Delegates heard a broad range of insights and discussions across the two main conference rooms and the summit and breakout session rooms during the morning.
Private Markets: New opportunities in 2025
Lorenz Jüngling, Co-CEO of Moonfare shared some upbeat views on how the firm views the growing market opportunities for private markets GPs, particularly as it relates to PE secondaries. Deal volumes in 2025 are anticipated to exceed last year’s record of $150 billion as the pace.
While they’ve become an accepted exit route for large LPs and GPs to manage liquidity, individual investors who access PE secondaries will also want the mental opportunity to at least exit an investment if they need to, even if, as part of ongoing education, they understand that evergreen fund products should be viewed as long-term investments.
Jüngling cited two important reasons as to why private markets should feature in everyone’s investment portfolio. Firstly, private markets have historically been able to generate superior returns to any other investment class, provided you make the right kind of investment. As he remarked, “There are more PE firms in North America than there are McDonald’s restaurants,” he said. “That tells you how difficult it is to find which of them will really generate outperformance.”
Secondly, the longer time horizon is something that interests private individuals as they know that hanging on to an investment for a longer period of time is the best way to build wealth.
It was noted that opening 401K plans in the US to private equity could be a game changer. Widening up the investor aperture for 401k to invest into this asset class “is something we would be very excited about” said Jüngling. He added that the evolution of products like semi liquids and evergreen funds that are more targeted towards democratizing private equity “will continue in 2025 and beyond and will create a huge opportunity for the industry as well as for investors”.
In Europe, private capital is a critical driver of growth and innovation in the region’s economy.
Josselin de Roquemaurel, Partner at Weinberg Capital Partners emphasized that private companies cannot be shorted, meaning investors must actively create value through strategic investments.
“Europe requires EUR800 billion in additional capital per year—this won’t be met without leveraging private capital, especially for small and mid-cap companies,” he said.
Christophe Bavière, Co-CEO, Eurazeo, highlighted that Europe has a strong financial ecosystem and that a more unified European capital market would be beneficial – just last year alone, for example, Eurazeo completed five or six IPOs on the Nasdaq. However, in many cases, entrepreneurs are opting for private capital due to its flexibility and ability offer greater alignment with business needs. This raises questions as to whether individual investors are sufficiently engaged in private markets, given their strong returns compared to public markets.
Private capital is increasingly stepping in where public markets fall short, particularly for SMEs struggling with liquidity.
An audience poll reflected this sentiment, with 54% of respondents viewing private capital as essential for building economic resilience, while 42% see its role in driving innovation in high-growth sectors like tech and biotech.
Weinberg Capital Partners’ de Roquemaurel underscored the important role that private capital can play in fostering mid-sized businesses – the “M’ in SMEs – particularly in strategic sectors such as defense. With thousands of small firms in France alone, he argued that developing national and regional champions is key to sustaining competition and innovation across Europe.
In an engaging presentation, Antoine Colson, CEO and Managing Partner at IPEM discussed the findings of IPEM’s 7th annual pan-European private equity survey with Nicolas Beaugrand, Partner and Managing Director of AlixPartners. The survey revealed that geopolitical turmoil and protectionism/trade wars are the top external threats facing European capital markets in 2025.
Given the growing importance of private wealth in respect to fundraising and building new distribution partnerships, some 76% of survey respondents said that they regarded the education of individual investors as the main block to tapping into private wealth, while 71% cited immaturity/limited experience of wealth distribution. Only 25% cited technology limitations.
Data and IT management was found to be the top internal priority for 2025 (47%) followed by fund reporting/transparency (46%) and HR/talent management (44%).
Pan-European dealmaking in 2025 is shaped by a challenging but evolving market. Fundraising is competitive, with many large players returning, but investor appetite remains strong for mid-market and lower mid-market funds—particularly those that can clearly demonstrate differentiation and sustainable value creation.
Simply generating returns is no longer enough; LPs want to understand how value is created and whether it can be sustained long-term. Pricing strategies, talent retention, and operational expertise are now essential rather than optional.
Exit dynamics are also shifting, with secondaries—especially continuation funds—gaining traction as a viable option. “We spend a lot of time with our GPs thinking about ways to support them with their trophy assets in co-investment vehicles or continuation vehicles,” commented Stephanie Daul, Vice President, Primaries, at HarbourVest. In her view, realizations – or DPI – are coming back, but a balance has to be struck. Investors don’t want to leave money on the table if there is further value to be sought from portfolio companies.
It was noted that secondaries are fine to use provided the GP’s motivation is genuine: i.e. do you have a strong story to tell investors? Can you demonstrate further runway? Is there a good rationale behind launching a continuation fund? This is what investors need to understand.
