IPEM Paris 2025: The Patience Premium
While the era of cheap capital and high leverage might be over, there are significant tailwinds for GPs to harness and ride the next wave of innovation, seeking out creative…
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Winning the Long Game
Navigating a world marked by short-term shocks, geopolitical turbulence, and economic uncertainty, private capital stands apart as the ultimate long-term investment strategy. Resilience, discipline, and adaptability define the private markets’ approach to value creation. From enduring macro shifts to embracing innovation across areas like private credit, infrastructure, and AI – staying focused on the horizon is more critical than ever.
At IPEM Paris 2025 (Palais des Congrès, Sept. 24-26), under the theme “Winning the Long Game”, industry leaders will convene to explore how private markets leaders stay disciplines and keep their eye on the ultimate prize all while seizing any hiccups and disruptions along the way as opportunities.
Already registered for IPEM Paris 2025?
IPEM Paris 2025 Program
Access to Westin Vendôme and Tuileries Marquee Tents for booth set-up only (no meeting possible)
LP Congress
Join the brand-new IPEM LP Congress wich stands as the premier LP-driven event in the private markets landscape, offering a powerful and advanced forum built by Allocators for Allocators. This visionary gathering goes beyond a single day, inviting you to join an exclusive, year-round community of thought leaders.
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LP Congress | Welcome to the LP Congress
09:00 AM / 09:10 AM - Plenary Room
09:00 AM / 09:10 AM - Plenary Room
An overview of the day ahead and objectives for the program.
| Speaker(s): |
| - Antoine COLSON - CEO | IPEM |
LP Congress | How “liberation day” (and future policy uncertainty) will generate private equity alpha
09:10 AM / 09:30 AM - Plenary Room
09:10 AM / 09:30 AM - Plenary Room
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.
LP Congress | Investing in a new geopolitical reality
09:30 AM / 10:00 AM - Plenary Room
09:30 AM / 10:00 AM - Plenary Room
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?
| Speaker(s): |
| - - | |
LP Congress | Evolving distribution models - a permanent shift or temporary hiatus?
10:00 AM / 10:30 AM - Plenary Room
10:00 AM / 10:30 AM - Plenary Room
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?
LP Congress | Has performance persisted?
10:30 AM / 10:50 AM - Plenary Room
10:30 AM / 10:50 AM - Plenary Room
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.
| Speaker(s): |
| - Gregory BROWN - Professor & Research Director | INSTITUTE FOR PRIVATE CAPITAL |
LP Congress | Have we already reached “peak private equity”?
10:50 AM / 11:20 AM - Plenary Room
10:50 AM / 11:20 AM - Plenary Room
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?
LP Congress | What’s worth negotiating in the LPA
11:30 AM / 12:00 PM - Plenary Room
11:30 AM / 12:00 PM - Plenary Room
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.
| Speaker(s): |
| - Diego ALAIMO - Head of Multi-Asset - Indirect Private Strategies | GENERALI ASSET MANAGEMENT |
LP Congress | Manager Search & Selection (Part 1)
11:30 AM / 12:30 PM - Breakout Room 1
11:30 AM / 12:30 PM - Breakout Room 1
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
| Speaker(s): |
| - Sofie KULP-TAG - Senior Investment Manager - Private Equity | SKANDIA LIFE INSURANCE COMPANY |
| Moderator(s): |
| - Michael Olivier WEINBERG - Special Advisor | COLUMBIA BUSINESS SCHOOL |
LP Congress | Liquidity Toolkit (Part 1)
11:30 AM / 12:30 PM - Breakout Room 2
11:30 AM / 12:30 PM - Breakout Room 2
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
| Speaker(s): |
| - Wadih MANNEH - Head of Private Markets | ARAB BANK (SWITZERLAND) LTD |
| - Yann ROBARD - Managing Partner | DAWSON |
LP Congress | Fund Governance (Part 1)
11:30 AM / 12:30 PM - Breakout Room 3
11:30 AM / 12:30 PM - Breakout Room 3
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
| Speaker(s): |
| - Alistair MACKENZIE - Investment Professional | GOODBODY CAPITAL PARTNERS |
LP Congress | Is collective bargaining a reality?
12:00 PM / 12:30 PM - Plenary Room
12:00 PM / 12:30 PM - Plenary Room
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
LP Congress | Retail v institutional - testing the limits of co-mingled capital
02:00 PM / 02:30 PM - Plenary Room
02:00 PM / 02:30 PM - Plenary Room
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?
LP Congress | Manager Search & Selection (Part 2)
02:00 PM / 03:00 PM - Breakout Room 1
02:00 PM / 03:00 PM - Breakout Room 1
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..
LP Congress | Liquidity Toolkit (Part 2)
02:00 PM / 03:00 PM - Breakout Room 2
02:00 PM / 03:00 PM - Breakout Room 2
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.
LP Congress | Fund Governance (Part 2)
02:00 PM / 03:00 PM - Breakout Room 3
02:00 PM / 03:00 PM - Breakout Room 3
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.
LP Congress | What public-private convergence means for asset allocation
02:30 PM / 03:00 PM - Plenary Room
02:30 PM / 03:00 PM - Plenary Room
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?
| Speaker(s): |
| - Raluca JOCHMANNN - Managing Director, Head of Private Markets Solutions | ALLIANZ GLOBAL INVESTORS |
| - Scott PITTMAN - Senior Vice President/Chief Investment Officer | MOUNT SINAI HOSPITAL |
LP Congress | Practicalities of secondaries in mid-life funds
03:00 PM / 03:30 PM - Plenary Room
03:00 PM / 03:30 PM - Plenary Room
Description tbc
LP Congress | Measuring the Alpha of Private Fund Managers – A Global League Table
03:15 PM / 03:45 PM - Breakout Room 1
03:15 PM / 03:45 PM - Breakout Room 1
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.
| Speaker(s): |
| - Abhishek GUPTA - Head of Business and Product | SCIENTIFIC INFRA & PRIVATE ASSETS LTD |
LP Congress | Breakout topic tbc
03:15 PM / 03:45 PM - Breakout Room 2
03:15 PM / 03:45 PM - Breakout Room 2
Presentation/ Case Study
LP Congress | Breakout topic tbc
03:15 PM / 03:45 PM - Breakout Room 3
03:15 PM / 03:45 PM - Breakout Room 3
Presentation/ case study
LP Congress | Breakout topic tbc
03:45 PM / 04:15 PM - Breakout Room 2
03:45 PM / 04:15 PM - Breakout Room 2
presentation/ case study
LP Congress | Breakout topic tbc
03:45 PM / 04:15 PM - Breakout Room 3
03:45 PM / 04:15 PM - Breakout Room 3
presentation/ case study
LP Congress | Breakout topic tbc
03:45 PM / 04:15 PM - Breakout Room 1
03:45 PM / 04:15 PM - Breakout Room 1
presentation/ case study
LP Congress | The big question: How do allocators build effective partnerships with managers?
04:30 PM / 05:00 PM - Plenary Room
04:30 PM / 05:00 PM - Plenary Room
“LP Clubs”
LP Congress | Closing Remarks
05:00 PM / 05:15 PM - Plenary Room
05:00 PM / 05:15 PM - Plenary Room
Key takeaways from the day.
