Podcast: Inside Mediobanca's Private Markets Platform

In this podcast with Greta Teot, Head of Private Markets at Mediobanca Private Bank, we discuss the structural features and advantages of evergreen funds for individual wealth investors.

Greta notes that while evergreens offer flexibility, their underlying assets remain illiquid, meaning they’re not suitable for everyone—hence Mediobanca’s avoidance of the term “democratisation.”

The bank applies a core/satellite model: the core deploys capital efficiently across diversified opportunities, complemented by satellites of niche investments in areas such as the energy transition. Mediobanca launched its first evergreen solution in spring 2023. Greta outlines how the bank selects managers for its core allocation and tailors portfolios to clients’ preferences through specialised verticals. She also stresses the importance of investor education and discerning when to pursue or pause opportunities based on clients’ understanding.

We believe that the best solution for our clients is that of adopting a core satellite approach. And for the core, we see evergreen funds as a very good fit because you typically want to allocate capital very quickly in a diversified way.

The discussion is a great insight into how Mediobanca views the complementary value of evergreens alongside closed-ended investments as investors search for the best ways to access private markets.