拒绝AI主导投资！全球LP形成这些共识！

Core Insights - The report from Coller Capital indicates that 90% of respondents believe AI models should not have voting rights in GP investment committees, emphasizing the preference for human-led investment decisions [1] - The survey reveals a significant divide among LPs regarding AI's impact on the career development of analysts, with 44% believing it will enhance growth, while 36% express concerns it may hinder it [1] Group 1: IPO Market Trends - The global IPO market is expected to become active again by 2026, with 77% of LPs indicating that their GPs are preparing for portfolio company listings [3] - Approximately one-third (32%) of LPs report that multiple GPs have already proposed listing plans for 2026, while 45% have received similar signals from at least some managers [3] - Only 9% of LPs have not engaged in any IPO-related discussions, indicating a shift from the previous years' market stagnation [3] Group 2: Focus on Asia-Pacific - The trend of preparing for IPOs is particularly pronounced in the Asia-Pacific region, where 87% of LPs report that GPs are gearing up for 2026 listings [4] - Asia-focused funds remain the primary tool for LPs investing in the region, with 71% targeting Southeast Asia, 64% China, and 63% Australia [4] - The report highlights a renewed confidence among global investors in the Asia-Pacific private market, driven by strong IPO exit momentum and increasing interest in co-investment [4] Group 3: Emergence of Second-Generation Funds - The report indicates that nearly two-thirds (62%) of LPs have seen or expect to see assets transferred to subsequent continuation fund structures [5] - Despite the complexity of transaction structures, 75% of LPs maintain high confidence in GPs' ability to manage continuation funds [5] - In the Asia-Pacific region, 80% of LPs report seeing or expecting asset transfers to continuation funds, surpassing Europe (67%) and North America (53%) [5] Group 4: Importance of Co-Investment - Over 43% of LPs globally indicate that co-investment is becoming increasingly important in their selection of fund managers, with 76% of Asia-Pacific LPs acknowledging its rising significance [6] - Despite the growing importance of co-investment, 19% of respondents report a lack of sufficient participation opportunities [6] - Key drivers for LP participation in co-investment include improved fee efficiency (78%) and access to high-quality investment opportunities (71%) [6] Group 5: Increased Focus on Later-Stage Investments - Nearly 24% of LPs plan to increase their investments in later-stage primary markets, with 57% citing the ability to evaluate investments based on initial fund performance as the main motivation [6]