Fundraising remains slow and challenging, but the ingredients to regain momentum are already in play and will likely result in an uptick in early 2026, according to the Private Equity Fundraising: Key Trends and Market Survey report (Report) issued by Paul Weiss. Although there are many more PE funds seeking more capital than LPs are willing or able to deploy, the Report notes that LP demand for PE remains strong, and there is a growing realization among LPs that the current market is ripe for investing with GPs that are resilient and flexible. The Report draws on results from Paul Weiss’ annual survey of over 50 recently raised PE funds (Surveyed Funds), 70% of which were raised by the top 100 PE firms measured by PE assets under management. All Surveyed Funds had a minimum fundraising target of $2.5 billion. This article summarizes the key takeaways in the Report, including the latest on economic, governance and other terms in PE fund documents. For coverage of previous Paul Weiss surveys, see “Recent Survey Shows Market Adversity Is Tempering LPs’ Ability to Negotiate Key PE Fund Terms” (Sep. 5, 2024); and “How Key PE Fund Terms Are Being Shaped by Current Fundraising Challenges, Liquidity Needs and Distinct Shifts in the Market” (Feb. 9, 2023).