PitchBook’s 2018 Annual Institutional Investors Survey asked several dozen private fund investors about their allocation preferences, investment processes, relationships with managers, preferred investment vehicles, return expectations and the means by which they measure those returns. This article summarizes PitchBook’s key findings. For another recent survey on the alternative investments industry, see our two-part coverage of ACA’s 2018 compliance survey: “SEC Exam Experience and Insider Trading Controls” (Dec. 13, 2018); and “Fees, Expenses and Custody” (Dec. 20, 2018).