Conferences
Join the high-profile speakers taking the stage this year, and learn more about the new trends emerging that will over time become the foundations on which future sustainable growth is realized.
Download IPEM Paris 2025 Conferences Program
Welcome Remarks
09:30 AM / 09:45 AM - Conference Room
09:30 AM / 09:45 AM - Conference Room
Welcome Remarks by IPEM CEO, Antoine Colson
| Speaker(s): |
| - Antoine COLSON - CEO | IPEM |
Chair’s Remarks
09:45 AM / 10:00 AM - Conference Room
09:45 AM / 10:00 AM - Conference Room
Chair’s Remarks
Winning the long game
10:00 AM / 10:30 AM - Conference Room
10:00 AM / 10:30 AM - Conference Room
As private markets mature, they face a paradox of growth: increased efficiency and competition may lead to higher valuations and potentially lower returns. This evolution prompts a critical examination of the sector's future direction, including the sustainability of its growth trajectory and the strategies fund managers might employ to navigate these challenges. How does the industry position itself for success?
Is private the new public?
10:30 AM / 11:00 AM - Conference Room
10:30 AM / 11:00 AM - Conference Room
In the next decade, as private markets continue to mature, public and private markets will converge. The effects will be profound on wealth creation, the size of the investable universe and how companies raise capital. We sit down with a leading figure in asset management to make sense of the consequences - discussing the outlook for traditional and alternative assets, the trajectory for retailisation and what it means for the asset management industry going forward.
| Speaker(s): |
| - Valerie BAUDSON - Chief Executive Officer of Amundi, Member of Executive Committee of Crédit Agricole | AMUNDI ALTERNATIVE AND REAL ASSETS |
Fireside Chat
11:00 AM / 11:30 AM - Conference Room
11:00 AM / 11:30 AM - Conference Room
with Blackstone
| Speaker(s): |
| - Lionel ASSANT - Global Co-Chief Investment Officer | BLACKSTONE |
| Moderator(s): |
| - Arash MASSOUDI - Corporate Finance & Deals Editor | FINANCIAL TIMES |
Easy come, easy go? How geopolitics today will reshape the global economy of tomorrow
11:30 AM / 12:00 PM - Conference Room
11:30 AM / 12:00 PM - Conference Room
It’s true that investment hold periods outlast election cycles. Yet the policy decisions being taken today look set to have repercussions for many years to come. To help investors make sense of the enduring effects, this session explores what scenarios investors need to consider.
| Speaker(s): |
| - Justin MUZINICH - Chief Executive Officer | MUZINICH & CO |
Now or never - how sovereignty is defining a new era of investment
12:00 PM / 12:30 PM - Conference Room
12:00 PM / 12:30 PM - Conference Room
Reindustrialisation and resilience have been eternal topics for the European economy. But war in Ukraine and US policy shifts are a catalyst that cannot be ignored. As governments ramp up the rhetoric around defence, energy and digitalisation, what is the opportunity for private capital investors?
Are private markets facing a middle-age crisis?
02:00 PM / 02:30 PM - Conference Room
02:00 PM / 02:30 PM - Conference Room
The first venture capital deal was done after the second world war. The first LBO in the 1960s. As private markets grow, they gain in efficiency. Information flows more readily, is richer, produced more often, which reduces market imperfections and risks. Sourcing of deals is more competitive, as there is not only more capital but also more actors. Valuations tend to increase. As a consequence, returns are expected to decrease over the mid-term. Is this a worry for fund managers and fund investors? If not, how do they analyse the impact of the fast growth and increasing maturity of private markets? If yes, how do fund managers plan to address this trend?
| Speaker(s): |
| - Thibault BASQUIN - Executive Committee, Executive Board Member of Ardian US LLC and Ardian France, Co-Head Buyout. | ARDIAN |
| - Anthony TUTRONE - Global Head of NB Alternatives & Managing Director | NEUBERGER BERMAN |
Finding value in global private equity
02:30 PM / 03:00 PM - Conference Room
02:30 PM / 03:00 PM - Conference Room
Private equity is at an inflection point. The new realities facing investors today may require another look at regional opportunities between the US and Europe. From internationalisation towards regional blocks, restrictions on trade flows and commerce, as well as recurring constraints on M&A might require some further adaptation. How may buyout platforms navigate these significant changes?
| Speaker(s): |
| - Robert SEMINARA - Senior Partner, Head of Europe & Head of European PE | APOLLO |
| - Brian W. BERNASEK - Co-Head of Americas Private Equity | CARLYLE GROUP |
What a big, beautiful repricing of risk means for portfolios
03:00 PM / 03:30 PM - Conference Room
03:00 PM / 03:30 PM - Conference Room
As Trump’s tax bill passed through Congress, investors began to vote with their feet. Tariffs and concerns over the debt ceiling prompted the start of a rotation away from US assets. How should private markets investors navigate this new period of risk? What premium are they placing on risk assets? What’s the net impact of tariffs on portfolios? How do firms ensure agility in risk management practices during such a period?
| Speaker(s): |
| - Matthias BOYER-CHAMMARD - Managing Director | BAIN CAPITAL |
| - Gabriel CAILLAUX - Head of General Atlantic's business in EMEA, Head of Climate, Co-President and Managing Director | GENERAL ATLANTIC |
| - Emmanuel DEBLANC - Chief Investment Officer, Private Markets | M&G INVESTMENTS |
Where next for private markets?
03:30 PM / 04:00 PM - Conference Room
03:30 PM / 04:00 PM - Conference Room
Private markets have a knack for reinventing themselves. As they gather an ever-increasingly large amount of assets under management, there is a risk of banalisation. How is the industry addressing it? What are the main trends underpinning future growth? How is this industry changing?
Making the investment grade - how private debt is wooing a new class of blue-chip borrowers
04:00 PM / 04:30 PM - Conference Room
04:00 PM / 04:30 PM - Conference Room
Private debt continues its steady progress to win market share from traditional sources of finance - next stop, investment grade credit. However, the natural affinity that aided debt funds domination of sponsor-backed deals may not be so easy with blue-chip corporates. Why and how are funds stealing a march? How do debt funds measure up against capital markets syndication on depth, speed and terms?
| Speaker(s): |
| - Ken KENCEL - President & CEO | CHURCHILL ASSET MANAGEMENT |
| - Bruce RICHARDS - Chief Executive Officer, Chairman and Co-Founder | MARATHON ASSET MANAGEMENT |
Exits, interrupted
04:30 PM / 05:00 PM - Conference Room
04:30 PM / 05:00 PM - Conference Room
2025 was billed as the year that the exit market finally picked up. More stable interest rate outlook and rising equity markets looked set to boost both secondary buyout and IPO activity. Then geopolitics took over, spiking volatilty and shuttering deal markets. Where do we stand now? How are firms adapting their exit horizons? Does a more volatile market risk the ability of PE to complete exits?
| Speaker(s): |
| - Carolina ESPINAL DE CARULLA - Managing director | HARBOURVEST PARTNERS |
| - Christian LUCAS - Managing Partner | SILVER LAKE |
| - Raymond SVIDER - Partner & Chairman - Executive Committee | BC PARTNERS |
Architects of the future
05:00 PM / 05:30 PM - Conference Room
05:00 PM / 05:30 PM - Conference Room
If you had the chance to throw out the rulebook and design a new private markets firm that’s built for a new era of investing, what would it look like?
| Speaker(s): |
| - Daniel DE FARO ADAMSON - co-founder and co-CEO | COLLECTIVE GLOBAL |
Summary
05:30 PM / 05:45 PM - Conference Room
05:30 PM / 05:45 PM - Conference Room
Concluding remarks to summarise key takeaways.
