Post by Amundi Alpha Associates

SuperReturn International Berlin 2026 is a wrap — and what a few days it was.   Many great meetings with peers, partners, and investors, and plenty of valuable conversations at our tiny house. Thank you to everyone who took the time to connect with our team: Petr Rojicek, Marie Pestalozzi, Serge Koniski, Rames Munschizada and Antonia C. A few themes stayed with us from the sessions and the conversations around them:   ▪️ 𝐒𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐢𝐞𝐬 𝐡𝐚𝐯𝐞 𝐠𝐫𝐨𝐰𝐧 𝐮𝐩. The market has moved so far beyond its origins as a niche liquidity tool that there were serious debates on whether it now deserves its own asset class designation. Private credit secondaries in particular drew real excitement, especially in the current macro context.   ▪️ 𝐄𝐮𝐫𝐨𝐩𝐞 𝐢𝐬 𝐛𝐚𝐜𝐤 𝐢𝐧 𝐟𝐨𝐜𝐮𝐬 — with a robust case for Germany. Dislocation creates entry points: lower valuations, motivated sellers, and a less crowded field.   ▪️ 𝐀𝐈 𝐰𝐚𝐬 𝐢𝐧 𝐯𝐢𝐫𝐭𝐮𝐚𝐥𝐥𝐲 𝐞𝐯𝐞𝐫𝐲 𝐩𝐚𝐧𝐞𝐥. It's here, and it's moving through the PE industry. Software felt the pressure first, and investors are asking what gets disrupted next. For GPs who haven't mapped their portfolio exposure, the clock is ticking.   ▪️ 𝐑𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐞 𝐢𝐬𝐧'𝐭 𝐞𝐧𝐨𝐮𝐠𝐡. Dispersion is widening — the firms and investors pulling ahead are finding opportunity in volatility, not just surviving it. Thank you, Berlin. Until next time.