A behind-closed-doors session in which LPs can share their experiences of private markets investment – across multiple geographies, using third-party managers or going direct, and leveraging advisory relationships. Attendance is limited to investors with active alternatives programs as well as to those currently not allocating but who wish to find out more about the industry. Featuring presentations, an interactive panel, and a practical group discussion, the session will cover topics including: 

• Assessing portfolio performance amid difficult economic conditions
• The pros and cons of different liquidity solutions
• What LPs are prioritising in side letters
• Holding GPs accountable on ESG and decarbonisation
• Appetite for – and modes of access to – impact investment strategies
• How to be a value-added partner in co-investment
• The impact of regulation on portfolio construction

Global private markets activity experienced a gradual recovery in 2024, with many managers struggling to build conviction in opportunities in the shadow of geopolitical uncertainty, higher financing costs, and post-pandemic problem portfolios. Fundraising conditions are also challenging. Adaptability is key. GPs must be more innovative in how they deliver operational improvement, more targeted in their pursuit of exits, and more open-minded to new sources of capital and structures. A select group of investors share their views. 

• How are macro, political, and regulatory issues impacting dealmaking? 
• To what extent has the bid-ask spread closed?
• How are global investors evolving their approaches to value creation?
• What does the future hold in terms of specialisation and consolidation

Would it be unfair to call Australia the land of the broken process? Certainly, towards the larger end of the market, numerous transactions have been launched only to stumble amid differences of opinion on valuation. More deal flow would help spur fundraising, although Australia is arguably already benefitting from a redirection of allocations that previously went to China. A panel of experienced investors break down the local private equity opportunity, from capital formation through realisation.   

• Why – and where – will the market see more sector specialists?
• What are the pros and cons of mid-market GPs becoming multi-strategy?
• Are sales to core-plus infrastructure investors the best exit option?
• How are local players responding to approaches from GP stakes investors?

Evergreen structures are increasingly pitched as a route into private equity for individual investors previously held back by long lockups, large upfront commitments, and burdensome capital calls. On one hand, fund-of-funds package up exposure to diversified streams of secondaries and co-investments. On the other, global sponsors offer direct access to their top deals. While the proliferation of evergreens will surely continue, questions can be asked about their composition, distribution, and ability to prevail across cycles.

• Could evergreens become the dominant source of private equity capital?
• What should investors focus on when parsing the detail of these structures?
• In what context does a feeder into a closed-end fund make more sense?
• How significant is the risk of evergreen products being mis-sold?

Venture capital globally is experiencing headwinds, but the Australian ecosystem appears to have achieved a reassuring level of maturity and durability. Local GPs have demonstrated their ability to identify strong management teams and business models primed for international expansion – and the trickle of headline-grabbing exits continues. While this has translated into more global investor interest, overall liquidity must improve to offset tough fundraising conditions. A group of seasoned VCs assesses the state of the market.

• What is the appropriate benchmark for funds in a post-Canva world?
• How are GPs thinking about liquidity, and how early should they provide it?
• To what extent is the venture capital LP base changing?
• Where will the next crop of local VC champions come from?

A two-year-old portfolio company transformation plan might be based on assumptions that no longer apply, given the scale of post-pandemic macroeconomic volatility. Inflation has gone up sharply, and then started to come down; capital has become more expensive; and supply chains have been shaken. PE investors responded by reassessing their approaches to value creation, from the management of cash and talent to the application of technology. Industry experts discuss how to generate alpha amid adversity.

• How do strategic priorities change in a longer-than-expected holding period?
• What can investors do to keep their value creation plans on track?
• In which functional areas is it worth developing in-house expertise?
• To what extent is artificial intelligence a tool for operational improvement?

Private wealth platforms and family offices represent one of the fastest growing sources of capital for alternative investment managers, yet their diversity defies characterisation as specific blocs. Education is paramount when tapping non-institutional channels, as well as matching customers with most appropriate products. Refined approaches are often required in areas such as reporting, fees, financial modelling and co-investment. A panel of wealth managers explores investment selection and the long-term implications of democratising access to alternatives.

• Which sectors and strategies get the most traction with these investors? 
• What is best practice in terms of high net worth investor education?
• Is customisation on capital calls and reporting realistic for blind pool funds?
• In which areas are wealth platforms looking beyond evergreen products?

For every leveraged buyout supported by syndicated bank loans, three are financed by private credit. But this doesn’t do justice to the breadth of private credit as an asset class. Following a period of rapid growth, it now embraces everything from senior debt for investment-grade corporates to hybrid facilities to asset-backed finance. With competition – and squeezed margins – pushing industry participants to explore new areas, questions are asked as to how the momentum can be sustained. 

• What do current macro conditions mean for different strategies?
• Is the notion of banks competing with private credit a false narrative?
• How are GPs addressing opportunities in asset-backed finance?
• In what ways is Australian private credit different to other markets?

Many LPs have retreated to areas of perceived safety, which translates into robust demand for US buyout strategies. Asia struggles to claim or maintain allocations given longstanding concerns about realized returns in an environment where distributions are paramount. Nevertheless, certain markets still command a following, from India to Japan to Australia, and the region in general can point to long-term macro tailwinds. Investors explain where they are seeing the most attractive opportunities in Asia.

• What is the best way for GPs to make the case for Asia?
• How are buyouts shaping up in emerging markets?
• Are Japan and India at risk of being oversold?
• What more could Asia-based managers do to generate liquidity?

Private markets allocations came under pressure as the post-pandemic fundraising and investment boom was followed by years of limited distributions. LPs are increasingly attuned to portfolio management amid volatility, and this feeds into the balance between liquidity and asset allocation goals. Larger players must also consider this in the context of what kind of LP they want to be – Canadian-style co-underwriter, keen co-investor, or passive allocator. Seasoned investors explain where they are putting their money.

• How have approaches to portfolio construction shifted?
• What is the outlook for exits and distributions in 2025?
• How do LPs think about diversification in co-investment programmes?
• Can deeper relationships with multi-asset GPs deliver better returns?