Hints of LP support waning for US

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Up to the mid-point of this year, capital raising by US funds was still going strong – but LPs appeared to be edging towards geographic diversification.

Given the ramifications of Liberation Day and a more volatile economic and political backdrop in general, talk has grown louder around whether investors will increasingly migrate capital away from the US and into other markets.

Our US Report 2025 finds evidence that such a migration may be building but it’s not yet clear-cut.