While market conditions are gradually stabilizing, deal flow remains uneven. Market multiples are still high and the market is polarized. “There is a big portion of the market where there are no deals happening. I think the market is willing a little bit to lower expectations. The gap is narrowing but perhaps not enough,” remarked Francois Jerphagnon, Member of the Executive Committee at Ardian.
“The beauty of mid-market PE,” said Korbinian Knoblach, Partner and Co-Head of Private Equity, Trill Impact, “is that it hasn’t hit rock bottom. We focus on growing sectors, especially in subdued markets like Germany.”
Global investors like Blackstone are feeling bullish on the deal landscape for 2025. Borrowing costs are falling, credit spreads are tightening and on the exit side, Blackstone Private Equity Strategies (BXPE) still sees public markets as pretty attractive for IPOs.
The BXPE team is bullish on the overall deal making landscape especially in AI and digital infrastructure where it sees long-term secular trends. Another area of huge opportunity is within traditional power and energy transition. The US power sector is projected to grow 4% this year, and 40% over the next decade.
Although 42% of IPEM’s private markets audience felt increased trade protectionism, tariffs, and changing foreign investment policies would have the biggest influence on private equity returns in the next three to five years, investors are sanguine.
At Pictet, they aren’t looking at portfolio construction any differently to how they’ve approached it historically. The number one criterion remains the same: a GP’s playbook to transform companies and continually improve the playbook. “Who are the GPs who are really helpful to their portfolio companies? There are huge differences in this respect,” commented Maurizio Arrigo, Global Co-Head of Private Equity at Pictet.
The PE model is adaptable. If anything, periods of market stress help reinforce the fact that GPs have the toolbox to support companies through challenges.
“We invest, we develop companies and then we sell them. If we look at the history of BPI France, over the last.10 years it has worked. It’s testimony that the classic private equity model still works,” said Veera Somersalmi, Director, Coverage Europe – Investor Relations, BPI France.
Private Wealth: Key Session Takeaways
Many of the panelists speaking throughout the morning agreed that evergreen products are expected to enjoy significant growth in the coming years but a lot of time will be needed educating investors on individual strategies. Different strategies deliver different investment experiences. There is no ‘one-size fits all’ approach. This underscores the importance of tailored education for different client needs in future private wealth investing.
This is a pivotal moment for financial investors as private markets open up wealth distribution channels. Indeed, The biggest change in private markets has been the proliferation of evergreen vehicles.
“The old market was campaign-driven, but the new market is evergreen, with one capital call upfront instead of multiple drawdowns,” commented Shane Clifford, Head of Global Wealth, Carlyle.
The infrastructure and access for smaller investors in private markets has improved significantly. However, while there are over 8,000 family offices managing $3 trillion in private wealth, private markets remain underpenetrated among HNW investors.
Technology has played a major role in education and access for private markets although the lack of a standardized technology for private wealth remains a challenge. To further drive the private wealth revolution, infrastructure will need to improve. It was suggested that GPs should listen to LPs and leverage platforms like iCapital to enhance accessibility.
Josh Helfat, Head of Private Investments, JP Morgan and Shenal Kakad, Head of Private Markets, Barclays Wealth said that managers looking to stand out must focus on clarity of message and consistency in track record.
The following are predictions for 2030:
🟠 The proven liquidity of evergreen funds will blur the lines between public and private equity.
🟠 Discretionary pools of capital will outweigh advisory allocations in evergreen AUM.
🟠 Evergreen funds and closed-end funds will each represent 50% of private market AUM, meaning closed-end funds are here to stay.
🟠 Private markets’ penetration in wealth portfolios will exceed 10%.
It was noted by Alisa Amarosa Wood, Partner, KKR, that private equity “is no longer just for Wall Street; it’s for Main Street.” KKR expects evergreen funds to make up 50% of its offerings in the coming years.
In some respects, evergreen funds are becoming the “ETF equivalent” for private markets, according to Peter Baske Nielsen, Global Head of Private Markets, EQT, solving for greater efficiencies, reducing the J-curve, and creating more diversification.
Morning Summit Session Key Takeaways
The first morning Summit Session focused on infrastructure and real assets, commencing with an engaging discussion on top trends to watch in 2025.
On the risk side, delegates were advised to stay close to political agendas and policies and develop their own views to create different scenarios and forecasts. In the current interest rate market, refinancing upsides are much harder to achieve. Angela Roshier, Head of Value Creation, CVC DIF, said to focus on optimizing revenue using levers like pricing strategy. “AI as a tool presents significant opportunities for revenue generation and business optimization,” she suggested.
