Results from Intralink's surveyof 200 global investors provided interesting and timely insight into LP allocation plans. According to the survey, 70% of LPs plan to increase allocations to private funds over the next 12 months. On the one hand, the survey results make sense in the context of a year in which intermediate liquidity products, such as high yield credit, disappointed while a liquidity barbell portfolio likely fared better. On the other hand, survey respondents were heavily weighted toward wealth management and family office investors, limiting its direct relevance to the institutionally driven fund finance market. While the positive sentiment indicator is certainly welcome, our base case continues to be for a year-over-year decline in fundraising next year as the rate of capital recycling in private markets slow.