FUTURE 40: 2024
FEATURES & ANALYSIS
PREVIOUS COVERAGE
In this special report we track burgeoning trends that look set to have a longer-term impact on the private equity industry, including the role of tech in facilitating democratisation, the ongoing specialisation of deal and operating teams and the growing importance of social media in investor relations strategies. Plus, we spotlight up-and-coming talent in the 40 under 40: Future Leaders of Private Equity list.
Future 40 Leaders: Meet the class of 2023
The PEI team pored over more than 200 nominations to find this year’s class of 40 future leaders in the private equity industry.
Future 40 Leaders – 2023: Investors
40 under 40: Future Leaders of Private Equity. Meet the investors praised by peers for their dynamism, commitment and know-how.
Future 40 Leaders – 2023: Fundraisers
40 under 40: Future Leaders of Private Equity. Meet the 'new guard' of fundraisers, who are busy building LP relationships and raising capital across investor profiles and geographies.
Future 40 Leaders – 2023: Dealmakers
40 under 40: Future Leaders of Private Equity. Meet the dealmakers demonstrating innovation, drive and forward thinking.
Future 40 Leaders – 2023: Operators
40 under 40: Future Leaders of Private Equity. Meet the operators blazing a path through the industry.
Future 40 Leaders – 2023: Lawyers
40 under 40: Future Leaders of Private Equity. Meet the lawyers at the vanguard of PE transactions and fund formation, from secondaries and ESG to fund finance.
PODCAST: PEI’s Future 40 share top tips for finding success
Warburg Pincus’s Lauren Zletz, Neuberger Berman’s Sandeep Mirani and Hamilton Lane’s Nina Kraus share their career stories and advice on breaking into the private equity industry.
Five ways GPs are working to stay ahead in a competitive market
Increasing portfolio diversity is just one approach GPs are taking to reverse last year's decrease in funding.
State Street: Going deeper with data
As the PE investor base becomes increasingly global and diverse, GPs and LPs are harnessing data to mine more investment strategy and portfolio performance insights, says State Street’s Jesse Cole.
GP-led secondaries’ ESG opportunity
Continuation funds could provide sponsors with more time and capital to execute transformative sustainability initiatives.
Partners Group: Public and private markets’ role reversal
The changing function of public and private markets in financing the real economy represents a long-term structural shift, writes Partners Group’s Steffen Meister.
LP investments: Growing local roots
In-state investment programmes have a long history, but are we are seeing a new movement of local investing among some LPs in the US and beyond?
UBS: Finding the silver linings
Private equity firms are having to adjust to a challenging fundraising environment, but there could be some interesting opportunities ahead for those with capital to deploy, says Markus Benzler at UBS.
Tech opens doors for democratisation
PE firms are turning to technology in a bid to widen access to the asset class.
Pomona Capital: Adapting to uncertainty in secondaries
In the face of macro headwinds, asset quality and price are more important than ever, says Pomona Capital chief executive Michael Granoff.
Investor relations in the age of social media
LinkedIn has become a crucial component of the fundraising process as LPs scrutinise social media in a bid to support decision-making.
Hamilton Lane: Why it’s time for private markets to embrace tech
The industry has been slow to adopt technology, but democratisation is rapidly driving change and is altering the way the industry operates, says Hamilton Lane’s Erik Hirsch.
PE must pay attention to antitrust action, says Baker McKenzie
With the industry under increased scrutiny, sponsors must be more active on legislative and regulatory engagement, say Baker McKenzie’s Michael Fieweger and John Fedele.
On the minds of 2023’s Future 40
We asked some of this year’s Future 40 cohort what they think upcoming generations of private equity talent should know about the industry.
BlackRock on readying for risk
In these volatile times, technology can help asset owners understand their exposures and respond accordingly, while also preparing for future shocks, says BlackRock’s Melissa Ferraz.
The rise of sector specialists
As domain expertise becomes a differentiator in an increasingly crowded PE market, managers are taking varying approaches to building industry know-how.
Adams Street Partners: Fertile ground for growth equity
Falling valuations and increasing emphasis on efficient and sustainable growth by private companies are likely to make conditions ripe for growth capital investing, say Adams Street Partners’ Robin Murray, Tom Bremner and Fred Wang.
Tearing down the ‘cellophane wall’ in private markets
The emphasis GPs put on DE&I now could determine the leaders and laggards of the future.
