Infrastructure is the ‘hot topic’ amongst a set of market-resilient asset classes
The event opened with a focus on the resilience of private markets amid macroeconomic volatility. Georgios Leontaris (HSBC) highlighted how geopolitical shocks and shifting economic conditions are pushing wealthy clients toward diversification and longer-term defensiveness.
While sentiment across private markets remains broadly positive, infrastructure emerged as the standout asset class: valued for its essential-service nature, stable cash flows, and lower correlation to public markets.
Follow the Evergreen trail
Evergreen funds dominated discussion, with many speakers positioning them as central to the future of private wealth participation.
RBC’s David Storm noted that evergreens resemble a modern successor to offshore hedge funds, providing consistent performance within a structure better suited to today’s regulatory and portfolio needs. He cautioned against the term “semi-liquid”, emphasising the importance of clear liquidity expectations.
Charles Foucard (COO at Edmond de Rothschild) stressed the need for standardisation around terms, liquidity and transparency to support wider adoption. Meanwhile, Eurazeo’s Luc Maruenda highlighted the rapid rise of wealth capital at the firm – now contributing c.25% of fundraising – while warning that the model demands careful stewardship: “it takes years to build reputation, but one mistake to lose it all.”
The growth numbers are striking: evergreen launches have risen from ten in 2010 to 75 in 2025, with expectations of approaching 100 in 2026. Many speakers agreed that as much as 75% of private markets activity in the wealth channel may ultimately sit within evergreen structures. Their appeal is clear: immediate deployment, reduced J-curve effects and strong GP/LP alignment.
‘Second’-aries by name, but the first choice for many
Louis Choy (Managing Director at Carlyle’s AlpInvest business) positioned secondaries as a natural companion to evergreens, offering immediate exposure to seasoned assets, diversification across vintages and earlier liquidity: traits that align well with wealthy client’s expectations.
The market continues to scale rapidly, growing from $24bn in 2011 to a projected $200bn by 2028. Secondaries persist across cycles because they provide liquidity when exit markets slow and offer entry points at attractive valuations.
Choy also highlighted the increasing use of continuation vehicles, which provide liquidity to existing LPs while allowing GPs to retain high-quality assets. These structures deliver lower volatility, limited J-curve effects and strong alignment. Neil Cole (UBS’s Head of Private Markets Distribution) added that secondaries offer clear benefits for both sellers and buyers, reinforcing their expanding role within private markets.
The perception of private markets: inaccuracies and education
A major theme was the widening gap between public perception and actual market performance. Barclays’ Shenal Kakad noted that millennials tend to be more comfortable with private markets, while baby boomers often require more education around liquidity, risk and return expectations.
UBS’s Cole challenged negative media sentiment around private equity, arguing it is often overstated or inaccurate. He highlighted signs of a rebound for private markets: stronger deal flow in 2025, improving M&A volumes and several high-profile transactions—including EA Gaming’s $55bn take-private and Sixth Street’s $9bn sports investment. IPO momentum is returning toward 10-year averages, and net cash flows turned positive in 2024.
Cole emphasised that private equity continues to outperform public indices over the long term, and that the slowdown of 2022-24 was cyclical rather than structural. For advisors and relationship managers, helping clients interpret headlines in context will be key as more banks broaden access to private markets products.
Future of the space?
Looking ahead, speakers framed the future of private markets in wealth through the lens of portfolio construction. Véronique Fournier (Apollo’s Head of EMEA, Global Wealth Solutions) discussed the evolution – not replacement – of the traditional 60/40 model as private credit and private markets integrate more naturally into wealth portfolios. Her team’s private wealth platform has scaled to 175 professionals across 30 countries, with ambitions to reach $150bn in AUM by 2029.
Fundraising dynamics are shifting quickly: in 2022, wealth accounted for 10 cents of every fundraising dollar; today it’s 30, and it may reach parity with institutional capital within five years.
Manager selection remains critical though. Brendan Boyle outlined the trade-off between large GPs, which offer brand strength and infrastructure, and smaller GPs, which often deliver stronger performance through focused deployment. For wealth clients, finding the balance between perceived safety and potential alpha is increasingly important.
As private markets continue to mature within the wealth channel, the themes from this year’s conference point to a sector entering its next phase – defined by education, innovation and a rapidly expanding investor base. If you want to discuss how Finatal’s Private Wealth Solutions team can help you or your business to build success, please get in touch with Michael McConnell.