The outlook on energy transition and green energy in 2025 was highly optimistic. Although as Nicolas Rochon, Founder and CEO, RGreen Invest, commented: “Europe needs to be competitive economically and part of that is energy transition. It is more than climate. It is about the security of Europe.”
In the last 12 months there was a slowdown due to macro trends and volatility in energy prices. Now, with interest rates coming down and energy prices stabilizing, “the outlook is positive for renewable energy infrastructure,” said Elise Vaudour, Senior Managing Director, Macquarie Asset Management.
Historically, private markets only had exposure to infrastructure through certain vehicles. Now, a huge wave of capital inflows from private wealth, and the rise of evergreens, is increasing democratization of infrastructure investments.
“For an open-ended infrastructure fund, the only way to meet short-term liquidity needs is by having strong assets underlying the funds that generate stable cash flows. Therefore we are never in a rush to sell those core operating assets,” explained David Walsh, MD at Energy Capital Partners.
Harnessing the tailwinds of private wealth growth
Private Wealth Session Takeaways
Throughout the afternoon on January 29th of IPEM Cannes | Wealth, both private banks and GPs spoke candidly on exploring new horizons as private markets become ever more accessible.
Evergreens, while a great innovation, need to be handled with care when it comes to marketing them. It was mentioned by several speakers that their own internal compliance teams resist using the term semi-liquid, and instead insist on using the term ‘semi-illiquid’. This is a wise approach as GPs begin to develop products for a broader, mass affluent investor base.
“Evergreens are not a trend they are a fundamental change for the market,” remarked Agathe Bubbe, Director – Wealth Solutions, Investor Relations at Eurazeo. “However, not all strategies are suited to these products, scalability is a necessity.”
Private banks are applying a laser focus to education, knowing this will be vital as the catalyst for change begins accelerating. GPs need to also be aware of the fact that educating investment advisors and their end clients is entirely different compared to an institutional investor base.
Claire Roborel de Climens, Global Head of Private & Alternative Investments at BNP Paribas Wealth Management, explained that going forward, she expects to see more gating to be activated in evergreens to protect investors, “and we absolutely need to explain that,” adding that “for us, it’s very important to partner with GPs who have the scale, who will be able to raise money with a very diversified investor base to manage the liquidity needs of evergreens.”
Gatings are part of product design. How they are used will differentiate good managers from those who are just chasing the hype.
To close the information gap, private banks like BNP Paribas have developed training models as part of the certification to become a private banker, as well as develop sessions with some of its GPs’ academies.
“The second step is to educate our clients,” said Roborel de Climens. “We do a lot of educational videos for the clients. We organise roadshows with GPs and with our CIO to explain the benefits of private assets in a financial portfolio.”
While there is a lot to explain, wealth platforms must also invest in the internal pipes, the operations… so that investors understand how to manage capital calls etc. Equally, if GPs want to scale in private wealth, they too need to have the internal tools and the right operational infrastructure in place to support the mutualization of private markets.
“Investors have to understand exactly what they are buying,” stressed Markus Pimpl, Co-Head Private Wealth Europe, Partners Group. “You need the team and the resources in place to do this. We trained 600 advisors last year in our headquarters.”
The ability to demonstrate liquidity management and manage volatility over cycles is an important consideration when partnering in private wealth. Distribution partners have to be assured that the GP has gone through tough periods with their closed-end funds. Until fairly recently, this has meant that the universe of GPs offering evergreens was fairly small; the big household multi-asset behemoths like the Apollos and KKRs of the world.
The universe of GPs is steadily expanding, however. Clients now want more specialization and something more bespoke and as Victor Mayer, Head of International Private Wealth at Pantheon remarked: “We are focusing on mid-market managers in private equity, private credit and infrastructure. Secondaries are an ideal way to access opportunities in the private equity space.”
Banks like Mediobanca couldn’t sit back and ignore the evergreen trend. When it comes to evaluating GPs, however, liquidity and deployment capabilities are key considerations. “We need to ensure we have a well diversified seed portfolio both in terms of investments and clients,” said Greta Teot, Head of Private Markets at Mediobanca.
When discussing some of the key challenges for evergreens, panelists told the audience that GPs need to understand the different types of distributors in Europe. Responding to questions and having local teams in place to liaise directly with distributors is important. Don’t underestimate the ability to put a face to a name. It’s key to those wishing to succeed in the private wealth segment.
Challenges linked to customisation and operational complexities were also noted. These complexities can create a burden on clients and distributors, requiring enhanced operational capabilities to navigate multi-subscription processes and varying redemption terms.
