Raising capital in the alternatives market isn’t just about finding investors – it’s about finding the right ones. With two decades of experience, the team at Alvine Capital Management – winner of the Private Equity Wire European Awards’ Placement Agent of the Year for the second year running – knows this better than most. Managing Director Alec Lingorski shares his insights.
Give us a quick introduction to Alvine Capital.
Founded in London in 2005, Alvine Capital is a specialist European placement agent, dedicated to supporting GPs worldwide with their European fundraising efforts. We work with both emerging and established GPs across the private markets spectrum, carefully aligning our partnerships with LP appetite and prevailing macroeconomic trends.
Since founding, our team has grown to 17 professionals operating across London and Stockholm.
What sets Alvine Capital apart from other placement agents?
Unlike global placement agents, Alvine Capital is purpose-built, focused exclusively on European LPs. This regional specialisation allows us to develop deep, long-standing relationships with a broad spectrum of investors – from the most institutional to under-the-radar family offices.
We are highly selective in our GP relationships, typically onboarding only one or two new partners per year, and maintaining a roster of eight to ten at any given time. Our approach ensures that we work with non-competing managers across fund vintages, strategies, and sectors, ensuring tailor made approaches for each GP.
When it comes to relationships, we seek true partnership with our GPs – we want to be the extended European arm which demands a level of respect and transparency on both sides. On the LP side, our role varies depending on the investor – whether as an extended sourcing arm or a key provider of deal flow. Ultimately, our goal is to deliver value and insight tailored to each LP’s needs.
Lastly, our team is both dynamic and entrepreneurial, with high employee retention. Many of us have been with the firm since the start of our careers, fostering strong continuity and trust with both LPs and GPs.
What trends are shaping the European fundraising landscape?
Sophistication among European LPs continues to grow, driving increased allocations to private markets. While initial allocations have traditionally favoured larger, well-established managers, investors are now expanding into the lower middle market, seeking alpha through emerging managers and more specialised investment strategies.
Specialisation has also become a focal point, with LPs demonstrating heightened interest in sector-focused or regionally concentrated strategies.
More broadly, DPI remains high on the agenda across the industry. LPs are increasingly focused on liquidity, seeking distributions and exits in the current market environment. Given Europe’s macroeconomic backdrop, we’ve also observed a growing inclination toward US opportunities. Despite short-term volatility, it continues to present compelling return potential.
How are you helping GPs navigate the evolving European fundraising landscape?
Our approach is rooted in long-term partnership. For GPs, European fundraising isn’t just about securing commitments – it’s about building a presence and establishing credibility with LPs over time. We focus on brand-building and positioning, to ensure European investors understand how a GP fits into the market.
Maintaining consistent dialogue with LPs – both during and between fundraising cycles – is critical. Unlike other markets, European LPs typically take longer to establish trust with GPs – but once they’re in, they’re committed, making it time well spent. Given the extended timelines often required to bring European investors on board, we work closely with GPs to ensure ongoing engagement, regular updates, and remaining visible.
Europe is a complex and fragmented market, with multiple languages, cultural nuances, and legal frameworks. We help GPs navigate these challenges by providing structural and positioning advice, as well as on-the-ground support.
A key differentiator is our deep understanding of LP demand. We continuously engage with investors to anticipate their needs – not just in the near term but looking one, two, or even three years ahead. Our team collectively speaks 11 European languages and is highly active in the field – last year alone, we conducted 60 roadshows across 14 countries (UK, France, Switzerland, Germany, Finland, Sweden, Denmark, Norway, Belgium, Luxembourg, Netherlands, Spain, Italy, Estonia), ensuring we stay closely connected to regional investor sentiment.
For newer GPs, the challenge is often understanding where they fit within the European LP landscape. While large institutional investors may seem like attractive targets, securing commitments from them can be a long and uncertain process. Instead, we help managers focus their efforts on the most relevant investor segments.
For more established GPs, our role is often about identifying pockets of capital and aligning them with LPs whose programmes and allocations match their strategy. Rather than pursuing broad marketing efforts, we take a highly targeted approach – carefully curating LP relationships to maximise fundraising efficiency.
Historically, we have helped emerging managers secure 10–20% of their total fundraise from European investors.
What is the biggest strategic priority for Alvine Capital in 2025 and beyond?
In light of the challenging fundraising environment, the quality of the product has never been more critical. Moving forward, our primary focus is on sourcing new partnerships and ensuring that we conduct thorough due diligence, much like an LP would, before bringing a new opportunity to market. It’s essential that we stay at the forefront of emerging strategies, as there are many exciting, innovative approaches gaining traction.
As we expand our LP network, we’re also looking beyond the traditional investor base. Given the current market dynamics, it’s crucial to identify sources of capital in less well-known regions, and in markets where alternative investments have historically been less active.
We’ve seen growing interest in places like Italy and Spain, as well as the Baltics, where European-focused GPs are increasingly eyeing US opportunities. These areas, though not immediately obvious for capital, are showing strong potential and represent important opportunities for future exploration.
Ultimately, our goal remains clear: to be the first-choice partner for GPs raising capital in Europe.
We believe our differentiated approach and deep market knowledge give us a unique edge over our peers. We’ll continue to build on this by ensuring we have the right products, the right people, and the right processes in place to provide the best possible support to our partners.
Alec Lingorski, Managing Director, Alvine Capital – Alec Lingorski is the Managing Director of Alvine Capital, a specialist European placement agent based in London and Stockholm. Since joining the firm in 2012, Alec has been active in developing Alvine Capital’s reach and network in the illiquid market on both the manager and the investor side. In particular, Alec has played a pivotal role in expanding Alvine Capital’s presence in the Nordic investor market and enhancing its manager research capabilities.
Appointed Managing Director in 2024, Alec continues to drive Alvine’s strategic growth as the firm establishes itself as the preferred boutique partner for alternative investment managers looking to raise capital in Europe.