Summits
Enjoy IPEM’s practical and dynamic sessions on specific topics to go deeper and find solutions together. Take the opportunity to network with participants during lunches or cocktails at the end of each summit.
Download IPEM Paris 2025 Summits Program
Venture & Growth
10:00 AM / 12:30 PM – Summit Room 1
10:00 AM / 12:30 PM – Summit Room 1
10:00 AM - 10:30 AM / What do LPs want in European venture?
- How to stand out as a non-megafund manager in the fundraising market?
- Success story/stories from emerging managers
- Is sector specialism and operating expertise essential for emerging managers?
- What LPs are backing emerging VCs and what do they look for?
| Speaker(s): |
| - Birgit BRUECK - Senior Fund Manager | KFW CAPITAL |
| - Sion EVANS - Investment Director | VENCAP |
| - Thomas SCHNEIDER - Partner | ISOMER CAPITAL |
| - Jeroen VAN DOORNIK - Founder and Managing Partner | PACENOTES |
10:30 AM - 11:10 AM / FOMO, then slow-mo, now finding its mojo? Venture turns a corner.
- Has 2025 continued to head in the right direction?
- What does 2026 have in store?
- What will the lasting effects of the 2023 downturn be?
| Speaker(s): |
| - Ludwig ENSTHALER - General Partner & Co-Founder | 468 CAPITAL |
| - Frederic HUYNEN - Partner | HPE GROWTH |
| - Karen MCKORMICK - CIO | BERINGEA |
| Moderator(s): |
| - Guillaume VITRICH - Partner | WHITE & CASE |
11:10 AM - 11:35 AM / In search of a better VC recipe
When the market fails to present the right opportunity, why not create the market yourself? This conversation will dig deeper into an innovative approach that uses blind pool funds to launch, build and scale investable companies from scratch. We ask about the ingredients, the recipe and whether the final dish is worth a taste.
| Speaker(s): |
| - Patrick CHUN - Founder and Managing Partner | JUXTAPOSE |
11:35 AM - 12:00 PM / Investing in the future of financial services
Transformation, consolidation and disintermediation - three big themes that continue to drive investment activity in the financial services space. Our speakers take a whistle-stop tour around the key sub-sectors that will generate dealflow in the coming year; insurance, wealth management, regtech and more.
| Speaker(s): |
| - Hugo BONGERS - Partner at Motive Ventures | MOTIVE PARTNERS |
| - Curt GUNSENHEIMER - Managing Partner | IRIS |
12:00 PM - 12:30 PM / What corporates can offer the VC landscape
If the future of venture is in partnerships, then corporate VCs may have a headstart. This session explores how they operate, what they gain from being part of industrial groups and what’s in it for third-party investors.
| Speaker(s): |
| - Nicolas MILERIOUX - Head of Venture capital | ENCEVO |
| - Tamara STEFFENS - Managing Director | THOMSON REUTERS VENTURES |
12:30 PM - 12:50 PM / Why conventional sourcing is a risk to performance
It’s a well-known fact that diverse funds receive a fraction of the available capital in any given year. And yet these businesses are often some of the best performers. What’s wrong with conventional investment sourcing and diligence that’s missing these opportunities - and how would you redesign processes that see the whole market? Speakers will look at the topic from a venture and PE perspective.
| Speaker(s): |
| - Gulsah WILKE - Partner and Head of Germany | DN CAPITAL |
Infra & Real Assets
10:00 AM / 5:30 PM – Summit Room 2
10:00 AM / 5:30 PM – Summit Room 2
10:00 AM - 10:15 AM / The big picture on infrastructure
Opening remarks providing context for today’s private infrastructure market.
10:15 AM - 10:45 AM / Is infrastructure still infrastructure? What ownership of the asset class means in today’s market
Infrastructure investing has come a long way since the privatisations of the late 1980s and the secondary trades of the 1990s and 2000s. But some worry that the classical definition of a captured and reliable revenue stream has been stretched too far. In the new context of today’s more challenging markets, is it a natural progression as the asset class matures; or does the definition require an update?
| Speaker(s): |
| - Wandy HOH - Head of Secondaries and Co-investments | MACQUARIE ASSET MANAGEMENT |
| - Esther PEINER - Partner, Head Private Infrastructure | PARTNERS GROUP |
| - Sikander RASHID - Head of Europe, Brookfield Asset Management and Head of Europe, Brookfield Infrastructure Group | BROOKFIELD |
| Moderator(s): |
| - Julien BAUDINAUD - Partner | ACCURACY |
10:45 AM - 11:15 AM / The LP view: What infrastructure investing means in 2025
Infrastructure strategies have stolen the thunder of other private markets assets, continuing to attract LP capital thanks to strong tailwinds. Whilst primary allocations may be slowing as the asset class matures, secondaries are on the rise. LPs have the opportunity to adapt new approaches against the backdrop of a difficult market and capricious political environment.
| Speaker(s): |
| - Marta PEREZ - Head of Infrastructure | ALLIANZ GLOBAL INVESTORS |
| - Maria SURINA - Managing Director, Real Assets | CAMBRIDGE ASSOCIATES |
| - Dominik VONSCHEVEN - Managing Director, Infrastructure Investments | HAMILTON LANE |
11:15 AM - 11:30 AM / The big picture on infrastructure climate risk
Opening remarks that set the scene on how to understand climate risk in the infrastructure market of the future.
11:30 AM - 12:10 PM / What does climate-aligned infrastructure investing look like?
Infrastructure includes some of the most significant sectors for transition and resilience goals, including energy, digital, public infrastructure and real estate. Therefore, what contribution towards meeting these goals can infrastructure make? From renewables to climate resilient assets, this panel will evaluate the role infrastructure investment will play in enabling a credible and material transition.
| Speaker(s): |
| - Corinne BACH - Co-CEO | CARBOMETRIX |
| - Stéphanie BÉGUÉ - Managing Partner | RGREEN INVEST |
| - Florian DE SIGY - Managing Partner | FLEXAM |
| - Jean-François MARCO - Partner | TIIC |
| Moderator(s): |
| - Charles DE LA FERRIÈRE - Head of Infrastructure France | AON M&A AND TRANSACTION SOLUTIONS |
12:10 PM - 12:50 PM / Energy transition spotlight: the lucrative and rocky road to sustainable power
While the decisions of the Trump administration and European energy producers like BP and Shell may have stolen a few headlines, investment in energy transition assets is not only continuing but accelerating. Consultancy KPMG reported that 72% of the 1,400 international energy transition investors it interviewed shared this view with 52% investing in Europe. But would-be investors in the sector must also navigate a difficult mix of regulatory and policy risks if they are serious about being part of the transformation.
