An overview of the day ahead and objectives for the program.

If Trump’s “liberation day” taught us anything, it’s about how unpredictable the policy environment has become. In new research, the relationship between policy uncertainty and private equity returns is revealed. Based on analysis of 9,500 deals by 100+ GPs, we explore why some are particularly good at doing deals during times of high volatility.

Over 4 billion people went to the polls last year. Private markets investors were told it was a year of “wait and see”, as deals, fundraising and IPOs were put on ice. Fast forward to 2025 and the US election result has had a similar effect on markets. With so much about America’s new role in the world still unclear, should we accept the world is entering a permanent “wait and see” mode?

• How do you take long-term investment decisions in a relentless state of breaking news?
• Can you embed both conviction and agility in asset allocation and portfolio construction?
• What impact does geopolitics really have - and are private markets really better at trading through the volatility?

At no time in history have private equity distributions been this low, for this long. Whilst continuation vehicles, NAV finance and evergreen funds are all playing their part to pick up some of the slack, are these more permanent fixtures in a new distribution model?

It’s three years since rising interest rates marked a new chapter for private markets. This research will examine the returns profile across private asset classes and strategies - and consider the outlook.

Institutional investors seem to have reached some limits in terms of allocation to private equity. Regulated entities have threshold to comply with. Denominator effects have to be handled more proactively when allocations are teetering with limits.

• Is traditional approach still fit-for-purpose?
• Should LPs take a different approach?
• Where does this journey end?

Whilst fund terms are crucial to get right, their standards continue to evolve.

• What is worth prioritising (and what’s not), what are the trends and where should negotiation efforts be focussed?
• Where is the balance of power in the LP-GP relationship currently?
• What points do LPs see a crucial in ensuring alignment? Discuss how negotiations on these points have gone.

The GP universe is larger than it has ever been, and is continually expanding. In tandem, competition to get into sought-after funds is fierce, as capital constrained LPs look to prioritise the few commitments they can make. This session will explore best practices, including some of the new technologies that can support decision-making.

Sessions

• Research (30mins): A in-depth presentation looking at the topic. 15mins presentation + 15mins Q&A
• “Our journey” (30mins): An LP shares how they approach the topic, including challenges and success stories that others can learn from. 15mins presentation + 15mins Q&A

As distributions faltered, innovation in the secondaries market has been a saving grace for DPI. The market looks set to grow, driven by paralysed exit markets and growth of continuation vehicles. These sessions consider how LPs should think about the various parts of their liquidity tookit.

Sessions

• Research (30mins): A in-depth presentation looking at the topic. 15mins presentation + 15mins Q&A
• “Our journey” (30mins): An LP shares how they approach the topic, including challenges and success stories that others can learn from. 15mins presentation + 15mins Q&A

Enhancing alignment of interests between GPs and LPs remains a hotly debated topic, with concerns over erosion of fiduciary duty and increasing conflicts of interest frequently cited. These sessions go deeper into how LPs can successfully navigate these discussions to ensure positive manager relationships.

Sessions

• Research (30mins): A in-depth presentation looking at the topic. 15mins presentation + 15mins Q&A
• “Our journey” (30mins): An LP shares how they approach the topic, including challenges and success stories that others can learn from. 15mins presentation + 15mins Q&A

Traditional LPACs offer limited opportunities to consult with other investors in the same fund. In the absence of an official forum, how can LPs build consensus on key issues?

A panel of LPs consider how they could use their bargaining power both individually and as a group.

• Co-invest rights
• Economics and GP commitments
• Recycling practices that benefit LPs

The rise of private wealth as a source of capital could be teeing up a new wave of conflicts between LPs and GPs. What are the considerations when retail capital is invested alongside institutional capital within the same fund?

Case study

A theoretical scenario is put to the room by the facilitator, with roundtable discussions between participants on what approach they’d take. 15mins presentation + 30mins discussion + 15mins feedback..

Case study

A theoretical scenario is put to the room by the facilitator, with roundtable discussions between participants on what approach they’d take. 15mins presentation + 30mins discussion + 15mins feedback.

Case study

A theoretical scenario is put to the room by the facilitator, with roundtable discussions between participants on what approach they’d take. 15mins presentation + 30mins discussion + 15mins feedback.

Private markets' assets under management have grown at a CAGR of ca. 15% since 2000. The result is an expansion of investment strategies that provide deeper pools of equity and debt capital which may have traditionally come from public markets. In tandem, the industry has embarked on a journey towards more liquid structures, blurring the lines between the traditional 60/40 approach to asset allocation.

• Will private markets replace listed ones as the central place of financial markets and economies?
• Given the increased space taken by private markets in asset allocations, does it still make sense to separate public and private?
• If yes, why? If not, how to integrate these two worlds into a comprehensive asset allocation?

Description tbc

In this session, we will unveil the first-ever global league table of private fund managers ranked by alpha performance. Leveraging a robust methodology and data-driven research, this analysis offers a transparent and standardised comparison of fund and manager performance, shedding light on true value creation in private markets.

Key highlights:

• Take a look at the methodology where we will explain how we calculate total alpha using the infra300 index to isolate a fund’s true performance after accounting for risk.
• Discover the largest alpha-generating fund in each vintage year and its manager.
• See which managers with more than three funds in their track record rank highest by median alpha.
• Find out which managers consistently generate alpha across multiple funds and vintages.
• Learn how these rankings help LPs make informed investment decisions and allow GPs to demonstrate their competitive edge.

Presentation/ Case Study

Presentation/ case study

presentation/ case study

presentation/ case study

presentation/ case study

“LP Clubs”

Key takeaways from the day.