KPMG on ESG as a value driver
PE firms are doubling down on ESG to boost portfolio companies’ resiliency and their appeal to buyers, customers and talent, say Tania Carnegie and Glenn Mincey at KPMG.
Future-fit domiciles for first-time funds, says Jersey Finance
Jurisdictions are adapting to meet emerging managers’ evolving requirements, allowing new funds to focus on their core business areas, says Elliot Refson at Jersey Finance.
IDR: Onboarding crucial to democratising private markets
The private markets onboarding process must continue to evolve in order to support private wealth investors as they seek access to the asset class, say IDR’s Tim Andrews and Mark Quigley.
Download PEI’s 2023 Future of Private Equity report
Inside: Tech's role in facilitating democratisation; the ongoing specialisation of deal and operating teams; and meet the 40 under 40: Future Leaders of Private Equity; plus much more…
In this special report we consider what lies ahead for the asset class, from the future of LP secondaries and the democratisation of private markets to tomorrow’s talent management strategies and capital raising prospects for mega-funds. We also unveil PEI’s 40 under 40: Future Leaders of Private Equity, class of 2022, celebrating the emerging talent set to help chart a course for the industry in the years ahead.
Future 40 Leaders: Meet the class of 2022
The PEI team pored over more than 300 nominations to find this year’s class of 40 future leaders in the private equity industry
Future 40 Leaders – 2022: Investors
40 under 40: Future Leaders of Private Equity. Meet the investors who stood out for their leadership, innovation and skill.
Future 40 Leaders – 2022: Fundraisers
40 under 40: Future Leaders of Private Equity. Meet the fundraisers, from 'all-star networkers' to driving forces in impact investing.
Future 40 Leaders – 2022: Dealmakers
40 under 40: Future Leaders of Private Equity. Meet the dealmakers showing ingenuity and originality beyond their years.
Future 40 Leaders – 2022: Operators
40 under 40: Future Leaders of Private Equity. Meet the operators who are making the magic happen.
Future 40 Leaders – 2022: Lawyers
40 under 40: Future Leaders of Private Equity. Meet the lawyers making their mark on the private equity industry.
Three future market trends to watch in private equity
These developments, further explored in PEI's Future of Private Equity special report, could present both opportunities and challenges for the industry going forward.
Ares: Partnering with people
Linking strategy and execution to accountable individuals is essential when people and culture are the primary determinants of success, says partner and co-head of Ares Private Equity Group, Matt Cwiertnia
Mega-funds: How big is too big?
Fund sizes ballooned across the board last year, averaging $530m, nearly a 50% increase in merely five years, according to PEI data.
Travers Smith: Transparency extends to tax as PE evolves
The private equity industry needs to be ready for more stringent disclosure regulations, including on taxation, say Travers Smith partners Sam Kay and Elena Rowlands
Where next for talent management in PE?
The pandemic-induced ‘Great Reflection’ means PE professionals are more selective about job opportunities, while firms need to have a consistent set of values to attract talent.
Pomona Capital on maintaining discipline in secondaries
With a rapidly growing market in an increasingly volatile environment, secondaries investors need to creatively focus on the basics, says Michael Granoff of Pomona Capital
Five predictions for LP secondaries
More specialised, more data-driven and ever seasonal: PEI considers what the LP secondaries market might look like in five years’ time.
Partners Group on the future of PE’s democratisation
Advancements in private markets could unlock a wave of interest from retail investors and defined contribution plans, says Partners Group’s US head of private wealth, Rob Collins
State Street: Private funds play catch-up on scenario analysis
Asset owners struggle with scenario analysis on their private equity investments, but new technologies will improve efficiency, says State Street’s Jesse Cole
KPMG on private equity’s ESG sea change
The asset class has made notable strides on ESG, with the drive towards standardisation, the focus on ESG as a value driver, and a shared industry voice as priorities moving forward, say KPMG’s Tania Carnegie and Glenn Mincey
Baker McKenzie on managing complexity in dealmaking
After a steady start, 2022 is shaping up to be another busy year for deals as private equity firms remain active despite testing markets, say Baker McKenzie partners Darcy Down and Michael Fieweger
TPG on why focus is key to effective investing
In a highly competitive environment, TPG Capital is digging for alpha in the ‘nooks and crannies’ of its target industries and staying laser-focused on its strategy, say Nehal Raj, Jeffrey Rhodes and Todd Sisitsky
Moving the needle on social impact
Impact investing may have started out with a focus on social issues, but environmental concerns are rising further up investors’ agendas, and influencing their strategies.
