04
Mar
Global outlook: Where next for private equity?
Private equity investors are repositioning themselves to prevail in the absence of cheap debt and multiple expansion – and in the shadow of macroeconomic uncertainty. There is more emphasis on value creation capabilities, on risk mitigation, and on early exit planning to maximise optionality. Geographic priorities are also being re-examined, which may see a subtle shift in allocations from the US to Europe, for example. What worked in 2016 doesn’t necessarily pass muster in 2026.
- What risk factors are top-of-mind for global private markets investors?
- How should investors go about utilising AI at the portfolio level?
- Will US mid-market be PE’s best performer in the coming decade?
- How are GP-LP relations changing as investor bases become more diverse?
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SpeakersSuzanne Tavill Global Head of Responsible Investment, Partner Stepstone
James Lilico Senior Portfolio Manager – Head of Private Equity Australian Retirement Trust
Hemal Mirani Managing Director Harbourvest Partners (Asia)
Richard Kunzer Founding Partner Integrum Holdings
Rob Mazzoni Sector Lead, Technology Wellington Management
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Ms. Tavill is the global head of responsible investment across all asset classes and investment strategies. She leads the firm’s corporate sustainability efforts. She is chair of the Responsible Investment Committee, a committee member on the Enterprise Risk Committee and Co-Chair of StepStone 'sCharitable Giving Oversight Committee. StepStone is responsible for $771bn of total capital, with $209bn aum as at Sept 2025. With 31 offices and a team of over 1240, StepStone aims to be the trusted partner of choice for sophisticated investors globally in building private markets programs.
Prior to StepStone, Ms. Tavill was Head of Alternatives at AMP capital, responsible for the private equity, infrastructure and real assets programs. Before that, she spent five years at Van Eyk Research in Sydney, the last four as head of research. Before moving to Australia, she was an executive director at Goldman Sachs Asset Management, London, where she covered small and mid caps across Europe and was the portfolio manager for the UK small- and mid-cap portfolios.
Ms. Tavill received an MSc in finance and economics from the London School of Economics, in addition to a BBS with honors in economics and honors in finance from the University of Cape Town, South Africa.
James Lilico is the Senior Portfolio Manager – Head of Private Equity at Australian Retirement Trust, a $350 billion profit-for-members superannuation fund, of which private equity represents a $23 billion portfolio. His role encompasses management of ART’s internal private equity team and global private equity portfolio.
ART’s private equity portfolio consists of primary funds, secondary funds and direct co-investments across the buyout, venture/growth and distressed/special situations areas. James represents Australian Retirement Trust on various advisory boards in Australia and overseas.
James has over 20 years’ experience in investment management and financial markets. Prior to ART, he was at RMB Capital Partners and Grant Samuel. He has a Bachelor of Science in Finance and a Master of Science in Decision and Information Sciences from the University of Florida.
Hemal Mirani leads the firm’s efforts in the Asia Pacific (APAC) region. As Head of APAC, she is the lead executive responsible for our business in the region. Hemal also works closely with the firm’s regional leaders in the Americas and Europe and the Middle East (EMEA). Together, they ensure global alignment on key initiatives and the continued delivery of excellence across our business around the globe.
Hemal first joined HarbourVest in 1997 and spent 11 years developing relationships with leading Asian private equity managers. She also worked with our investors and consultants across the region to advance and optimize their private market investment programs. She then spent six years with CVC Capital Partners in Hong Kong, where she was head of investor relations in Asia and Chief Administrative Officer. She rejoined HarbourVest’s senior management team in Asia in 2015 to focus on investments and investor relations across the Asia Pacific region.
Hemal received a BA in Commerce from Sydenham College (Bombay) in 1989, an MA in International Studies with a Japanese language concentration from the Joseph H. Lauder Institute, and an MBA in Finance from the Wharton School in 1997. The latter two were part of a joint degree program at the University of Pennsylvania. Hemal speaks fluent Japanese.
Richard Kunzer is a Founding Partner of Integrum Holdings and member of the Investment Committee.
Previously, Richard was a Partner and Co-Head of Investor Relations for the transatlantic private investment firm BC Partners, based in New York, which he joined in 2009. Whilst at BC Partners, Richard spearheaded and was involved in the raising of over $33 billion in equity and debt capital across funds, co-investments and separately managed accounts.
Richard has led or was involved in the syndication of almost $10 billion in equity and debt co-investment in over 20 companies across the TMT, business and financial services, healthcare, consumer and retail and industrial sectors.
Other companies he previously worked at include Credit Suisse in New York and London, Paribas, and Singer & Friedlander in London, where he helped facilitate the sale of the bank to another financial services institution.
Richard has strong links across the global investor and financial sponsors community globally where he is close to senior decision makers to these organizations.
Before working in finance, Richard spent four years in the British Army as a Captain in an Armored Reconnaissance regiment. Postings included Canada and Germany, as well as an active-duty tour of Bosnia.
Originally from Newcastle upon Tyne in the north of England, Richard is a U.S. and British Citizen and has lived in New York since 2004.
He holds a B.A. Honours degree from University College London.
As a sector lead, technology on the Late-Stage Growth Team, Rob leads the investment activity for late-stage private companies in the technology sector and covers private companies in the fintech sector.
Prior to joining Wellington Management in 2023, Rob was a partner at TrueBridge Capital Partners (2014 – 2022), a venture capital fund-of-funds and direct investor. At TrueBridge, he sourced and led investments into mid and growth stage private technology companies in addition to investing in leading venture capital funds. He started his career as part of the Private Investments Team at UNC-Chapel Hill’s endowment before joining TrueBridge as an early team member.
Rob earned his MBA with honors and concentrations in entrepreneurship, economics and finance from the University of Chicago – Booth School of Business (2014), and his B.S. with honors in business administration from University of North Carolina at Chapel Hill (2005). Additionally, he holds the Chartered Financial Analyst designation.