Energy transition experts deconstruct the myths and set out the realities of investing in the energy transition and discuss why it is a movement they cannot afford not to be a part of.
| Speaker(s): |
| - Alejandro LOPEZ-DELGADO - Managing Director, Infrastructure | CDPQ |
| - Luis QUIROGA - Co-founder & Head of Investor Relations | ASPER INVESTMENT MANAGEMENT |
12:50 PM - 02:00 PM / Lunch
Lunch
02:00 PM - 02:20 PM / The big picture on infrastructure secondaries
The latest data and trends on investment activity.
02:20 PM - 03:00 PM / Debt financing
Panel Session
| Speaker(s): |
| - Mathilde KETOFF - Partner | RGREEN INVEST |
| - Antoine MASPÉTIOL - Head of Private Debt | EIFFEL INVESTMENT GROUP |
| - Marie MAZELIER - CIO | SCOR INVESTMENT PARTNERS |
| - Anna SKARBORG - Managing Director & Director of Sustainability | PCP |
03:00 PM - 03:40 PM / Digital: Managing the growing pains of the world’s newest critical infrastructure
If anyone still had doubts about the importance of digital infrastructure, they were quickly dispelled over the last twelve months by a slew of multi-billion dollar deals. The UK and the European Commission have also underlined the essential nature of datacentres and assets providing digital connectivity such as fibre optic and mobile networks, cloud and edge computing, internet exchange and network infrastructures.
But the sheer scale of digital infrastructure roll out and energy demand has presented unforeseen problems while some have question whether coverage has already reached saturation point in some markets, calling into question the long-term yield upside of some of these assets:
Digital infrastructure investors and sponsors debate the longer-term future of this maturing part of the asset class.
| Speaker(s): |
| - Florent STIEL - Director, EMEA Structured Finance | S&P GLOBAL MARKET INTELLIGENCE |
03:15 PM - 03:45 PM / Transport: How private capital will keep airports, rail and roads moving sustainably
Panel Session
While European governments continue to operate in financially straitened circumstances, the dash for growth has meant investment in transport and logistics should continue to buck the trend. Renationalisation of rail franchises has continued in the UK but a spike in rail investment is expected in Spain and bluer-sky projects such as the Starline High-Speed Network are being discussed. Meanwhile the continent’s airports are still attracting international investor interest. The EU is pressing ahead with its plan to prioritize stable and efficient transport through it Connecting Europe Facility and the UK is hoping to secure private funding for major projects like the £10bn Lower Thames Crossing.
Transport experts, investors, operators and policymakers discuss European government efforts to bring transport infrastructure up-to-date and ask what opportunities this could present infrastructure investors
03:40 PM - 04:20 PM / Transport: How private capital will keep airports, rail and roads moving sustainably
While European governments continue to operate in financially straitened circumstances, the dash for growth has meant investment in transport and logistics should continue to buck the trend. Renationalisation of rail franchises has continued in the UK but a spike in rail investment is expected in Spain and bluer-sky projects such as the Starline High-Speed Network are being discussed. Meanwhile the continent’s airports are still attracting international investor interest. The EU is pressing ahead with its plan to prioritize stable and efficient transport through it Connecting Europe Facility and the UK is hoping to secure private funding for major projects like the £10bn Lower Thames Crossing.
Transport experts, investors, operators and policymakers discuss European government efforts to bring transport infrastructure up-to-date and ask what opportunities this could present infrastructure investors
| Speaker(s): |
| - Gabriele DAMIANI - Head Infrastructure Core/Core+ | SWISS LIFE ASSET MANAGERS |
| - Gilles LENGAIGNE - Managing Partner, Head of Origination and Corporate Development | INFRANITY |
| - Amélie PETIT - Managing Director | STONEPEAK |
04:20 PM - 04:50 PM / Looking to the future: Infrastructure of the 2040s
Early investments in infrastructure have matured at a time when fiscal, geopolitical and technological developments are set to challenge and transform the very nature of the asset class. Investors and their advisors must therefore plan for what may well be an entirely different landscape of essential services which must be fit for new demands.
Senior infrastructure investors and their advisors discuss how they imagine the infrastructure landscape in two decades time and reveal their predictions for the challenges and opportunities of the second half of the 21st century
| Speaker(s): |
| - Boe PAHARI - Chairman | VE1 |
04:50 PM - 05:00 PM / Summary
Concluding remarks to summarise key takeaways from the sessions.
North America
10:00 AM / 11:30 AM – Summit Room 3
10:00 AM / 11:30 AM – Summit Room 3
10:00 AM - 10:40 AM / An outlook on the US economy
Against the volatile backdrop of US politics, investors looking at North America are seeking sophisticated hedging opportunities to mitigate risk in an increasingly uncertain environment. Concerns about the wide-sweeping tariffs and intensifying trade wars - and a possible recession as a consequence of the two – are heavy on investors’ minds. This session will explore:
- What will be the short / medium / long term impact of Trump’s tariffs and the resulting trade wars?
- What impact will growing national debt and deficit spending have on long-term fiscal sustainability?
- What strategies for hedging should investors use to mitigate the risk from the uncertain investment environment?
- Does the concept of “US exceptionalism” still hold true or must we prepare for more DeepSeek-style disruptors?
| Speaker(s): |
| - Chip BAIRD - Co-Founder and Managing Partner | GREYLION PARTNERS |
| - Michael HOLLANDER - Managing Director | GTCR |
| - Toni RINNEVAARA - Partner, Special Situations and Chief Investment Officer | AMERICAN INDUSTRIAL PARTNERS |
| Moderator(s): |
| - Roberta BRZEZINSKI - Partner and Head of Americas Business Intelligence | CONTROL RISKS |
10:40 AM - 11:20 AM / US mid-market in focus
Despite the many challenges raising, the US mid-market remains a fertile hunting ground for investors. Aside from traditional industrials, transportation and healthcare, opportunities exist in megatrends like artificial intelligence and climate change. This session will explore:
- What impact will Trumps’ industrial policies, including deregulation and targeted initiatives aimed at relocating manufacturing back to US, have on the space?
- As a consequence, who will be the winner and losers?
- How are mid-market firms dealing with supply chain challenges?
- What impact with the increased usage of AI to grow productivity and enhance operations have on valuations?11.30 - 12.00
| Speaker(s): |
| - Alex ABELL - Managing Partner | RCP ADVISORS |
| - Nitin GUPTA - Managing Partner - Co-CIO | FLEXSTONE PARTNERS |
| - Nicholas MCGRANE - Co-Head of North American Private Equity | INVESTCORP |
11:20 AM - 12:00 PM / Building a MAGA portfolio
America is in the grips of Maganomics, an economic policy that prioritises wealth and prosperity for all. Whilst commentators take a cautious view over the strategy, investors are trying to establish how to back the winners from such an approach. This discussion will consider how the approach may be changing origination and value creation strategies, as well as what LPs can do to position themselves to mitigate risk and capitalise on US opportunities.
| Speaker(s): |
| - Dana CAREY - Chief Investment Officer – Credit, Chairman of the Investment Committee | MIDOCEAN PARTNERS |
| - Thibaud ROULIN - Investment manager | PICTET |
| - Pedro VAZ - Managing Director | CHARLESBANK CAPITAL PARTNERS |
| Moderator(s): |
| - Roberta BRZEZINSKI - Partner and Head of Americas Business Intelligence | CONTROL RISKS |
Value Creation
10:00 Am / 5:00 PM – Summit Room 4
10:00 Am / 5:00 PM – Summit Room 4
Climate
2:15 PM / 4:30 PM – Summit Room 1
2:15 PM / 4:30 PM – Summit Room 1
02:15 PM - 02:30 PM / The big picture on climate
Freak weather events are taking a significant economic toll. Heatwaves, floods and drought shut down supply chains, damage infrastructure and upset the social fabric. The cost of the disruption is estimated at $122bn every year. If the economic risks are now too significant to ignore, what does this mean for “business as usual” private equity? Is the industry still climate-blind?
