Over a quarter of endowment plans, one of private equity’s most important sources of capital, are over-exposed to the asset class and more than a third are planning to reduce the rate at which they commit to new funds.

Endowments are the foundation of many buyout fundraisings, having historically committed an above-average 11.8% of their capital to private equity (in contrast to an average of 8.8% for all types of institutional investor) according to research by data provider Preqin.