Themes and trends redefining strategy, relationships and capital in 2025
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Last week’s SuperReturn International brought together thousands of private markets professionals from across the globe. With five team members attending, PER gathered insight from across the conference - from main stage panels to informal one-to-one conversations.
While the mood remained cautious, the event offered a clear sense that private markets are evolving fast. Those who adapt, differentiate and build long-term relationships will come out ahead.
Credit in the spotlight
Private credit continues to take centre stage. As traditional bank lending retreats, alternative lenders are stepping up, creating room for more tailored, structured approaches to financing. While the US still leads in market maturity, Europe is gaining ground fast, with regional nuance and local origination playing a critical role.
We heard consistent views on the evolution of direct lending. Once the domain of a few specialist players, it is now expanding into broader asset-backed and opportunistic strategies. There is a noticeable shift towards hybrid credit models that blend private equity-style origination with institutional discipline. Credit is being used not just defensively, but also creatively, as a bridge into equity or as a long-term yield play in volatile conditions.
We heard consistent views on the evolution of direct lending. Once the domain of a few specialist players, it is now expanding into broader asset-backed and opportunistic strategies. There is a noticeable shift towards hybrid credit models that blend private equity-style origination with institutional discipline. Credit is being used not just defensively, but also creatively, as a bridge into equity or as a long-term yield play in volatile conditions.
Sports, Real Estate, and Infrastructure
Sectors once considered niche are now firmly in the spotlight. Sports have emerged as an investable asset class in their own right, thanks to long-term media value, predictable revenues, and global brand appeal. Real estate is regaining interest as firms look to diversify and stabilise portfolios.
There is also a growing appetite for infrastructure investments linked to digital connectivity, energy transition, and resilient supply chains. These areas are attracting both institutional LPs and family offices seeking long-term, tangible assets with embedded growth.
AI, innovation and differentiation at scale
Innovation was one of the most frequently mentioned themes. Whether through AI-powered decision-making, creative deal structuring or new ways to engage LPs, firms are now evaluated not just on returns, but also on how they operate. AI is increasingly used in portfolio operations, investment committees, and internal productivity tools.
This innovation drive comes with a push for clear differentiation. As the market matures, being a good generalist is no longer enough. Success lies in having a distinct sector focus, operational capabilities and a strong value proposition. The gap between firms that are evolving and those sticking to legacy models is becoming more visible.
The power of EQ
The importance of emotional intelligence came through strongly in both formal discussions and informal meetings. In a slower market, deal origination often hinges on trust, legacy relationships and the ability to truly understand the motivations of founders and sellers.
Family-owned businesses and multi-generational entrepreneurs were frequently discussed. In these situations, people make the difference, not just capital. EQ is increasingly seen as a competitive advantage, particularly when combined with cultural alignment and deep sector knowledge.
Internally, firms are focusing more than ever on team development and succession planning. In some cases, entire leadership teams have grown from within, with carry structures redesigned to reward long-term collaboration.
Exit strategies
The exit environment remains challenging. IPO momentum is gradually returning, but most firms are still favouring full exits over partial sales to generate liquidity. There is renewed focus on deliberate, high-quality exits, supported by internal committees and strategic timing.
Co-investments and GP stake sales are being used more tactically to support liquidity while aligning with LP interests. Several firms spoke about investing with longer time horizons, particularly in socially responsible businesses and durable sectors such as water, health and natural ingredients.
The overall message was clear. This market rewards patience, discipline and long-term conviction.
Germany and the European revival
Germany featured prominently in many discussions, not just as a key economy but as a destination for future private equity deployment. Government speakers outlined efforts to reduce bureaucracy, stimulate innovation and support public-private partnerships in defence and energy.
Sentiment around European industrials, manufacturing and infrastructure is improving. Several firms are expanding their presence in the DACH region. Canadian and international capital is flowing in at pace, with renewed confidence in the Mittelstand’s potential and Europe’s broader investment appeal.
Sentiment around European industrials, manufacturing and infrastructure is improving. Several firms are expanding their presence in the DACH region. Canadian and international capital is flowing in at pace, with renewed confidence in the Mittelstand’s potential and Europe’s broader investment appeal.
Bold moves in a cautious market
The macroeconomic environment remains uncertain, but there is quiet confidence among those moving forward with clarity and conviction. The best firms are doubling down on their strengths while adapting to new realities.
Whether through technology, operational excellence or relationship building, the shape of private markets is changing. One speaker captured it well when they said, "This isn’t just about staying in the game. It’s about showing you deserve to win it."
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