Separately managed accounts have become the go-to route for raising institutional capital. But what happens when allocators can’t process the transparency they demanded? This report, based on surveys of 100 hedge fund managers and 50 allocators, reveals the operational realities behind the SMA growth story – where demand is heading, why some allocators are pulling back, and what separates managers who win mandates from those who don’t.

When we surveyed over 100 hedge fund managers about securities litigation recoveries, we expected to find widespread participation. After all, these represent legitimate compensation for fraud-related losses – no investment thesis required, no market risk involved. Instead, we discovered that just 7% participate systematically. More surprisingly, among the 93% who don’t, nearly half cite “lack of expertise” as the barrier.

A wave of volatility is building. The question is whether you’re prepared to surf it. Our annual Global Outlook report, supported by MSCI, brings together perspectives from leading hedge fund managers and allocators to map the opportunities and risks shaping 2026. The collective sentiment sits as constructively optimistic, because volatility is the raw material from which hedge funds extract alpha.

Six months ago, allocators were aggressively hunting for new hedge fund managers. Today, that appetite has shifted. Our comprehensive survey of over 100 global allocators reveals a rapidly evolving sentiment, with confidence in hedge funds surging to record levels, while deployment has become markedly more selective. The data paints a picture of sophisticated institutions moving from portfolio reconstruction to optimisation, but you’ll need to read the full report to understand what it means for capital raising in the months ahead.

Our latest survey of over 100 hedge funds and allocators reveals a striking paradox: three-quarters of funds turbocharged their strategies in just 18 months, yet every fund aggressively expanding hits the same wall – technology that can’t match their ambition. Meanwhile, allocators keep raising the bar – demanding niche, uncorrelated strategies whilst insisting on institutional-grade infrastructure.