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Banks and direct lending funds will continue to battle it out in the bid to finance sponsor-backed deals as M&A markets at last open up, says Ropes & Gray partner Michael Lee.

From accessing alternative pools of capital to enhancing efficiency through the investment lifecycle, digital tools will open new doors for the industry, says Bridget Walsh at EY.

In the current environment, thematic investing and a value-creation skill set are critical for building businesses, says Partners Group’s Andrew Deakin.

As the digitalisation of real-world assets gathers pace, it is imperative that managers and fund domiciles are ready to meet the opportunities this presents, say Elliot Refson and Philip Pirecki at Jersey Finance.

The challenging economic environment is expected to continue to generate compelling opportunities for both co-investment and secondaries strategies, say David Brett and Jeff Akers at Adams Street Partners.

Index funds that passively invest in private funds have the potential to outperform portfolios of individually selected private funds, similar to how passive has beaten active in public markets, say NewVest’s Edward Talmor-Gera and Ariel Ezrahi.

Secondaries buyers must be selective as more assets come to market amid liquidity pressures, says Pomona Capital’s Michael Granoff.

Exit events are proving the viability of GP stakes investing, which offers both yield and meaningful potential capital appreciation, says Bradford Pilcher, a partner at Bonaccord Capital Partners.

GPs are seeking partners that can provide a powerful growth engine and expertise around product expansion, say Joshua Blaine, head of GP stakes, and Ward Young, CIO for GP stakes at Blackstone.