WHERE ARE THE NEW RETAIL MARKETS FOR PRIVATE CAPITAL?

The panel discusses the evolving landscape of private capital and its increasing accessibility to retail investors. Anuj emphasizes the growing need for private capital due to government spending pullback, while Christophe notes the significant portion of their managed assets now in retail. Andrea questions the true demand, pointing out the potential liquidity issues in private equity. Ivan expresses concerns about the industry's ability to consistently outperform public markets and the risks associated with evergreen fund structures. The discussion touches on the importance of diversification, governance, and alignment of interest when offering private equity products to retail investors. Opportunities in industrials and hybrid capital solutions are highlighted. The role of regulators and the potential for increased regulation are also considered. The panel agrees on the attractiveness of the secondary market for diversification and the good risk-return profile of private debt.