The Institutional Limited Partners Association (ILPA) released the results of its second annual LP sentiment study. ILPA gauged its members’ perspectives on allocations to PE; return expectations; commitment size; number of manager relationships; plans for adjusting PE exposure in 2026; staffing; changes in negotiating leverage; key negotiation issues; and co‑investments. This article discusses the key findings from the study, with commentary from Seyfarth Shaw partner Steven A. Richman and Sidley Austin partner Michael Sabin. See “Institutional LPs’ Growing Concerns Over Retailization of the Private Funds Industry (Part One of Three)” (Jan. 8, 2026).