrate that they have the right infrastructure in place to raise and manage capital across multiple jurisdictions.
Europe emerges as key growth opportunity
Europe is emerging as one of the most important markets in that shift. A third of respondents (33%) say Europe (excluding the UK) offers the greatest growth opportunity for fundraising over the next three years, second only to the U.S. itself at 55%. The UK was selected by 8%.
The research also shows that managers expect future capital raising to become more internationally diversified. Over the next two years, 58% expect at least 10% of the capital they raise to come from Europe (excluding the UK), while 44% expect at least 10% to come from the UK.
Operational credibility becomes part of the fundraising story
Ocorian says the findings point to a more demanding fundraising environment in which operational maturity, fund structuring, investor reporting and regulatory readiness are becoming increasingly important to managers looking to access capital across borders.
“What stands out from the research is that international fundraising is not always driven by confidence or expansion alone. Many managers are looking overseas because the domestic environment has become more difficult. That creates opportunity, but it also raises the bar operationally,” notes Calcagno.
“Managers seeking capital from Europe, the UK, the Middle East or other international investor bases need to be able to show that their reporting, governance, fund structuring and compliance frameworks can withstand broader scrutiny. In this environment, operational credibility is becoming part of the fundraising story,” he added.
LP behavior is becoming more selective
The research also found that investor behavior is changing as LPs adapt to a more complex alternatives market. More than half of respondents (51%) say investors are increasing the number of specialized managers they allocate to, while 42% say investors are maintaining stable manager relationships. Just 5% say investors are consolidating with fewer managers.
Ocorian says this points to a more nuanced fundraising market, where managers with specialist strategies can still attract capital, but only if they can meet higher expectations around transparency, reporting and operational resilience.
Vincent Calcagno added:
“There is still capital available for managers with a clear proposition, but LPs are being more selective and more forensic. For managers, that means the fundraising process is becoming less about simply telling a performance story and more about proving the quality of the platform behind it.
“The managers best placed to succeed will be those that can combine a compelling investment strategy with the operational infrastructure investors now expect. That is particularly important when raising capital across borders, where reporting standards, structuring requirements and regulatory expectations can vary significantly between markets.”
Research conducted among 300 senior asset management professionals.
Respondents included fund managers/managing directors, CFOs, COOs, CCOs/heads of compliance, general counsel/heads of legal, CIOs/investment analysts and heads of investor relations/fundraising.
About Ocorian
Ocorian is a market leader in asset servicing for private markets and a global asset and asset owner service provider, providing a broad range of services across fund services, corporate and trust services, capital markets, and regulatory and compliance support.
Unlocking new value for its clients across jurisdictions and service lines is Ocorian’s priority; it manages over 20,000 structures on behalf of 9,000+ clients, including financial institutions, large-scale international organizations, and high-net-worth individuals.
Ocorian provides fully compliant, tailored solutions that are individual to clients’ needs, no matter where in the world they hold financial interests, or however they are structured.
The group offers a full suite of corporate, fund and private client services across a network of offices spanning all the world’s financial hubs. Locations include Bermuda, BVI, Cayman, Denmark, Finland, Germany, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Luxembourg, Mauritius, Netherlands, Norway, Singapore, Sweden, UAE, the UK, and the U.S.
To find out more about Ocorian and its services, including regulatory information, visit www.ocorian.com
