All reports
Download full report
2026 · Americas
Annual Alpha Americas Report '26
A deep dive into the Americas' private-market cycle, where specialist managers are turning concentration at the top into alpha in underserved sectors.
Key findings
- 01
In 2025, 50% of US venture dollars went into just 0.05% of deals dominated by AI, widening the alpha gap below the mega-fund layer.
- 02
Capital is concentrating at the top, but overlooked sectors, smaller funds, and emerging ecosystems are where specialist managers can still enter early and price with discipline.
- 03
Allocator One reviewed 500+ emerging manager applications across the Americas, with 70% targeting funds under $50M and 46% led by solo GPs, showing how the region’s next specialist managers are building lean, focused funds below the mega-fund layer.