The Scale Barrier

Spreading out: Private credit’s next growth wave

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What it takes to launch and run a multi-strategy platform in 2026

Allocators want multi-strategy more than any other strategy. The industry still cannot agree on how big you need to be to run one.

Nearly six in ten managers say a platform can work below $1bn, or that there is no minimum size at all. Just over a quarter insist on nothing under $3bn. The argument is not really about assets. It is about what an operating model can absorb before the cost of running it overtakes the business.

This report maps where that complexity actually sits, and the answers are not the ones the industry assumes. The hardest thing to scale turns out to be something most managers are happy to outsource, while the one function they will not hand over at any price is the second hardest of all. Building your own systems and running a leaner team have, both stopped working, on the evidence of almost everyone we asked.

Survey data from 100 hedge fund managers, with Trium Capital, Investcorp-Tages, The Lighthouse Group, Shire Capital Management and SS&C.

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