BlackRock: Closing the technology gap
In the future, private markets firms can expect to benefit from risk management tools, unstructured data collection and advanced analytics, says BlackRock’s Sloane Collins
Opening up PE to DC schemes
The UK’s new long-term asset fund structure marks a step forward in the bid to encourage defined contribution pension schemes to invest in illiquid assets, but unlocking capital may require a cultural shift.
Apex Group: Overcoming evolving operational challenges
As strategies and fund structures become more sophisticated, service providers must step up to support managers’ increasingly complex needs, say Apex Group’s Aman Bahel, David Ries and Kartik Shah
DEG: Charting the next steps in gender-lens investing
Gender-lens investing is just the start of the conversation when it comes to equity in private market investments, says DEG’s Katharina Thier.
The individuals selected for this year’s 40 under 40: Future Leaders of Private Equity list were thrust into the covid crisis at pivotal moments in their careers. The experience may prove formative, not just for these 40 professionals, but for the wider private equity industry. In this special report, in addition to revealing the Future 40 class of 2021, we explore the trends poised to gain ground in the industry over the long term.
Private equity’s Future 40: Class of 2021
Private Equity International's senior editorial team had to whittle down the entrants to 40 from more than 500 nominations.
Future 40 Leaders – 2021: Investors
Salim Belkaid, 38
Private equity expert, BNP Paribas Wealth Management
“Personable”, “a top-notch PE expert”, “an astute...
Future 40 Leaders – 2021: Dealmakers
The 40 under 40: Future Leaders of Private Equity dealmakers honoured for their potential to make a mark on the private equity industry moving forward.
Future 40 Leaders – 2021: Fundraisers
Fundraisers in the 40 under 40: Future Leaders of Private Equity list, from meteoric risers to people who made the switch to virtual without batting an eye.
Future 40 Leaders – 2021: Operators
The 40 under 40: Future Leaders of Private Equity operators who really make portfolio companies count, with a special emphasis on ESG.
Future 40 Leaders – 2021: Lawyers
Here are some of the younger lawyers making a name for themselves as part of the 40 under 40: Future Leaders of Private Equity.
Four areas that will gain ground in PE
The future of private equity will look very different. Here are the key trends, from talent management to ESG to secondaries.
CD&R’s Donald Gogel on an industry in constant evolution
Private equity has changed significantly in the 30-plus years that Clayton, Dubilier & Rice chairman Donald Gogel has been in the industry but, he explains, the critical ingredients for outperformance remain the same.
Ares: Distress signals
The mid-market is providing compelling special situations investing opportunities in the wake of covid dislocation, says Ares’ Scott Graves, who eyes more volatility on the horizon.
Rise of the impact ethos
As the impact mindset gains momentum, Private Equity International asks if private equity and impact investing will ever fully converge.
Who will win the fundraising race post-covid?
LPs have flocked to the safety of mega-managers throughout the pandemic, yet the long-term implications of a shifting fundraising model are more nuanced.
Goldman Sachs: The data differentiator
Private equity firms that are not data fluent will lose their edge within the next decade, says Luke Flemmer, managing director at Goldman Sachs.
Pomona on sticking to fundamentals in secondaries
Secondaries managers will excel if they remain focused on key market fundamentals while continuously adapting, says Pomona Capital’s Michael Granoff.
New secondaries players seek a slice of the action
M&A advisory businesses and mega-managers are storming a flourishing secondaries industry but are there enough opportunities to go round?
EY: Preparing for the next wave of private equity
From talent to tech, thinking through future scenarios can help private equity firms identify areas that require attention and investment today, explain EY’s Andres Saenz and Pete Witte.
Baker McKenzie on the rise of mid-market specialist funds
With so much competition for deals and investors, mid-market buyout funds are finding innovative ways to differentiate their offerings, say Baker McKenzie’s Justin Hutchinson and Alex Lewis.
The value in ESG
Consumer and employee attitudes towards environmental and social issues are having a growing impact on private equity’s approach to value creation.
RSM: Future-proofing investment strategies
Being at the forefront of ESG and technology and data best practices will be increasingly vital for value creation, as well as attracting talent and capital at the fund level, says RSM’s Ben Gibbons.
