Following two years of manager consolidation, there are signs that asset owners are seeking to expand their roster again. A net 28 per cent of respondents said they are looking to significantly or moderately increase the number of managers they work with, which is a three-year high.

Skriba said this could be a signal that asset owners are looking for diversification. Alternatives has emerged as a place where asset owners are particularly bullish about new manager relationships, with 56 per cent saying they are looking to include someone new in the roster.

The method which respondents use the most often to source new managers is direct inquiry to new managers, but direct reach-out from a manager is proving to be a more popular channel this year, up from 9 per cent in 2024 to 19 per cent in 2025. Reach via consultants has decreased from 27 per cent last year to 14 per cent.

In infrastructure and other real assets, a net 34 per cent of CIOs said they’re looking to increase manager allocations, followed by private credit with net 26 per cent, and venture capital with 21 per cent.

A Casey Quirk analysis showed that defined contribution and sovereign wealth funds have driven growth in global private markets excluding China in the past five years. Insurance and other institutional channels contributed to a lesser extent, while defined benefit funds’ private markets AUM reduced during the period.

This highlighted the importance for managers to have dedicated investor relations team.

“Mature markets, such as defined benefits plan in the US and EMEA, will become a takeaway game, forcing distribution to compete in different channels that may require increased specialisation, such as wealth and insurance, for new growth,” Skriba said in an analysis of the survey results.

“To successfully compete, managers and distribution teams will need to refine their offerings and approach by scaling up investor relations in key markets, [and] driving leverage to improve efficiency.”