02:30 PM - 03:00 PM / Does decarbonisation hang in the balance?
European GPs are global leaders in decarbonisation as a lever for value creation. However, less than half of US and Asian GPs report portfolio carbon emissions. What can international GPs learn from their European counterparts? What are some of the effects on investment performance where decarbonisation is non-core? What can LPs do to scrutinise efforts?
| Speaker(s): |
| - Ferdinand DALHUISEN - Managing Director, ODDO BHF Private Equity | ODDO BHF |
| - Tomas HVAMB - Managing Partner | HAVN CAPITAL |
03:00 PM - 03:40 PM / From VC to buyout and beyond: The next decade of scaling climate opportunities
Twenty years into the journey, climate investing has become a feature of the private capital landscape; from VCs financing innovative deeptech, to growth and buyout investors that fund proven technologies.
Representatives from across this spectrum are asked to address three questions in 7 min presentations + 2mins Q&A:
- Where is the growth going to come from?
- What is the single greatest challenge facing their investment thesis?
- What is the key enabler that will accelerate the trajectory?
| Speaker(s): |
| - Sofia RAMIREZ - Principal | AGFUNDER |
| - Sakari SAARELA - Partner | UNITED BANKERS |
03:40 PM - 04:10 PM / Continental rift: How global investors will take the lead, as US falls behind
The policy spasms emulating from the US are rewiring capital flows on green issues. Yet it creates space for a generation of global investors to step in and play a leading role. How do investors from the Middle East, Africa and Asia define their climate investing ambitions in this new geopolitical climate? In the absence of the US dominating the climate agenda, could this be a redefining moment for the sector, with investment in closer proximity to regional needs?
| Speaker(s): |
| - Anthony CATACHANAS - Founding Partner & Chief Executive Officer | TOWER PEAK PARTNERS |
04:10 PM - 04:40 PM / Selection by sustainability: Picking the managers of tomorrow
For all organisations, climate has evolved from a peripheral concern to a central consideration. For LPs, the managers and portfolio companies they invest in are no different. But is manager due diligence up to the challenge? Can standard selection processes be enhanced to identify those who are best setup to succeed in a VUCA world? What are the characteristics around incentives, investments and monitoring that indicate a futureproof GP?
| Speaker(s): |
| - Matteo SQUILLONI - Head of Climate Transition (private equity funds) | EIF - EUROPEAN INVESTMENT FUND |
Unigestion Emerging Managers
12:30 PM / 6:30 PM – Summit Room 3
12:30 PM / 6:30 PM – Summit Room 3
01:00 PM - 02:00 PM / Networking Lunch
Networking Lunch
02:00 PM - 02:05 PM / Welcome note
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
02:05 PM - 02:25 PM / 30 years of investing in emerging managers
Fireside Chat
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
02:25 PM - 02:45 PM / Latest Research insights on emerging managers
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
02:45 PM - 03:00 PM / Meet the GPs Session 1
3 x 5min pitching slots
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
03:00 PM - 03:40 PM / The role of emerging managers in a consolidating PE industry
Panel Session
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
03:40 PM - 04:10 PM / Networking Break
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
04:10 PM - 04:25 PM / From Emerging to established manager
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
04:25 PM - 04:40 PM / Meet the GP session 2
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
04:40 PM - 05:20 PM / Are Emerging Managers risky? Insights and due diligence hacks
Panel Discussion
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
05:20 PM - 05:35 PM / Meet the GP session 3
3 x 5min pitching slots
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
05:35 PM - 05:45 PM / Unigestion Emerging Manager Award
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
05:45 PM - 06:30 PM / Networking Drinks
This summit is by invitation only. However, all LPs are welcome to attend. To reserve a spot, please contact ashling.barry@ipem-market.com
Breakout Rooms
Breakout sessions give our clients & partners the opportunity to promote their expertise and services to the IPEM community.
Download IPEM Paris 2025 Breakout Rooms Program
Conferences
Join the high-profile speakers taking the stage this year, and learn more about the new trends emerging that will over time become the foundations on which future sustainable growth is realized.
Download IPEM Paris 2025 Conferences Program
Chair’s Remarks
09:45 AM / 10:00 AM - Conference Room
09:45 AM / 10:00 AM - Conference Room
Chair’s Remarks
Sustainability, risk and return
10:00 AM / 10:30 AM - Conference Room
10:00 AM / 10:30 AM - Conference Room
When it comes to fiduciary duty, it’s essential for investors to walk the walk on sustainability. PGGM is implementing a fully integrated philosophy based around financial returns, risk and sustainable impact. The aim is to give the investment manager a three-dimensional perspective on every investment in every asset class across its EUR250bn portfolio. In this presentation, Lars explains the reasons why, the strategy and lessons learned.
| Speaker(s): |
| - Lars DIJKSTRA - Chief Investment Officer (CIO) | PGGM |
How to build a private markets platform
10:30 AM / 11:00 AM - Conference Room
10:30 AM / 11:00 AM - Conference Room
Traditional asset managers continue to build out their private markets franchise at pace. Of the $72trn managed by the top 25 traditional asset managers, $4trn is now in private markets. Whilst some continue to hunt for deals, others are sticking to their roots - looking to increase access to private markets through low-cost products. What’s the outlook on M&A strategy? Can traditional managers be major market consolidators? What are the advantages to private alternatives of being part of a heritage brand in public markets? What’s the future role of private markets within the stable of the big players?
| Speaker(s): |
| - Jacques CHAPPUIS - President and Chief Executive Officer | PGIM |
How LPs are mastering the art of the deal
11:00 AM / 11:30 AM - Conference Room
11:00 AM / 11:30 AM - Conference Room
Nowadays, everyone has a watchlist. LPs that have expanded into direct and co-investments have long built the internal skill sets to analyse deals. In a tough environment for funds, plus more single asset CVs, this expertise is being put to the test. Even for fund investors, deeper portfolio analysis of top performing companies is making it easier to build target lists for attractive co-investment opportunities. Is there such a thing as proprietary deal sourcing anymore? How can LPs partner with GPs on deals? What does value-adding origination look like in practice?
| Speaker(s): |
| - Alper DAGLIOGLU - Managing Partner and Head of Investment Solutions Group | BROOKFIELD |
| - Albrecht VON ALVENSLEBEN - Managing Director, Private Equity, Europe | CDPQ |
Time to double down on co-investments?
