Interview

Hybrid fund structures are an increasingly attractive route to democratisation, say Ropes & Gray’s Keith MacLeod and Capital Group’s Erik Vayntrub and Clara Kang.

It is still possible to build, transform and exit businesses in this unsettled market, but quality matters more than ever, says Partners Group’s Ben McLean.

Market volatility, an evolving investor base, rapid technological change and an ongoing lack of liquidity are helping to make the case for secondaries, says Pomona Capital CEO Michael Granoff.

Innovation is accelerating, and private markets investors with preferential access to high-quality AI opportunities should be well positioned to benefit, according to Adams Street Partners’ Brijesh Jeevarathnam and Stephen Bluestein.

China’s structural advantages in AI position it at the heart of the industry’s future, making it essential for investors seeking meaningful exposure, says Vitalbridge founding partner Jinjian Zhang.

As GP-led secondaries establish themselves as an accepted route to liquidity, the intersection with preferred equity financing is gaining prominence, says Simpson Thacher & Bartlett’s Drew Harmon.

Orchard co-founder Scott Pasquini thinks the continuation vehicle market could grow as much as four times its current size, as GPs look to unshackle themselves from the timeline constraints of closed-end fund structures, he tells Buyouts.

Demographic change and a shift from hospital to community-based care are creating investment opportunities for those with the right expertise, says Nihon PMI Partners CEO Satoshi Hamada.

Fragmented industries and ageing founders create a strong backdrop for private equity-backed buy and build strategies, say J-STAR’s Yutaka Tozaki, Kazumasa Ohara and Kento Nakasako.

Japanese institutional investors are expanding their PE portfolios in the mid-market, as well as co-investment and secondaries, say Neuberger’s Jonathan Shofet, Yoshi Yagisawa and Hiro Fukuda.