Adams Street Partners' sixth annual Global Investor Survey of LPs finds that while 84% expect private markets to outperform public markets long term, 90% say liquidity constraints will shape their 2026 strategy, driving greater selectivity, consolidation around high-conviction managers, and a shift toward co-investments and secondaries. Key findings include Europe overtaking North America as the most attractive region, a preference for middle market over large/mega buyout funds (72%), and a sharp rise in AI-related disruption concerns among investors.