Operational Excellence Overtakes Performance as Private Markets’ Next Competitive Battleground
New Ocorian research finds asset managers expect operating model maturity, outsourcing and investor reporting to play a growing role in fundraising success
10 August 2026, United States: Operational excellence is overtaking investment performance as the next major competitive battleground for private markets firms, according to new research from Ocorian.
The study of 300 senior asset management professionals found that 59% believe operational excellence will be the most critical driver of competitive advantage for alternative asset managers by 2028. By comparison, just 12% selected investment performance.
Ocorian says the findings point to a shift in the way private markets firms are preparing for future growth. While investment performance remains fundamental, managers increasingly recognise that the strength of their operating model, reporting infrastructure and governance frameworks will play a greater role in how they compete.
Outsourcing becomes a strategic priority
The research also found that asset managers expect to make greater use of third-party support as operational demands increase. Four in five respondents (80%) expect the use of third-party providers across the fund lifecycle to increase over the next two years.
CFO outsourcing is also moving up the strategic agenda. Nearly all respondents (99%) agree that CFO outsourcing is shifting from a cost-saving measure to a source of strategic value, while 33% already use CFO outsourcing and expect to increase their use of it.
Ocorian says this suggests outsourcing is no longer viewed simply as a way to reduce internal workload. Instead, it is becoming a way for managers to strengthen operating capacity, improve reporting, support governance and respond to growing investor and regulatory expectations.
Investor reporting and fund accounting under pressure
The research highlights the scale of the operational challenge facing private markets firms. More than half of respondents (56%) say investor reporting is extremely challenging, while 59% say the same of fund accounting.
Ocorian says these pressures are likely to become more significant as fund structures become more complex, investor expectations rise and managers seek to scale without adding unnecessary operational risk.
Vincent Calgano, Head of U.S. Growth at Ocorian, said:
“Performance will always matter in private markets, but it is no longer the only measure of competitiveness. Asset managers are increasingly being judged on the quality of the platform behind the fund, from reporting and accounting to governance, compliance and operational resilience.
“What stands out from the research is that operational excellence is becoming a strategic growth issue, not just a back-office concern. Managers need infrastructure that can support complexity, withstand scrutiny and give investors confidence in how the fund is run.
“That is why outsourcing is moving up the agenda. The conversation is no longer just about cost or capacity. It is about whether specialist third-party support can help managers build a stronger, more scalable and more transparent operating model.”
Operating model maturity becomes a growth issue
Ocorian says the findings show that private markets firms are entering a period where operating model maturity will increasingly shape their ability to compete, scale and meet investor expectations.
Vincent Calgano added:
“As private markets become more complex, managers need to ensure their operating models can keep pace. Fund accounting, investor reporting and outsourced CFO support are no longer just administrative functions, they are becoming central to how firms demonstrate credibility and support growth.
“The managers best placed to succeed will be those that can combine strong investment capabilities with the operational infrastructure needed to deliver transparency, consistency and control.”
—ENDS—
Notes for Editors
Research conducted among 300 senior asset management professionals.
Respondents included fund managers/managing directors, CFOs, COOs, CCOs/heads of compliance, general counsel/heads of legal, CIOs/investment analysts and heads of investor relations/fundraising.
About Ocorian
Ocorian is a market leader in asset servicing for private markets and a global asset and asset owner service provider, providing a broad range of services across fund services, corporate and trust services, capital markets, and regulatory and compliance support.
Unlocking new value for its clients across jurisdictions and service lines is Ocorian’s priority; it manages over 20,000 structures on behalf of 9,000+ clients including financial institutions, large-scale international organizations, and high-net-worth individuals.
Ocorian provides fully compliant, tailored solutions that are individual to clients’ needs, no matter where in the world they hold financial interests, or however they are structured.
The group offers a full suite of corporate, fund and private client services across a network of offices spanning all the world’s financial hubs. Locations include Bermuda, BVI, Cayman, Denmark, Finland, Germany, Guernsey, Hong Kong, Ireland, Isle of Man, Jersey, Luxembourg, Mauritius, Netherlands, Norway, Singapore, Sweden, UAE, the UK, and the U.S.
To find out more about Ocorian and its services, including regulatory information, visit www.ocorian.com
