Broker-Dealers Industry Practice

New Fund Structures and Investor Types Bring New Challenges

Citrin Cooperman's third annual Asset Management Survey Report, based on responses from more than 300 U.S. asset managers, finds that more than 70% are already raising or actively pursuing capital from each of four key non-traditional sources: strategic and corporate investors, retail and mass-affluent investors, defined-contribution plans, and sovereign wealth funds.

The report addresses the tax, compliance, and operational hurdles that stem from these new sources. And as liquidity pressures mount, it examines fundraising strategies, exit expectations, and AI adoption across private equity, private credit, venture capital, and hedge funds.  

What Broker-Dealers Told Us

Explore how these firms are adapting their capital strategies and what these shifts could mean for your business.

• High-net-worth individuals lead as the current capital source (62%), followed by money managers and advisors (50%). About one-third of firms also raise capital from retail investors.
• Forty-seven percent expect an aggressive investment posture over the next 12 months, the highest of any segment.
• Among firms targeting family offices, just over half (51%) have secured capital from them, and another 36% are in the process.
• Forty-two percent of firms report exit delays, up from 38% in 2025. Sixty-nine percent point to limited IPO opportunities as the cause. In response, two-thirds of delayed firms are pursuing continuation funds or secondaries instead.