New Promises for Private Markets

Get ready to be inspired by Antoine Colson's inaugural speech, where he will share his vision and perspectives about Private Equity. 

Keynote Interview

“Democratisation” was probably the word of the year 2024 for private markets. Accordingly, evergreen funds have caught the limelight. Strategy-wise, direct lending has made significant in-roads in the portfolios of investors. New techniques such as NAV-based financing and GP-led restructuring have gathered interest. What is in store for 2025? Have private markets reached a plateau as fund raising figures seem to imply? Or is it merely a pause towards a new regime – and if so what will it look like? What are the major changes and shifts under way? 

Presentation

Access exclusive insights from the annual Pan-European Private Equity Survey.
Since 2018, IPEM has organized this survey with the support of 14 national private equity associations. It captures the sentiment of European GPs for the year ahead, highlighting key risks, opportunities, and trends in investment and fundraising, with a special focus on "The Wealth Revolution" in 2025.

Panel Discussion

Is Europe now history? Its GDP growth is at best lukewarm, and it is often seen as a sidekick, or even the “sick man” in the world economy. What can private capital do to change the status quo? Is Europe lagging in terms of innovation to finance? Is its industry still attractive for growth equity and buyouts? What advice do private market specialists offer to kickstart the economic engine of the Old Continent?  And what about the ecological transition, does private capital have a role to play in this too, and opportunities to seize? 

Keynote Interview

Panel Discussion

The interest rate tide is receding. What does this mean for European dealmaking in 2025? Is this evolution enough to trigger a wave of deals? Is buy-and-build still the flavor of the day, or is there a new playbook? Where do the valuations stand currently and where are they heading to? Are large/mega buyouts coming back? Should we expect more European delistings? Given the amount of dry powder, and a relative dearth of deals over the course of the last quarters, is there a risk that managers rush to deploy capital and thus lower the bar in terms of quality and accept higher valuations simply to do deals? Are they valuation bubbles, for example for impact-driven business models? 

Panel Discussion

Private equity faced a rather long period of relatively high valuations in the run-up and immediately after the pandemic. These deals are still in portfolio as a slowdown makes exits more difficult. Holding periods are lengthening. Logically, this should lower internal rates of returns. Will this jeopardize the future growth of the asset class? How are fund managers handling this situation? How do they address the expected pressure on IRRs? How are multiples of invested capital expected to evolve? What are the dark and bright spots when it comes to future performance? Are there typologies of companies that make better exits (tech, sustainability)?

Keynote Interview

Panel Discussion

In permanent fundraising, fund managers must face the combined pressure to comply with increased regulatory requirements; to provide quicker, faster and more granular information to fund investors; and to offer products adapted to a mosaic of tax and legal frameworks. This not only raises the barriers to entry, but also places smaller fund managers under pressure. Does this mean that the only way is up in terms of assets under management? Is this the era of private market platforms becoming one-stop-shops? As a result, are private markets on the verge of becoming mainstream?  

Panel Discussion

Secondary transactions represented EUR 80 to 120 billion worth of transactions globally over the course of the last three years. It is projected to reach an all-time high in 2024. Is this market only a “big check market”? Is the market maturing? Is there too much capital available? Can innovation provide liquidity options for smaller transactions? The growth of transaction volumes continues at fast pace, and now includes ca. 40% of GP-led restructuring. Are these transactions still secondaries? Is there still room for LP stake transactions? Are discounts still attractive? Where is the market heading in terms of volumes?  

Panel Discussion

The buyout industry is largely born out of the dismantling of conglomerates in the 1980s. However, buyout shops seem on the verge of becoming neo-conglomerates, especially with the emergence of open-end funds. What edge do buyout managers have against trade buyers? What do fund managers have as an alternative to industrial synergies to win deals? Is there a curse of the sector specialist (for example being forced to deploy capital even though valuations are too high or deal quality is insufficient)? How do specialist managers hedge their strategic risk? How do they avoid potential excessive valuations in IT buyouts, for example? What about the new wave of impact funds, is that a sector specialty too? 