Performance risks (a good closed-ended fund doesn’t necessarily equate to a good evergreen fund), liquidity mismatches and the potential for mis-selling due to new and inexperienced GPs are additional challenges to be aware of.
Evergreens are not simple, vanilla savings accounts on steroids. They are inherently illiquid and investors need to be continually educated on the long-term, illiquid characteristics of the underlying assets.
When it comes to liquidity management, secondaries are an ideal cornerstone of any private wealth portfolio as a way to access private markets, and particularly private equity.
“We believe PE secondaries are ideally suited for core exposure to private markets. There’s no better risk/return profile in private markets, comparatively speaking, for the level of diversification and the low loss ratio that secondaries offer,” commented Boris Maeder, Managing Director and Head of International Private Wealth Distribution, Coller Capital.
Allianz Global Investors view secondaries as a good strategic asset allocation tool – good risk return profile, very diversified, quick distributions – but as Raluca Jochmann, Head of Private Markets Solutions said, “we also see them as a tactical tool, especially in the last couple of years with big discounts.”
“For 20 years I’ve been promoting closed-ended funds,” commented Edouard Boscher, Head of Private Equity, Carmignac. “But we realised we needed to develop evergreen products. If you really want to compare the performance of an evergreen against a closed-ended fund, you need to take into account the cash position that you will have to manage. Secondaries have a shorter investment duration. You receive cash very quickly which fits perfectly with an evergreen structure.”
Private Market Session Highlights
The afternoon session on private markets began with a discussion on the growing market for GP stakes. This is a market that is expected to grow from $530 billion to $749 billion by 2025. The reason for this trend, it was emphasized, is not because GP stakes are due to market consolidation. Rather, it’s about helping GPs scale and evolve their strategies.
Dominique Gaillard, Executive Chairman, Armen said that some of the main reasons why GPs engage with Armen were:
🟠 Succession planning – many GPs started in the 80s/90s and new generations struggle to finance ownership transitions.
🟠 Strategic expansion – out of 200 GPs who reached out to Armen, only 5% were satisfied with a single strategy, while most wanted to expand into 2-3 strategies.
🟠 Capital constraints – many LPs now require GPs to commit 2-3% of their own capital, which is difficult for mid-cap GPs managing €300-400M funds.
🟠 Financing consolidation funds – Some players require GPs to commit up to 10% of the fund, which many mid-cap GPs cannot afford.
“Most GP opportunities were previously 1:1 negotiations. Now, half of them involve M&A and boutiques as banks recognize the need for specialists,” commented Gaillard.
The discussion on scaling general partners (GPs) highlighted the increasing complexity of GP businesses. GPs have transitioned from mono-strategy firms to managing multiple vehicles, separately managed accounts (SMAs), and diverse structures. At the same time, LPs have become more sophisticated, demanding greater data transparency and digitization. Changing market conditions, such as higher interest rates and shifts in global capital allocations, are also prompting LPs to reconsider their liquidity and capital structures.
Frederic Pescatori, Managing Partner, Bridgepoint, emphasized that scaling a mid-cap firm into a multi-billion-dollar fund requires strategic alignment, strong leadership, and an evolving operational model that integrates new teams while maintaining agility. He stressed the importance of patience in due diligence and cultural alignment to ensure smooth scaling. A key takeaway from his perspective was that giving shares to team members can be a powerful tool for retention and motivation. “Having the ability to give shares is a powerful tool. Better to help teams cash out than drag them along,” he said.
As for the role of LPs in GP consolidation and the future of private markets, it was noted that LPs are actively driving consolidation by selling half of their GP portfolios while concentrating capital into fewer, stronger firms. This trend is shaping a dual-market structure where large platform GPs benefit from scale, but specialized GPs continue to thrive.
The rise of GP stake investments and market consolidation is a long-term shift, not a temporary trend. LPs are driving consolidation but still value specialized GPs, while at the same time, large asset managers are re-entering private equity to stay competitive in a shifting market.
Another area of continual evolution is the secondary market, which has grown significantly over the past 20 years, offering private investors a quicker and more efficient way to build diversified portfolios. As the market continues to mature, it is becoming more accessible.
Liquidity remains a key driver, as investors seek secondary opportunities to reallocate portfolios due to low distributions (DPI). It was noted by panelists that the industry is consolidating around fewer but larger investment opportunities, driving efficiency in capital deployment.
Investors now have multiple entry points into the secondary market, including Moonfare, Fidelity, and placement agents. Minimum investment thresholds have dropped significantly from $100K to $250K in traditional funds to as little as $25K in newer structures, explained Barry Miller, CEO of Ares Private Markets Fund.
