Post by Amundi Alpha Associates

𝗥𝗲𝗰𝗮𝗽: 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗦𝘄𝗶𝘁𝘇𝗲𝗿𝗹𝗮𝗻𝗱 𝟮𝟬𝟮𝟲 Last week in Zürich, Amundi Alpha Associates was proud to take part in two panels at Private Equity Insights Switzerland — each tackling a question at the heart of today's private markets. 𝗥𝗮𝗶𝘀𝗶𝗻𝗴 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗶𝗻 𝗮 𝗦𝗲𝗹𝗲𝗰𝘁𝗶𝘃𝗲 𝗠𝗮𝗿𝗸𝗲𝘁: 𝗪𝗵𝗮𝘁 𝗟𝗣𝘀 𝗥𝗲𝗮𝗹𝗹𝘆 𝗪𝗮𝗻𝘁 Marie Pestalozzi (Partner & Co-Head PE) joined fellow LPs to discuss what actually earns a commitment in a market where capital is concentrating in fewer hands. A few themes stood out: → Glossy IRRs no longer carry a room — LPs want money returned, and they've gotten sharp at telling genuine distributions apart from financially engineered ones. → With re-up budgets stretched thin, the bar for first-time and emerging managers is high, though Europe stands out as the place they still get a fair hearing. → The negotiating leverage has shifted back toward LPs: terms, alignment, and co-investment are all firmly on the table again. → Beyond the numbers, track record, team stability, and real differentiation are still what do the heavy lifting. 𝗦𝗼𝗹𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗗𝗣𝗜 𝗣𝗿𝗼𝗯𝗹𝗲𝗺: 𝗦𝗲𝗰𝗼𝗻𝗱𝗮𝗿𝗶𝗲𝘀, 𝗖𝗩𝘀 & 𝗘𝗮𝗿𝗹𝘆 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 Serge Koniski (Partner & Head of Secondaries) joined a group of practitioners working the other end of that same problem — if LPs want liquidity and exits are slow, how does the cash actually get unlocked? → The DPI gap is less about absent demand than the stubborn distance between what sellers expect and what buyers will underwrite, compounded by higher financing costs. → Secondaries have quietly become a default tool rather than a last resort — LP portfolio sales and CV elections alike — but the discipline bar stays high. → Continuation vehicles are increasingly a deliberate choice for the assets worth holding, not a parking spot for the ones nobody wants. 𝗧𝗮𝗸𝗲𝗻 𝘁𝗼𝗴𝗲𝘁𝗵𝗲𝗿, 𝗶𝘁 𝗽𝗼𝗶𝗻𝘁𝘀 𝘁𝗼 𝗮 𝗱𝘂𝗿𝗮𝗯𝗹𝗲 𝘀𝗵𝗶𝗳𝘁: 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 𝗶𝗻 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝗶𝘀 𝗯𝗲𝗶𝗻𝗴 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗲𝗱 𝗱𝗲𝗹𝗶𝗯𝗲𝗿𝗮𝘁𝗲𝗹𝘆, 𝗻𝗼𝘁 𝘄𝗮𝗶𝘁𝗶𝗻𝗴 𝗮𝗿𝗼𝘂𝗻𝗱 𝘁𝗼 𝗯𝗲 𝗱𝗶𝘀𝗰𝗼𝘃𝗲𝗿𝗲𝗱. 🙏 Many thanks to the Private Equity Insights team for the invitation, and to our co-panelists for a genuinely candid couple of sessions. #PrivateEquity #Secondaries #Fundraising #PrivateMarkets #PEInsights