The Scale Barrier

Spreading out: Private credit’s next growth wave

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THE SCALE BARRIER

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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WEBINAR

Join us for our webinar off the back of our report as we discuss:

• What makes multi-strats the go to option for most allocators in 2026?
• Is there actually a minimum size, or is that a myth the industry tells itself?
• The function you find hardest to run is the one the market says you don’t need to own.
• Can any aspect of risk-management be outsourced?
• SMAs have turned into a plumbing problem, not a governance one.
• Has AI changed the economics, or just the workflow?

DATE: Wednesday, 18th November

TIME: 3pm GMT / 10am ET

Speakers

Manas Pratap Singh

Managing Editor

Hedgeweek®

Mastan Momin

Managing Director, EMEA Hedge Fund Services at SS&C Technologies