Jersey Finance: Jurisdictional stability and resilience more crucial than ever
Managers need to ensure funds are structured in jurisdictions offering both stability and substance, say Elliot Refson and Philip Pirecki at Jersey Finance, the representative body for the island’s finance industry.
IHS Markit: Why data mastery is mission critical for PE
Nimble data systems can help managers keep pace with regulatory, tech and operational developments while they focus on growing their portfolios, says IHS Markit’s Dalen Chow.
Investec: Innovation provides much-needed resilience for PE
With increased creativity on the cards, private equity remains in rude health despite covid. Jonathan Arrowsmith, co-head of Investec’s new private equity team, and colleague Helen Lucas discuss the latest trends and activity in the market.
BlackRock: How is technology transforming the management of PE funds?
From deal origination to portfolio construction to investor reporting, technology is poised to revolutionise private markets fund management, says Arnab Mazumdar, managing director and chief digital officer at BlackRock Alternative Investors.
Apex: Why the future of fund admin is digital
Growing expectations around data analytics, transparency and process automation are giving rise to a greater role for tech in private equity fund services, say Apex Group’s Elaine Chim, Kartik Shah and Gareth Smith
Gulf Capital: Taking growth capital to growth markets
A blended equity and debt approach can pay dividends when expanding companies throughout emerging markets, say Gulf Capital CEO Dr Karim El Solh and managing directors Omar Rifai and Kaiser Jasrai.
On the minds of the Future 40
From relationship-building to staying nimble, the 2021 class of future leaders share their tips for forging a career in private equity.
Three career-building principles for future leaders
Reflection, branding and networking are key for professional development, says managing director Gail McManus from recruitment firm PER.
ILPA on driving progress in ESG
Understanding what success looks like can help lead the way on ESG, says Matt Schey, senior director, strategic projects at ILPA.
Working towards a more diverse industry
Diversity can drive innovation across private equity firms and their portfolios, says Tom Thackeray, a partner at executive search firm Heidrick & Struggles.
As the industry navigates an altered and uncertain landscape, Private Equity International examines how covid-19 could reshape the asset class for the long term. We also unveil the rising stars set to steer the industry forward in the much-anticipated 40 under 40: Future Leaders of Private Equity.
Private Equity International: The Future 40
More than 200 formal nominations were received for this year's list of the industry's future stars.
Future 40: Investors
Ten investors that should be on your radar as they rise through the industry.
Future 40: Fundraisers
The fundraisers turning investors’ heads and attracting capital commitments.
Future 40: Dealmakers
Meet the rising stars behind tomorrow’s deal headlines.
Future 40: Operators
The operators who are on course for a stand-out role in private markets.
Future 40: Lawyers
The young legal minds set to lead the way in private equity.
The Future 40 on professional rewards and challenges
We asked some of this year’s Future 40 about the most rewarding and challenging aspects of their roles
The Future 40 share their most valuable career lessons
This year’s Future 40 share their most valuable career lessons to help guide the next generation of industry leaders
The Future 40 give their advice for industry newcomers
This year’s Future 40 offer their advice for someone who is new to the private equity industry or considering a career in their field
The Future 40 on what people should know about PE
We asked some of this year’s Future 40 what they would like those outside of private equity to better understand about the industry
Future of private equity: The road forward
In these most unusual of circumstances, Private Equity International looks at what lies ahead for private equity.
Nordic Capital: Powering up HealthTech
As approaches to technology shift, there is still significant potential to unlock in the healthcare IT market, say Nordic Capital’s Raj Shah and Daniel Berglund
How private equity is navigating the new normal
The covid-19 pandemic is challenging the PE industry to work in entirely new ways. We ask if this will reshape how the industry operates over the long term.
17Capital on portfolio finance’s untapped value
Portfolio finance can offer additional investment firepower or a source of liquidity, both of which are in high demand in the fallout from the pandemic, explains 17Capital’s Augustin Duhamel
Is private equity ready for a retail revolution?
An influx of retail capital could change the future of private equity, bringing with it growth opportunities and operational implications.
Apex Group: Will PE open up for Main Street investors?
Retail investors’ appetite for private market opportunities is unlikely to dissipate in the long term, but barriers remain, say Apex Group’s Elaine Chim, Gareth Smith and Rajeesh Khanna Chinnaswamy
What’s the future for impact investing post-covid-19?
