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GPs are navigating a world of compounding risks, and the data shows they are least prepared for the risks they are most concerned about. In several areas, the gap is material.

Macro & Financial (55%) and Geopolitics & Trade (54%) top the concern rankings. Yet AI & Technology reveals the most pronounced governance shortfall: 52% of GPs are concerned about rapid technological change, while only 36% feel adequately prepared. That’s 16 percentage points, the widest deficit of any category in the survey. Geopolitics follows a similar pattern, with 54% concerned but just 39% prepared to adapt.

Regional differences add further nuance. Asian GPs report elevated concern for Macro & Financial and Regulatory & Legal risk, reflecting structural pressures around cross-border capital flows and regulatory volatility. Europe presents one of the most pronounced gaps in the data: Just 18% feel prepared for AI & Technology risk, despite concern registering at a more moderate 46%, well behind North America and Asia. Embedded managers reported the highest concern levels of any segment, with 70% flagging Geopolitics & Trade, 65% Macro & Financial, and 50% AI & Technology as top concerns.

For many GPs, AI has moved from a back-office efficiency question to a board-level strategic issue - one with direct implications for portfolio valuation, due diligence and operational resilience. The infrastructure to address it at scale, however, remains underdeveloped at most firms. It’s an indicator that risk is evolving faster than governance.