LPbacked Research · Data as of October 2026
Limited Partner Report 2026: 19,462 LPs by Type and Country
Who are the limited partners that invest in private funds, and where are they? This report counts every LP in the LPbacked database by investor type and headquarters country. The figures update automatically and are free to cite.
Key findings
- LPbacked tracks 19,462 limited partners in 133 countries.
- Family offices are the largest group of LPs: 7,283, or 37% of the total. That is more than pension funds (1,832) and endowments and foundations (2,250) combined.
- The United States has 56% of all LPs (10,912), followed by the United Kingdom (812) and Switzerland (751).
- The database holds 50 sovereign wealth funds and 1,832 pension funds, compared with 7,283 family offices.
- The 20 largest LP countries hold 89% of all limited partners.
LPs by investor category
| # | Category | LPs | Share |
|---|---|---|---|
| 1 | Family offices | 7,283 | 37.4% |
| 2 | Wealth & asset managers | 5,181 | 26.6% |
| 3 | Endowments & foundations | 2,250 | 11.6% |
| 4 | Pension funds | 1,832 | 9.4% |
| 5 | Corporates & holding companies | 850 | 4.4% |
| 6 | Insurance companies | 527 | 2.7% |
| 7 | Funds of funds | 483 | 2.5% |
| 8 | Banks | 439 | 2.3% |
| 9 | Other | 323 | 1.7% |
| 10 | Sovereign & government | 294 | 1.5% |
Detailed investor types
| # | Investor type | LPs | Share |
|---|---|---|---|
| 1 | Wealth Manager | 4,111 | 21.1% |
| 2 | Family Office - Multi | 3,858 | 19.8% |
| 3 | Family Office - Single | 3,409 | 17.5% |
| 4 | Foundation | 1,530 | 7.9% |
| 5 | Asset Manager | 1,069 | 5.5% |
| 6 | Private Sector Pension Fund | 985 | 5.1% |
| 7 | Public Pension Fund | 847 | 4.4% |
| 8 | Endowment Plan | 720 | 3.7% |
| 9 | Corporate Investor | 685 | 3.5% |
| 10 | Insurance Company | 527 | 2.7% |
| 11 | Fund of Funds | 483 | 2.5% |
| 12 | Bank | 330 | 1.7% |
| 13 | Private Equity Firm | 280 | 1.4% |
| 14 | Government Agency | 227 | 1.2% |
| 15 | Holding Company | 133 | 0.7% |
| 16 | Investment Bank | 109 | 0.6% |
| 17 | Sovereign Wealth Fund | 50 | 0.3% |
| 18 | Real Estate Firm | 43 | 0.2% |
| 19 | Corporation | 32 | 0.2% |
| 20 | Economic Development Agency | 17 | 0.1% |
| 21 | High-Net-Worth Individual | 16 | 0.1% |
| 22 | Mutual Fund Company | 1 | 0.0% |
LPs by country
The 20 countries with the most limited partners, and the most common LP type in each.
| # | Country | LPs | Share |
|---|---|---|---|
| 1 | United States | 10,912 | 56.1% |
| 2 | United Kingdom | 812 | 4.2% |
| 3 | Switzerland | 751 | 3.9% |
| 4 | Germany | 667 | 3.4% |
| 5 | Canada | 566 | 2.9% |
| 6 | China | 441 | 2.3% |
| 7 | France | 393 | 2.0% |
| 8 | Singapore | 359 | 1.8% |
| 9 | Australia | 348 | 1.8% |
| 10 | India | 309 | 1.6% |
| 11 | United Arab Emirates | 304 | 1.6% |
| 12 | Hong Kong | 292 | 1.5% |
| 13 | Brazil | 220 | 1.1% |
| 14 | Netherlands | 197 | 1.0% |
| 15 | Spain | 164 | 0.8% |
| 16 | Italy | 152 | 0.8% |
| 17 | Saudi Arabia | 142 | 0.7% |
| 18 | Sweden | 133 | 0.7% |
| 19 | Japan | 131 | 0.7% |
| 20 | Belgium | 116 | 0.6% |
Methodology
Each organisation in the LPbacked directory is counted once, under its headquarters country and its primary investor type. Categories group related types: for example, “Pension funds” combines public and private-sector pension funds, and “Family offices” combines single- and multi-family offices and high-net-worth individuals. Multi-family offices include wealth-management firms that describe themselves as family offices.
Figures are recomputed from the live database every day.
More on how the database is built: LPbacked methodology.
How to cite this report
You are welcome to quote, chart or republish these figures with attribution and a link to this page.
LPbacked, “Limited Partner Report 2026: Limited Partners by Type and Country,” data as of October 2026. https://lpbacked.com/research/limited-partner-report-2026
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