As the health pandemic takes its toll, the societal issues weighed up by investors are becoming more pressing. What does this mean for the sector?
MVision: Taking the long view
In the wake of the coronavirus outbreak, MVision’s Mounir Guen shares his perspective on the long-term prospects for fundraising
New crisis, same challenges: How the secondaries market is preparing to invest
This crisis has similarities with the global financial crisis, but secondaries now has a bigger toolkit at its disposal to support long-term growth.
Pomona Capital: Riding the waves in times of crisis
It is not just a case of navigating changing market conditions, but also about finding the right opportunities, says Pomona Capital’s Michael Granoff
Private equity recruitment: The secret to retaining talent
Private equity firms must pay greater heed to staff development, recognition and culture to engage talent for the long term, according to PER's Rupert Bell.
RSM: How covid-19 could impact PE’s approach to ESG
RSM has been tracking attitudes to ESG in the US mid-market for some time. While change was already occurring, the coronavirus crisis has the potential to shift the dial considerably, says RSM’s Anthony DeCandido
What does the future hold for private equity? We dusted off a crystal ball for our latest supplement to look at the opportunities, challenges and – for the first time – the 40 future leaders who are set to shake up the industry.
Future 40: Who’s showing private equity leadership?
Who are the young guns showing innovation in the industry? Who has the X factor that marks them as a future leader? Our Future 40 list of the 40 individuals aged under 40 set to shape private equity over the next decade.
Future 40 Q&A: What challenges lie ahead?
What changes can we expect in private equity over the next decade? We asked a panel of our 40 Under 40 Future Leaders of Private Equity for their views.
Future special: Keeping dealmaking personal
Attempts to look into the future can conjure up images of a disturbing, even dystopian world, but observers of the private equity market offer a rather more reassuring picture. Technology will be important, but so too will human input
How technology could shape the future of fundraising
Online fundraising platforms could become more common over the next decade, but obstacles to their growth remain
Future special: Customised accounts, performance and liquidity
LPs will push for more transparency and customisation of their investments, liquidity will play a greater role but robo-advisors won’t negate the need for trust between LPs, GPs and service providers
Future special: The changing face of the LPA
Calls are growing for the standardisation of the limited partnership agreement, but moves towards uniformity are fraught with difficulties, lawyers say
Future special: How automation will affect operations
AI and other automation technologies will offer plenty to the operational side of private equity firms, but these cutting-edge solutions will still need in-house expertise to live up to their potential
Goldman Sachs: In search of ‘managerial alpha’
Private equity firms should direct as much energy in maximising the potential of their teams, cultures and business-of-the-business as they do in generating investment alpha, if they want to secure a competitive edge for the next decade, suggests Goldman Sachs’ Chris Kojima
Pomona Capital: The evolving secondaries market
Secondaries firm Pomona Capital celebrates its 25th anniversary this year. Chief executive and founder Michael Granoff discusses how the secondaries environment and Pomona have evolved and what he sees for the future
Alter Domus: Facing up to stricter standards
The private equity industry is not immune from public scrutiny, as well as demanding investors. Aidan Connolly, CEO of Luxembourg-based fund services provider Alter Domus considers what buyout firms need to learn from other industries
L Catterton: Tipping the playing field
Building a bespoke operating model and reinforcing a distinctive culture in which people can perform their best is the path to maximising value for specialised private equity firms and generalists alike, explains L Catterton’s Scott Dahnke
PwC: Crystallising returns
With high prices and fierce competition for assets, PwC Germany partner Dr Oliver Schulte Ladbeck, head of business development for PwC Europe Deals, considers whether GPs can sustain the current level of returns
Baker McKenzie: The ‘huge potential’ of healthcare
Technological advances are creating opportunities in the medical sector for private equity firms prepared to embrace innovation, say Baker McKenzie partners David Allen and Jane Hobson
eFront: Making alternatives less alternative
Today’s tech revolution will reshape private equity in major ways, leading to greater specialisation, transparency and rigour, according to eFront’s Thibaut de Laval. That will make it easier than ever to discern the best from the rest and will open up alternative investing
RSM: How data became an ESG issue
Validated data and reporting excellence are the future of corporate responsibility, says Anthony DeCandido, RSM partner and financial services senior analyst
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