Keynote Speech

Drawing on over two decades of proprietary data and research on lower middle market transactions, this analysis will explore the unique characteristics and opportunities within the small buyout market, a segment that has historically delivered some of the highest and most consistent returns in private equity 

Panel Discussion

Private equity is a world of deal makers, and thus of key persons. Performance attribution is necessarily part of any serious track record analysis from a fund investor. As the founding fathers and mothers of the industry retire, how do they prepare the next generation? What are the best practices to hand over the reins? What are the pitfalls to avoid? In an industry where egos are larger than life, how to ensure a smooth transition – and avoid losing fund investors on the way? 

Keynote Interview/Speech

Why has private wealth suddenly been designed as the new el dorado? What kind of potential do fund managers see in the private wealth world? Is this interest a sign of desperation since institutions have reached their maximum allocation or is there true potential? Is this a revolution or an evolution? Can it be a game changer for private capital investors? Or a trigger for fundamental disruption for private markets? Are the institutional and private wealth worlds expected to converge or stay distinctively separated? What are the consequences of this convergence/separation? 

Panel Discussion

Private wealth has long been regarded as a complex, sub-scale and difficult source of capital. The potential is big, but allocations remain relatively limited. Why? What are the hurdles for a massive adoption? Can this happen fast? How can private markets scale in the midst of highly fragmented wealth channels and conflicting demands in terms of liquidity, returns, risks and holding periods? How do managers address the specific needs of private wealth? Are there already some lessons learned when it comes to offering private market products to private wealth? 

Panel Discussion

Private wealth requires education, advice and specific considerations (tax, time-horizon, wealth planning, succession). How do fund managers cater to these needs? What did they develop specifically for the wealth channel? What were the changes in terms of marketing and sales organization? Technology and systems? Product innovation? Can we say that private wealth requires a new playbook from fund managers? What are the most common pain points mentioned when it comes to serving private wealth, and how are they addressed? 

Keynote Speech

The wealth revolution is driving an era of unprecedented product innovation across private markets. From asset class selection to novel product structures, wealth managers are exploring new avenues to meet the evolving needs of affluent clients. This session will delve into the top strategic considerations for fund managers and distributors to provide insights into the future of private wealth products. Will a standard emerge to define the “ultimate” wealth product? 

Panel Discussion

Private market fundraising was for a long time an arm’s length business, at times with the help of placement agents. Private wealth can only be reached through generalist (and at times specialized) intermediaries. How does the private market industry address the knowledge gap and avoid mis-selling? How to effectively ensure that private wealth clients have the required understanding to opt for private market products? How can we ensure that there is a strong alignment of interest between highly sophisticated fund managers and relatively less experienced private wealth (or even retail) investors? How can fund managers support distributors? What are the lessons learned and best practices in that context?  

Panel Discussion

Evergreen products have been around for decades, but have recently acquired a new shine. According to Preqin, they were managing USD 350 bn in 2024. The number of funds has doubled to 520 over the last five years. Why such a sudden love affair? What has changed? Are evergreen funds on the verge to replace closed-end ones? Who are the typical clients for evergreen funds? What are the guidelines to keep in mind when recommending these products? How to benchmark them and convince clients of their effectiveness? 

Panel Discussion

While private markets are traditionally seen as illiquid, the wealth sector is fostering innovative liquidity solutions, from secondary markets to semi-liquid products. This session will explore the ideal balance of liquidity for wealth clients, considering varying needs across segments. Attendees will learn how fund managers and distributors can tailor liquidity strategies to meet these needs without compromising returns, potentially redefining the future of private capital for wealth clients. 

Panel Discussion

Private market products require patience. If private wealth clients usually have a long-term horizon, they also need to plan for the unexpected and also for their succession. What are the key tenets to keep in mind when building a portfolio of private market funds for private wealth clients? How do fund managers address the unexpected liquidity requirements? What are the best solutions to facilitate the transfer to future generations, in particular the one (source) to many (heirs) scenario?  

Panel Session

Thematic specialist funds in private markets are increasingly targeting megatrends, key regions, and purpose-driven investments. This panel will explore if wealth clients, having accessed broad investment products, are now shifting toward thematic funds as their go-to strategy. Which themes—technology, healthcare, sustainability, emerging economies—hold the most promise? Why now, and what unique opportunities and risks are at play?  

