Private Debt Investor LP Perspectives report

The latest research on what investors think about private debt

Private Debt Investor’s LP Perspectives 2026 Study shows that while investors feel generally optimistic about private credit’s outlook, the market may see shifts in allocations towards asset-based and distressed strategies and funds based in Western Europe. In this special report, we examine how LPs will approach private markets investing over the coming 12 months and why investors are increasingly looking to prioritise diversified strategies.

FINDINGS FROM THE SURVEY

THOUGHT LEADERSHIP

LP PERSPECTIVES METHODOLOGY

The LP Perspectives 2026 Study is Private Debt Investor’s annual survey of institutional investors’ approaches to alternative asset classes. It provides a granular view of the market, both current and future, by gathering insight on LPs’ asset allocations, propensity to invest and performance predictions.

It is a global study, reflected in the questions and the respondents, which allows for meaningful views and cross-regional comparisons across asset classes. The question set is reviewed annually in order to reflect market developments and shifts in sentiment. For the 2026 study, we surveyed 103 institutional investors. Fieldwork was carried out in August-October 2025. Participation is always anonymous.

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PREVIOUS COVERAGE

2025

Our LP Perspectives study 2025 reveals investor enthusiasm for private debt continuing to grow, in spite of economic and geopolitical challenges that have had an impact of fundraising and deals. Just one peek into the swathes of data you can dive into on this page: 57 percent of LPs say they are keen to increase their private debt allocations over the next 12 months. That’s a stat to lift the spirits of GPs fighting headwinds.

2024

Private debt is at the top of investors’ priority lists for 2024, Private Debt Investor’s annual study of the LP community finds. With more than 90 percent of LPs planning to commit the same or more to private debt than last year, this year’s report looks at which sectors and regions are attracting the most new capital, the macro challenges worrying investors and contrasting attitudes to ESG, along with much more.

2023

Against a backdrop of economic and geopolitical headwinds, marked by soaring inflation and rising interest rates, Private Debt Investor’s annual study of the LP community takes stock of investor sentiment towards the asset class. From investment plans to due diligence priorities and attitudes towards GPs’ ESG programmes, this year’s study tracks LP expectations for private debt going into 2023.

2022

The 2022 study tracks LP sentiment and expectations for the future of the asset class. Private Debt Investor surveyed 111 institutional investors, gathering insight on their asset allocation, propensity to invest and performance predictions.

2021

The annual LP Perspectives study has now been running for nine years, but none have been conducted against a backdrop of macro uncertainty and upheaval quite like the last 12 months. In these testing times, the 2021 study tracks LP sentiment and expectations for the future of the asset class. Private Debt Investor surveyed 100 institutional investors, gathering insight on their asset allocation, propensity to invest and performance predictions.

2020

At a turbulent time for the industry, LP opinions are more important than ever. That’s where Private Debt Investor’s LP Perspectives Survey 2020, one of the most comprehensive of the private debt investor universe, comes in. For this 2020 study, PEI’s Research & Analytics team surveyed 146 institutional investors to find out what’s driving them, what’s worrying them and how they see the future of the asset class.

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