How is today’s geopolitical and macro uncertainty reshaping the way private‑wealth investors think about private markets? Veronique Fournier delved into just that at FundForum 2026.
Veronique Fournier, Partner and Head of EMEA for Global Wealth Management Solutions at Apollo, explored this evolving landscape, offered a clear view of how external pressures are influencing investor behaviour, and how exactly the industry is responding.
From access to understanding
The private‑wealth conversation has moved beyond the mechanics of access. A year ago, investors were focused on new structures and regulatory developments that opened the door to private markets. Today, the environment has shifted: clients want to understand what these structures actually deliver, how they behave under stress, and what stepping away from liquidity truly means. Veronique examines this external backdrop, and has it accelerated a move from “Can I access this?” to “What am I really getting?”.
Manager discipline in a more complex world
Against a more volatile geopolitical and macro environment, investors are scrutinising manager discipline with greater intensity. Origination quality, valuation rigour, and transparency have become central to partner selection. Veronique notes that dispersion between managers is increasingly visible, prompting wealth clients to think carefully about who they trust to navigate uncertain conditions. The conversation is no longer about accessing private markets: it’s about accessing them through managers whose processes can withstand scrutiny.
Education as a structural necessity
Volatility has also heightened the need for education. Evergreen structures have broadened access, but they require ongoing explanation, particularly in a climate where investors want clarity on how gates function, how liquidity is managed, and why these mechanisms exist. Veronique stresses that private‑market distribution to wealth channels is not a point‑and‑click experience; it demands continuous partnership between managers, intermediaries, and advisors to ensure clients understand both the purpose and the behaviour of the structures they are entering.
Stability in European wealth allocations
Despite the external noise, Veronique sees European wealth allocations as remarkably stable. Investors recognise the need for diversification beyond traditional equity and fixed income, where correlation remains high. They are also seeking exposure to the real economy, particularly as themes like AI reshape long‑term investment thinking. Rather than pulling back, clients are leaning into private markets with a clearer sense of purpose and a more strategic mindset.
A maturing private‑wealth ecosystem
Her outlook is confident: private‑wealth distribution of private markets is entering a more mature phase. The industry has moved past the question of access and into a deeper conversation about understanding, transparency, and long‑term value. As external conditions evolve, investors are becoming more informed, more selective, and more focused on what structures actually deliver. Setting the tone for the next chapter of growth.
