SMAs and the Capital Raising Challenge

For hedge fund managers navigating one of the more difficult fundraising environments in recent memory, separately managed accounts (SMAs) have evolved from a product offering into a practical mechanism for accessing capital that might otherwise be out of reach. In our “Separate Ways II: The SMA Playbook for 2026” report, produced in partnership with Hedgeweek, we surveyed 100 managers and 50 allocators globally to provide a detailed view of how this shift is playing out in practice.