The IPEM Wealth Awards Ceremony is a prestigious event celebrating excellence and innovation in the private markets and wealth management industries. This exclusive gathering recognizes the standout achievements of firms, individuals, and partnerships that have made significant contributions to the democratization of private markets.

The part 1 of our ceremonies highlights four award categories, including:

• Best Private Market Product 2024 - UHNWI/HNWI
• Best Private Market Product 2024 - Mass Affluent
• Best Wealth Partnership 2024
• Best Fund Manager 2024

Join us for an evening of recognition, inspiration, and networking with leading figures shaping the future of wealth management and private markets. This event is an opportunity to celebrate industry leaders and their dedication to innovation, performance, and collaboration.

Panel Discussion

Is there a place for private equity in industrial policies? If so, how do managers see their role in the blueprint issued by the Draghi report? Can private equity be part of a public-private partnership for European growth? For European decarbonation, and largely European sustainability ? Can buyout foster not only change but also economic development? Given its size, can the industry afford to stay on the policy sidelines? If not, how should it engage with public authorities? And what does it expect to gain in the process? 

Panel Discussion

SFDR, Taxonomy, carbon pricing, mandatory ESG reporting: Europe is front and center when it comes to regulatory efforts related to climate-aligned investments. Does this truly translate into investment trends? And if not, what are the other drivers of energy- and climate-focused strategies?  What are the characteristics to such investments? How does the private market industry handle the capital intensity associated with such investments? Are there specific regulatory risks to mitigate (and if so, how?)? Is there too much attention to such topics? How to reconcile climate and energy transition investing with standard performance expectations in private markets?  

Panel Discussion

Digital technologies can be productivity boosters. Is Europe leading the way or lagging in this sector? What kind of investment opportunities do these technologies generate in Europe? Where are the strengths of Europe when it comes to digitization? How do fund managers unleash the potential of such a wave? Where should Europe do more when it comes to digitization? 

Panel Discussion

The ageing population, pollution, and innovation are shaping healthcare trends in Europe, creating both challenges and investment opportunities. The silver economy is driving demand for healthcare services as the population ages. Issues like fertility and weight loss are also gaining attention, while breakthroughs like CRISPR are fueling a biotech boom. Other trends include a focus on mental health and diseases linked to pollution. 

Where are the investment opportunities? Can prevention, consumer healthcare, healthcare products, and automation provide growth? What challenges lie ahead? Is the industry ready to manage reputational risks in healthcare investments? What lessons are European managers learning from the US public backlash against private equity in healthcare? Could this happen in Europe? 

Panel Discussion

There is no economy without ecology. The impact and dependencies between the economy and nature resources are becoming clearer by the day (or by the regulation) and makes one reflect upon the resilience of companies one is investing in. A the same time, opportunities related to investing in nature-restorative models, nature-based solutions or companies offering solutions to biodiversity loss also become clear and attract interest from investors. 

Panel Discussion

Nobel Prize Robert Solow once quipped that “you can see the computer age everywhere but in the productivity statistics”. Does this also apply to the so-called “artificial intelligence”? Do these technologies need their “killer app” to unleash an innovation wave – and if so, what would it be? Beyond a few highly valued start-ups, what is the investment landscape in such technologies? Beyond the hype, can one invest safely in AI? How do fund managers analyse the idea of investing in such capital-intensive industries? What about the “ethical” side of AI? Can open-source AI take over and sideline for-profit players? What are the early successes (through exits) that could inspire investors? 

Panel Discussion

Private equity has been a major, if not the leading, instrument of optimization of companies. It has notably changed how corporations define themselves, redrawn the lines between insourcing and outsourcing, and accelerated the redesign of logistics chains. As nearshoring and onshoring have gained political ground, and re-industrialisation has become a strategic priority, how do fund managers see their role? Are these trends going against the historical tide? What are the investment opportunities to seize? The pitfalls to avoid in this politically charged trend? Can private market play a role in the convergence between re-industrialization and the sustainability imperatives? 