“Today, you can gain access with as little as $25K… raise money on a monthly basis, offer liquidity on a quarterly basis, and provide tax benefits,” he said.
Semi-liquid structures, perpetual and open-ended funds, and lower qualification thresholds are broadening investor participation in secondary markets as well. While the secondary market is expected to grow from $150 billion to $165 billion in 2025, capital availability remains a key constraint. In Miller’s view, semi-liquid products will disrupt traditional large market funds over the next five to 10 years, taking market share due to their flexibility.
The key takeaway is that secondary market is that secondary market growth shows no signs of slowing down. New investment vehicles and lower minimums are making it easier for private investors to participate, while GP- and LP-led secondaries provide different risk-return trade-offs. However, capital constraints and evolving market dynamics will shape how the industry grows in the next decade.
Later in the afternoon, the conversation shifted focus to consider the value of sector specialisation versus broader, generalist strategies. Specialist GPs bring deep industry expertise, proprietary networks, and a refined approach to value creation, allowing them to uncover opportunities beyond traditional market competition. However, as Amy Jupe, Managing Director, External Investing Group at Goldman Sachs Alternatives questioned: “Is there such a thing as proprietary sourcing?” True proprietary deals are rare, and sector specialists must differentiate themselves by demonstrating unique sourcing capabilities and value creation beyond standard bidding processes.
Laurent Plantier, Managing Partner, Frenchfood Capital, explained that specialists should leverage off-market deal flow, industry knowledge, and CEO networks to maintain a competitive edge. Impact investing presents an opportunity for sector specialists, enabling them to quantify value beyond financial returns and appeal to LPs seeking both strong performance and measurable impact.
Plantier warned that without proper risk analysis, impact investments could lead to miscalculations. As sustainability and impact investing become more pervasive, specialists who can structure investments to maximise both financial and impact returns will maintain a strategic advantage.
During the discussion, it was pointed out by Igno van Waesberghe, Managing Partner, Aquiline Capital Partners that “Every specialist has their curse.” Over-specialization can become a limitation if it restricts deal flow or adaptability to market shifts. Jupe cautioned that if they are too niche, “GPs take longer to deploy funds than expected, or they stretch and go off strategy.”
Sector specialists excel in market insight, deal sourcing, and targeted value creation, but they need to maintain enough flexibility to adapt to changing conditions. Generalists benefit from broad market coverage but must avoid excessive concentration in a few key sectors. With the growing influence of technology and impact investing, both GPs and LPs should carefully assess risk, market size, and strategic adaptability when selecting investment approaches.
Afternoon Summit Sessions Wrap-up
The Summit Session focused on private equity during the afternoon on Januray 29th of IPEM Cannes | Wealth. A swathe of topics were discussed, beginning with whether fundraising activity would recover from the lows of 2022. This has led to difficult conditions, especially for mid-market funds, and led to lots of consolidation among asset managers. On the topic of co-investments, both the rationale for using these investment vehicles and LP perspectives, were discussed.
On the GP side, they want to be able to give LPs closer access to assets. Also, it is important to grow the size of the equity check they can write on deals and GP/LP partnerships provide more liquidity. It was further noted that partnerships with foreign LPs provides a gateway into new geographic regions and acquiring assets in those regions.
Looking at the exit environment, lot of funds were raised in 2020-2021 with a lot of dry powder. Their investment horizon is coming to an end so they have to deploy quickly, so there should be an increase in capital deployment. This should favour GPs who are looking to sell.
Having said that, transactions are getting more complex, there are more negotiations on price dynamics and indemnities, which is leading to a slower process. An alternative exit route for GPs is to use a continuation fund. These have been quite popular in recent times, providing more flexibility and optionality.
The conversation also covered considerations when private equity teams up with family offices.
It was stressed that alignment of thinking is important. Share value add and teams but also leverage the knowledge and expertise of family offices as they themselves are successful operators. Having a clear, mutually agreeable operating strategy is vital when partnering with family offices.
To wrap up, IPEM hosted its inaugural IPEM Wealth Awards. A huge congratulations to Apollo for winning three awards – Best Private Market Product – HNW/UHNW, Best Fund Manager and to Veronique Fournier for winning Personality of the Year – and also to the team at Eurazeo for winning the 𝗕𝗲𝘀𝘁 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝟮𝟬𝟮𝟰 – 𝘔𝘢𝘴𝘴 𝘈𝘧𝘧𝘭𝘶𝘦𝘯𝘵.