11:30 AM / 12:00 PM - Conference Room
11:30 AM / 12:00 PM - Conference Room
Co-investments have often been presented as a means to bring down the cost of private market investing. But with dedicated resources, knowledge and expertise required, they weren’t open to all. Now, in the current market environment, they look more of a necessity; providing apast way for LPs to deepen GP partnerships and gain access to attractive dealflow. Have co-investments really addressed the cost issue? What about monitoring, transaction and other costs? How can co-investment be made easier to access for a wider range of investor?
| Speaker(s): |
| - Marie PESTALOZZI - Co-Head Private Equity Investment Team | AMUNDI ALPHA ASSOCIATES |
| - Koen RONDA - Head of Private Markets Investments | IBS CAPITAL MANAGEMENT |
Trophy asset or booby prize - an early prognosis on continuation vehicles
12:00 PM / 12:30 PM - Conference Room
12:00 PM / 12:30 PM - Conference Room
Secondaries or not? Fig leaf hiding overpriced assets or genuine gem in the rough? Continuation funds are the subject of increasing debates. Besides the thorny question of valuations and conflicts of interest management, the real question is: why do we need them? There are plenty of solutions, chiefly secondary LBOs, that would address the issue of lingering assets in portfolios. Why do fund managers hang on to them? Is it that difficult to source good deals? Do managers fall in love with assets and struggle to let go? Is this all for IRR enhancement in light of a disappointing course of action?
| Speaker(s): |
| - Fred EBRAHEMI - Partner, Chief Operating Officer & General Counsel | CLEARLAKE CAPITAL GROUP |
| - Cyndi MOSQUERA - Director | METLIFE INVESTMENT MANAGEMENT |
What’s next with semi-liquid structures?
02:00 PM / 02:30 PM - Conference Room
02:00 PM / 02:30 PM - Conference Room
So-called “evergreen” vehicles have rapidly gained the attention of institutional LPs, whose appeal for semi-liquid structures may easily be equivalent to that of the private wealth investors they were designed for.
However, liquidity remains a challenge, from a distribution and valuation perspective.
- What innovation are we likely to see in the secondaries market that may provide the answer?
- How do you align the portfolio to smooth out the returns profile of newer versus more mature underlying companies?
- What are the approaches to valuation to enable more frequent liquidity events?
| Speaker(s): |
| - Kalyani HARAR - Alternatives Director, EMEA | WELLINGTON MANAGEMENT |
How an innovative generation of asset allocators are redefining partnerships
02:30 PM / 03:00 PM - Conference Room
02:30 PM / 03:00 PM - Conference Room
In some corners of the industry, the worlds of LPs and GPs are converging. Institutions are shaping new relationships with their GP network. Narrower but deeper relationships with fewer GPs. Strategic capital with minority stakes. Allocator partnerships to build DIY platforms.
Will we ever see the emergence of passive private market indexes? n
03:00 PM / 03:30 PM - Conference Room
03:00 PM / 03:30 PM - Conference Room
If investors could "buy the market" in private equity, they would not lose capital. This proposition is very attractive, especially given the difficulty in selecting funds and the wide dispersion of performance. However, building an investable passive private market index remains elusive. Why is this so difficult? Is this even possible? What would be the required conditions to see the emergence of such a product? Is the challenge informational? Operational? Technical? Who would be the most legitimate type of actor to create such a product? Who would be the core client group for such a product?
Going against the grain - when does a contrarian view make sense?
03:30 PM / 04:00 PM - Conference Room
03:30 PM / 04:00 PM - Conference Room
Herd mentality. What are the benefits of sticking with what you know, versus taking a contrarian approach.
What is next for private markets?
04:00 PM / 04:30 PM - Conference Room
04:00 PM / 04:30 PM - Conference Room
Private markets have a knack for reinventing themselves. As they gather an ever-increasingly large amount of assets under management, there is a risk of banalisation. How is the industry addressing it? What are the main trends underpinning future growth? How is this industry changing?
Summary
04:30 PM / 04:45 PM - Conference Room
04:30 PM / 04:45 PM - Conference Room
Concluding remarks to summarise key takeaways.
Wrap Party
05:30 PM / 07:00 PM - Conference Room
05:30 PM / 07:00 PM - Conference Room
Wrap Party
Summits
Enjoy IPEM’s practical and dynamic sessions on specific topics to go deeper and find solutions together. Take the opportunity to network with participants during lunches or cocktails at the end of each summit.
Download IPEM Paris 2025 Summits Program
Private Debt
10:00 AM / 5:45 PM – Summit Room 1
10:00 AM / 5:45 PM – Summit Room 1
10:00 AM - 10:15 AM / The big picture on direct lending
Opening remarks to set the scene on private debt’s evolution.
| Speaker(s): |
| - William COX - Senior Managing Director | KBRA |
10:15 AM - 10:45 AM / How private credit is challenging the loan and bond markets for large-cap deals
Some of the largest leveraged buyouts (LBOs) in the last two years have been financed by private credit. For those lending to large-cap global businesses, speed to market is vital in completing deals when billions of dollars are at stake. Some of the industry’s mega funds are pushing direct lending activity further into the broadly syndicated loan space - the long-held preserve of global banks - such is the size of the loans being underwritten. As direct lending deals grow bigger, and GPs respond ever faster to demand by underwriting entire loans (unitranche loans), how is this likely to shape the future of corporate lending? As banks arrange syndicated loans, will they look to develop more hybrid structures with credit managers to share the risks, or will they follow JP Morgan and raise the competitive stakes?
| Speaker(s): |
| - Tara MOORE - Managing Director, Head of European Originations | GOLUB CAPITAL |
| Moderator(s): |
| - Louis THUILLEZ - Associate | AETHER FINANCIAL SERVICES |
10:45 AM - 11:15 AM / Reaching maturity - trends in core mid-market direct lending
Direct lenders have established themselves as the de facto financing partner for mid-market sponsors. Their speed, certainty and flexibility means they’re now essential grease on the wheels of the transaction market. But how do direct lenders sustain a pipeline in another challenging year for sponsor-backed M&A? How do debt platforms navigate this era of geopolitical shocks to stay resilient? Are the fortunes of debt funds and financial sponsors intrinsically linked?
| Speaker(s): |
| - Klaus PETERSEN - Founding Partner | APERA ASSET MANAGEMENT LLP |
| - Orla WALSH - Managing Director and Portfolio Manager | BARINGS |
11:15 AM - 11:45 AM / Hunting out the best borrowers in Europe’s lower middle market
In an increasingly competitive market, lenders in Europe’s lower middle market must sharpen their sourcing strategies and deal structuring techniques to secure the best opportunities and stand out to borrowers. Unlike the upper market, where scale and brand recognition often drive deal flow, lower middle market lenders must rely on a combination of deep market intelligence, strong local networks, and creative structuring to originate and execute high-quality transactions. Success in this space is less about waiting for deals to come to you and more about tracking the right borrowers, understanding their needs, and moving swiftly when the right opportunity arises. Just like a skilled hunter, lenders must stay agile, anticipate shifts in the landscape, and use the right tools—whether proprietary data, sponsor relationships, or bespoke financing solutions—to capture the best deals before the competition does.
| Speaker(s): |
| - Eric GALLERNE - Managing Partner - Private Debt | EURAZEO |
| - David MERRIMAN - Partner, Head of Private Debt | BEECHBROOK CAPITAL |
11:45 AM - 12:15 PM / What role are ESG considerations playing in today’s private credit market?
