Alts Preview: On the Cusp Again?

Research evidence excerpt

Alts Preview: On the Cusp Again?

Equity Research

9 July 2026

U.S. Brokers, Asset Managers & Exchanges

Q2 was in general another lighter period of activity due to the

timing of the war in March, but commentary suggests

pipelines are building, setting up a better 2H, and U.S. Brokers, Asset Managers & Exchanges POSITIVE

Unchangedinstitutional appetite, particularly for credit and infra/ABF,

appears to remain quite robust. U.S. Brokers, Asset Managers &

Exchanges

Benjamin Budish, CFA

Key takeaways: On the whole we expect Q2 to be relatively benign, with realizations, +1 212 526 2418

transaction fees, and net credit deployment somewhat soft. At the same time, while some benjamin.budish@barclays.com

managers are likely to see "air pockets" of fundraising largely due to the timing of flagships (CG, BCI, US

OWL) and headwinds in the wealth channel are quite well understood at this point, we generally Chris O'Brien

expect institutional flows to remain robust (e.g., credit we have seen a number of managers +1 212 526 9284

accelerate credit flagship timelines), and are hopeful that 2H sees a pickup in activity after a chris.obrien@barclays.com

push out this Q. BCI, US

Mason Fleming

Key themes: +1 212 526 7025

mason.fleming@barclays.com

Realizations, particularly within Private Equity, started off the year in 1Q on an upbeat note, BCI, US

despite the US-Iran conflict escalating at the end of February, but are still lacking the true

acceleration that markets have been waiting for with average portfolio company holding Mark McLaughlin, CFA

+1 212 526 9320

periods continuing to elongate and plenty of dry powder on the sidelines. SpaceX ended the

mark.mclaughlin@barclays.com

quarter with its record-breaking IPO underscoring that investors still have an appetite for new BCI, US