The Patience Premium

As private capital navigates one of its most complex and capital-constrained environments in a decade, the imperative for GPs is clear: rethink strategy, recalibrate expectations, and reaffirm long-term conviction.

Heightened volatility, slower deal and exit activity, and extended fundraising cycles have served as a sharp reminder that private markets are built on discipline, patience, and value creation over time — not on chasing short-term returns.

GPs are marathon runners, not sprinters. But the late-cycle surge of activity — which saw private equity deal values peak at $2.2 trillion in 2021 before falling to $1.3 trillion by 2023 as interest rates began to bite — felt like the industry was running on fast-forward. Now, in mid-2025, it's time to take a breath, reset expectations, and double down on what makes private capital resilient: a long-term mindset.

That’s the essence of IPEM Paris 2025, taking place at the Palais des Congrès from September 24th to 26th, under the theme “Winning the Long Game.” It’s a call to action — and reflection — for GPs who know that patience and persistence are not just virtues, but competitive advantages.

Building long-term value 

This year’s summit brings together more than 6,000 delegates, including around 1,300 LPs from across the globe. For GPs, it’s not just a gathering — it’s a strategic touchpoint to benchmark, build relationships, and prepare for what’s next. 

Confirmed speakers include Jonathan Gray, President and COO of Blackstone, offering rare access to insights from one of the most dominant investors in the industry. Other industry luminaries include Valerie Baudson, CEO, Amundi, Lars Dijkstra, CIO of Dutch pension fund PGGM, Bruce Richards, CEO, Marathon Asset Management and Adebayo Ogunlesi, CEO, Global Infrastructure Partners.

Winning the long game requires more than optimism. It demands resilience, innovation, and a clear view of the road ahead.

In today’s market, where exits take longer to execute and capital is more selective, GPs are rethinking liquidity solutions. The rising popularity of continuation vehicles, which allow some LPs to exit while others stay invested in promising assets, is just one example of the structural innovation defining this cycle. 

During the late cycle bonanza years investors recommitted to funds year after year, anytime GPs came back to market with new funds.

There are positives to sticking with and winning the long game. My conviction is that private capital is the only way for allocators to position themselves to win the long game; to back companies that have a material impact on the economy, on society etc. So part of this year’s theme is that idea of going back to basics. To imagine what private markets could deliver in the long run with management teams and LPs.

An immersive global village

In an environment where time and capital are equally scarce, time spent at industry summits must deliver returns. IPEM Paris is structured to help GPs generate meaningful ROI — from curated meetings and sector-focused breakouts to high-impact plenary sessions and informal networking.

It’s a space where GPs can:

• Meet LPs in one-on-one or group settings
• Stress-test strategies with peers
• Scout emerging trends that could inform deal pipelines or portfolio positioning

Think of IPEM Paris as an immersive global village — intimate in design, yet expansive in reach — where value is created over coffee, cocktails, and candid conversation. 

Winning the long game requires more than optimism. It demands resilience, innovation, and a clear view of the road ahead. While macro uncertainty looms, structural tailwinds in areas like digitisation, defence, and natural resources are opening compelling avenues for investment.

Reflecting the evolution of private capital

A diverse range of topics will be explored across the main plenary conference and multiple breakouts, covering emerging trends in areas such as video gaming, niche credit, defence and natural resources. A series of 10 dedicated summits including Climate, Asia Pacific, Secondaries add further ballast to this year’s program, where all major asset classes will be covered. And there’s a reason for this.

Hosting an event that serves large-cap as well as mid-market managers across asset classes is important. We are a private capital event, which aims to reflect the rebalancing within private markets with a growing number of private credit and infrastructure specialists.

 We aim to cover innovation but also to tackle topics that are potentially overseen. It’s important we assert our position as a supporter of the industry. We want the industry to continue to succeed and to fix what needs to be fixed together as a community.

A unique setting for a strategic reset

September in Paris is not only iconic; it provides the perfect post-summer setting to reset focus and re-engage.

This year’s summit kicks off with a drinks reception on the pitch at the Parc des Princes, home to the French national rugby team and a fittingly iconic venue to spark creative energy for the days ahead.

Now in its third edition, IPEM Paris has become the go-to private capital summit in Europe where GPs can recalibrate after the summer, reconnect with LPs, and prepare to play the long game with renewed conviction.

It's true that often in volatile times it becomes harder to see the long term outlook. IPEM Paris 2025 will bring our community together to once again embrace this long term view of private capital as a strong partner in the real economy.