With Europe’s net-zero transition requiring an estimated €29 trillion ($32 trillion) in cumulative investment by 2050, and annual funding needs rising from €680 billion to €1.04 trillion, private markets—particularly private credit—have a critical role to play. As banks pull back from riskier lending, private credit managers are stepping in to finance companies on their energy transition journeys, leveraging flexible capital to drive sustainable outcomes. Innovative mechanisms like ESG margin ratchets, which link borrowing costs to specific sustainability performance criteria, are already in play—but what’s next? Beyond pricing incentives, how are private credit managers integrating ESG into underwriting, due diligence, and portfolio management? And as regulatory frameworks evolve, will ESG considerations become a fundamental pillar of private credit investing or remain a secondary feature in deal structuring?
| Speaker(s): |
| - Adrien DESBOIS - Senior Investment Manager | EIF - EUROPEAN INVESTMENT FUND |
| - Alexandra TIXIER - Co-Head Development Finance & Impact, Lead of Impact Private Credit | ALLIANZ GLOBAL INVESTORS |
| - Nicole WAIBEL - Managing Director | CRESCENT CAPITAL |
12:15 PM - 12:30 PM / Morning Summary
Concluding remarks to summarise key takeaways from the morning sessions.
12:30 PM - 02:00 PM / Lunch
Lunch
02:00 PM - 02:15 PM / The big picture on opportunistic credit
How is the market evolving for more flexible credit solutions.
| Speaker(s): |
| - Maxime LAURENT-BELLUE - Group Deputy CEO, Co-Head Credit and Head of Tactical Strategies & Structured Credit Strategies | TIKEHAU CAPITAL |
02:15 PM - 02:45 PM / Portfolio construction in an expanding private credit universe
In an ever-expanding universe, one challenge for LPs is taking a holistic view on private debt portfolio construction. How do LPs capitalise on opportunities that don’t quite fit the mould?
| Speaker(s): |
| - Michael GROSS - Chief Executive Officer and President | SLR CAPITAL PARTNERS |
| - Olivier JESEQUEL - Head of Paris Office | BFINANCE |
| - Jakob SCHRAMM - Partner & Head of Private Credit | GOLDING CAPITAL PARTNERS |
02:45 PM - 03:15 PM / What does “flexibility” mean in practice?
Tactical opportunities funds, a hybrid strategy that bridges the gap between private credit and private equity and seeks to capitalise on underserved or complex areas of the corporate market, are on the rise. With the flexibility to underwrite across the capital structure, what does this look like from an origination, underwriting and returns perspective?
| Speaker(s): |
| - Philip CUFF - Partner, Head of Hybrid Value Europe | APOLLO |
| - Raphael DE BOTTON - Senior Managing Director, Tactical Opportunities | BLACKSTONE |
| - Saam GOLSHANI - Head of PE Practice and FRI | WHITE & CASE |
| - Owain GRIFFITHS - Partner & Head of Capital Solutions | SONA ASSET MANAGEMENT |
03:15 PM - 03:45 PM / Distressed investing, today and tomorrow
Distressed investing has come a long way since the Global Financial Crisis. Back then, widespread market dislocation and liquidity constraints presented a rich opportunity set.
Nowadays, deeper private credit markets can provide funding solutions to companies with complex credit profiles before they become stressed.
- What has this done to the opportunity set?
- How are distressed players viewing sectors and origination?
- What’s been the experience with direct lenders acting as sellers?
| Speaker(s): |
| - Mathieu CLAVEL - Portfolio Manager, Alternative Credit | PIMCO |
| - Josefa LLINARES - Head of Origination | POLUS CAPITAL MANAGEMENT |
| - Musa SONMEZ - Co-Head of Europe & Partner | OAK HILL ADVISORS |
03:45 PM - 04:00 PM / The big picture on asset-based finance
Opening remarks to set the scene on structured credit and specialty finance.
04:00 PM - 04:40 PM / Charting the trajectory of asset-based finance in private credit
As direct lending matures, investors are branching out into niche strategies such as asset-based lending, litigation finance, Net Asset Value (NAV) lending, and royalty financing. This trend is creating opportunities for new managers to differentiate themselves in the market. The outlook for ABF is promising, with the market expected to grow from $5.2 trillion to $7.7 trillion by 2027. The pullback of traditional lenders in response to regulation and the outbreak of volatility in the banking system are all likely to increase the need for private ABF so how are firms tapping in to this growing trend?
| Speaker(s): |
| - Kyle ASHER - Managing Director & Co-Head, Alternative Credit Solutions | MONROE CAPITAL |
| - Peter HUTTON - Head of NAV Financing | ARCMONT |
Private Equity
10:00 AM / 11:45 AM – Summit Room 2
10:00 AM / 11:45 AM – Summit Room 2
10:00 AM - 10:20 AM / The big picture
For the industry to reach maturity, it must go down it’s own path of transformation. In this summit, we explore three key areas - AI, specialisation and talent.
| Speaker(s): |
| - Nicolas MOURA - CFA - Research Analyst, EMEA Private Capital | PITCHBOOK |
10:20 AM - 11:00 AM / What to expect when you’re transacting
The mood music may be relatively sombre around PE, but there are reasons to be cheerful. This session will dive deeper into the deal drivers that are creating attractive opportunities, including where pockets of value lie, how top performing GPs will put capital to work and where disruption will generate attractive returns.
11:00 AM - 11:40 AM / Generative PE: How AI may reshape the business of buyout investing
The last two years have seen an explosion in generative AI as hyperscalers and AI-native companies like OpenAI push the innovation envelope. Yet whilst AI is increasingly promoted by firms as a value creation lever, adoption within the industry itself remains lacklustre.
- Does low adoption risk PE firms themselves getting left behind?
- What does an AI-native PE firm of the future look like?
- Using AI tools to drive cost efficiencies, manage cash flow forecasting and drive EBITDA gains
| Speaker(s): |
| - Nevin RAJ - COO and Co-founder | GRATA, PART OF DATASITE |
11:40 AM - 12:10 PM / The many flavours of strategic GP capital in the race to scale
Consolidation, strategic partnerships and minority deals are reshaping private markets as the industry matures. This session gathers some of the players with recent experience in navigating the next phase of growth to explore the options available.
Full-scale M&A
Wealth and distribution partnerships
Insurance tie-ups
Minority GP stakes
| Speaker(s): |
| - François-Xavier MAURON - Co-Managing Partner | ANDERA PARTNERS |
| - Phillip TITOLO - Managing Director, Head of Insurance & Investment Grade Alpha | HUNTER POINT CAPITAL |
| Moderator(s): |
| - Brian VICKERY - Partner and Head of ImPACT | PACT CAPITAL PARTNERS |
12:10 PM - 12:50 PM / Hyper-specialisation: A sign of PE’s growing maturity?
The trend of hyper-specialisation in private equity is gaining momentum in 2025, with firms increasingly focusing on niche markets and specific sectors to gain a competitive edge. Specialised firms have demonstrated superior performance, with data showing niche funds delivered average IRRs of 38% compared to 18% for broadly diversified funds between 2011 and 2021. Is this a sign of private equity’s growing maturity and if so, what unique characteristics should investors be aware of when looking to add hyper-specialised funds in their PE portfolios?
- The deal lens for hyper-specialists is narrow. What is the playbook to identifying target companies that may not be for sale, to at least begin due diligence and build relationships with management teams?
