GPs will do well to heed calls for the PE industry to adapt to the shifting needs of institutional investors sooner rather than later.

The career paths of the young professionals in this year’s Future 40 list are as varied as their achievements, but their potential to lead the industry forward in a time of flux is a shared trait.

Fundraising is poised to set new records as private equity firms branch out from buyouts to strategies such as secondaries and growth investing.