Panel Discussion

Private wealth is clearly an area of interest for private markets. The journey towards mutual discovery is challenging as both private markets and private wealth channels are under permanent evolution. What does the European wealth market look like today in terms of geographical breakdown, type of investor, distribution channels, current private capital allocation and level of expertise? What are the main shifts underway in private wealth that fund managers should be aware of? Where is private wealth going? What are the challenges that private wealth is tackling, and how can private market fund managers be of assistance? 

Keynote Discussion

Based on the latest Oliver Wyman and Morgan Stanley Global Wealth and Asset Management report, the session will explore the global wealth management industry outlook in the context of rising life expectancy, identify revenue opportunities through a comprehensive retirement ecosystem approach, and evaluate the impact of the generative AI revolution over the past year. 

Panel Discussion

Great partnerships are the cornerstone of success in bridging private markets and wealth management. For GPs though, successfully distributing products to wealth clients presents unique challenges that differ from those of institutional investors. Wealth clients have distinct expectations around flexibility, transparency, and communication, requiring tailored investment solutions that can navigate their specific risk tolerances, liquidity preferences, and long-term goals. This panel will address how GPs can overcome these hurdles, from designing products suited to private wealth needs to implementing robust distribution strategies that build trust, ensure alignment, and scale effectively in a competitive market. 

Panel Discussion

Each private wealth client seems unique. However, fundamentally, they share common preoccupations that are often unspoken. What did fund managers learn from these interactions? Are financial returns the top priority? Or is it capital preservation? What about ethics and sustainability? What are the actual and real expectations from private wealth clients? Can they be segmented? What does it mean to design private capital products for these segments? Which ones were surprisingly relevant? Wildly off track? How did managers use these bits of practical knowledge in their daily activity?  

Panel Discussion

With private market allocations by large single-family offices often surpassing 40%, only sophisticated endowments and sovereign funds compare. This session explores why family offices are deeply invested in private equity and examines their unique approach to co-investments, direct deals, and a wider asset range, including infrastructure and private credit. The session will explore their track record, the evolution of their strategies, and why private markets remain a staple in family office portfolios. 

Panel Discussion

France and Monaco are wealth management centers with specific dynamics. France, in particular, has charted its own course in terms of taxes, regulation and private market product offering. What are the main evolutions that fund managers should know of? What works and what does not? In contrast, how should Monaco be considered? What are the best practices when working with local players on private markets? 

Panel Discussion

Southern Europe has been catching up economically with its northern cousin. As a result, new wealth has been created locally. Private wealth clients have also gained in sophistication and are now asking for private market products. Spain has notably created the FCR to facilitate this access. How should these markets be understood? Are there common evolutions? What are the major differences to keep in mind? What would be the recommendations?  

Panel Discussion

While the DACH region shares a common language, does it also represent a unified approach to wealth management? If so, how could it be defined and how should private market fund managers explore it? Switzerland being out the EU, are there any specific dimensions to keep in mind when it comes to commercializing private market products to private wealth? How should Germany (and Austria) be perceived as wealth management centers? What about Liechtenstein? What are the recommendations to fund managers willing to serve local clients and partner up with local wealth managers? 

Panel Discussion

Benelux can be characterized as an area of interest for wealth managers, notably because of the attractive tax treatment of private wealth clients (Belgium), but also because of the substantial size of private wealth in the local economies (Luxemburg). However, these three countries are also complex and require guidance and cultural awareness. What should private market fund managers know when addressing the needs of local private wealth clients? Are there evolutions underway that they should be aware of? How is Luxemburg’s life insurance industry positioned when it comes to European private wealth investors looking at private markets? 

The IPEM Wealth Awards Ceremony is a prestigious event celebrating excellence and innovation in the private markets and wealth management industries. This exclusive gathering recognizes the standout achievements of firms, individuals, and partnerships that have made significant contributions to the democratization of private markets.

The part 2 of our ceremonies highlights three award categories, including:

• Best Private Bank 2024
• Best Wealth Manager 2024
• Personality of the Year 2024

Join us for an evening of recognition, inspiration, and networking with leading figures shaping the future of wealth management and private markets. This event is an opportunity to celebrate industry leaders and their dedication to innovation, performance, and collaboration.