- How might AI systems/tools and data lakes help with the sourcing and underwriting process when seeking out the best opportunities?
- What questions should investors be asking themselves when assessing one of these hyper-specialised funds relative to a sector-focused or a generalist fund?
- How to overcome the issue of fund size constraints - are SMAs an option for institutional LPs?
- Where are hyper-specialists focusing their investment lens right now - what opportunities are they seeing in areas such as AI-driven forensic accounting, climate technology, energy transition, gene therapy innovation?
| Speaker(s): |
| - Judith CHARPENTIER - Co-Managing Partner and Co-Head of the Flagship Fund | ASTORG |
| - Vaish KATAMREDDY - Director, Investments | GOLDING CAPITAL PARTNERS |
| - Pierre MEIGNEN - Partner - Head of Small-mid buyout | EURAZEO |
| - Cameron PAYNE - Principal - Co Head of European Investment | FEDERATED HERMES PRIVATE MARKETS |
| Moderator(s): |
| - Fay MARGO - CEO | BRACKENDALE CONSULTING |
Asia Pacific
10:00 AM / 11:30 AM – Summit Room 3
10:00 AM / 11:30 AM – Summit Room 3
10:00 AM - 10:30 AM / Shifting Capital, Shaping Markets: Asia-Pacific’s Expanding Role in Private Investment
The Asia-Pacific region is becoming an engine of innovation, capital formation, and outbound investment, and its influence on global private markets is accelerating. From China’s pivotal role as both a hub of technological innovation and a growing source of capital and strategic investors expanding into Europe, to India’s emergence as a magnet for growth equity and digital disruption, to Australia’s stable LP ecosystem and regional gateway status, the region is not just attracting global attention but actively transforming deal dynamics.
| Speaker(s): |
| - Michel LOWY - CEO / Co-Global Portfolio Manager | SC LOWY |
10:30 AM - 11:00 AM / Is Japan making a comeback?
Japan has witnessed a remarkable surge in private equity activity, with significant inbound investments from global PE funds driving corporate restructuring and value creation. This trend signals a fundamental shift in Japan's traditionally conservative corporate culture toward greater focus on shareholder returns and operational efficiency.
11:00 AM - 11:30 AM / The private equity opportunity in South-East Asia
Southeast Asia has emerged as a new focal point for private equity investments, powered by growing economies with young demographics and rapidly evolving technological ecosystems. Countries like Vietnam, Indonesia, and Singapore offer fertile ground for PE firms seeking growth opportunities in digital transformation, consumer markets, and infrastructure development.
Secondaries
2:15 PM / 4:30 PM – Summit Room 2
2:15 PM / 4:30 PM – Summit Room 2
02:15 PM - 02:50 PM / The big picture on secondaries
Setting the scene on market activity and key transactions.
02:50 PM - 03:30 PM / Fund stakes market - strong tailwinds?
This looks likely to be a fair description of the long-term forecast for the secondaries market, which continues to mature at pace. In 2024, the market generated an unprecedented $152 billion in closed deals, making it the busiest year on record. This level - characterised by stable conditions - has the potential to stretch even further, as specialised strategies emerge in private credit, real estate, and infrastructure secondaries. This diversification, combined with innovative transaction structures like 'mosaic' deals that allow multiple buyers to acquire specific portfolio segments, has added further depth to the marketplace.
| Speaker(s): |
| - Jon MADORSKY - Managing Partner | RCP ADVISORS |
| - Philipp PATSCHKOWSKI - Managing Director | NEUBERGER BERMAN |
03:30 PM - 04:20 PM / Continuation vehicles - the only way is up?
Elevated pricing and an overall increase in deal quality are proving to be favourable for GP-led transactions. With firms choosing to hold on to trophy assets for longer, it has created a wrinkle in the exit landscape. However, there is a growing acceptance that, provided the GP can demonstrate legitimate further value creation, continuation vehicles can be attractive to investors who choose to roll in from the legacy fund. Single-asset transactions are particularly popular for this reason, in high growth sectors such as technology and healthcare. According to Lazard, these transactions generated $72 billion in 2024. Is this a story that has plenty of chapters still to be written? And if so, what might these chapters reveal?
| Speaker(s): |
| - Charles APONSO - Partner | QUILVEST CAPITAL PARTNERS |
| - Mercedes FERNANDEZ ELIAS - Partner & Investment Committee Member, MS Private Equities Secondaries | MORGAN STANLEY INVESTMENT MANAGEMENT |
| - Mireille KLITTING - Head of Five Arrows Secondary Opportunities (FASO) and Head of Five Arrows Multi Strategies (FAMS) | FIVE ARROWS |
| - Ricardo MIRÓ-QUESADA - Partner and Head of Private Equity | ARCANO PARTNERS |
04:20 PM - 05:00 PM / Managing conflicts of interest when launching a continuation vehicle
Protecting investors’ interests is paramount when seeking to establish a continuation fund. These are complex deals, even though they may only have a single asset, and plenty fail to complete. As GP-led transactions evolve, it is becoming more important than ever for GPs to navigate conflicts of interest inherently associated with being both buyer and seller. Early engagement with the LPAC for informal approval prior to initiating a sale process is vital before the GP begins receiving bids. But what other key aspects to managing potential conflicts should GPs be aware of, to avoid falling foul of LPs and regulators alike?
| Speaker(s): |
| - Sabina COMIS - Global Managing Partner | DECHERT LLP |
| - Rocio HERES - Partner | ALTAMAR PRIVATE EQUITY |
Impact
2:15 PM / 4:30 PM – Summit Room 3
2:15 PM / 4:30 PM – Summit Room 3
02:15 PM - 02:30 PM / The big picture on impact
Setting the scene on market activity and key transactions.
| Speaker(s): |
| - Annachiara MARCANDALLI - Head of Sustainability and Impact | CAMBRIDGE ASSOCIATES |
02:30 PM - 03:00 PM / How to institutionalise the impact market
Impact managers frequently cite the challenges to scale their platform to capitalise on the opportunity. What options exist in the market to help them do just that?
| Speaker(s): |
| - Alix FAURE - Chief Sustainability Officer | SIENNA INVESTMENT MANAGERS |
| - Charlotte VIRALLY - Managing Director – SWEN Impact Fund for Transition | SWEN CAPITAL PARTNERS |
| - Barbara WEBER - Founding partner | B CAPITAL PARTNERS |
03:00 PM - 03:30 PM / Did Trump just save the impact movement?
Investors have wrestled with how to evaluate the impact opportunity. The mission may be clear, but the complexity arising from interconnected challenges can be a major headwind to fundraising. Enter Trump, whose introduction of tariffs has repriced risk, especially around supply chains. The ripple effect of onshoring, reshoring and localised production are back in vogue as a means to mitigate the fallout. Has Trump kickstarted a golden era for the circular economy?
03:30 PM - 04:30 PM / Building bridges - connecting impact capital with opportunities
4 x 10min presentations + 5mins Q&A that showcase a selection of impact investment theses’, such as:
- Education
- Health
- Social inclusion
- Natural capital
- Agriculture
Breakout Rooms
Breakout sessions give our clients & partners the opportunity to promote their expertise and services to the IPEM community.
Download IPEM Paris 2025 Breakout Rooms Program
Download the IPEM Paris 2025 Program
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