Industry sentiment was clear when more than 300 senior private markets professionals gathered in London for our annual summit – momentum is there to be gained, provided it’s underpinned by discipline. Here are five things we learned.
Streams of opportunity
The opportunity is immense. 5 trillion music streams in 2025, the shortage of space expertise in defence, the undercapitalisation of agriculture – these are some headlines that outline the sheer size of private capital’s transformational remit in coming decades.
Outperformance is core
Track record used to be gospel for LPs looking to emerging managers – differentiation is now the winner by miles, as fundamental value drivers hog the spotlight.
Education to economics
The conversation around liquidity has evolved. A year ago it was all about education, now it’s about economics – as the realistic manifestation of evergreen dynamics broadly come to light.
Orders of magnitude
The second and third order impacts of AI’s condensation of development cycles in every industry is starting to be visible, creating displacements as intense as the arbitrage opportunities therein.
The great migration
Migration inertia keeps fundamentals strong in the software industry, which begs the question of whether migration efficiency will turn the blip into a blow up – lots to learn here.
