Innovation and discipline in a new era of private capital

At SuperReturn Europe, Veronique Fournier, Apollo, and Orla Walsh, Barings, explore how innovation and discipline are shaping the industry’s next chapter. Innovation and discipline are the twin forces redefining private markets. Together, Veronique and Orla highlight a sector evolving fast, but grounded in fundamentals.

“We’re seeing it in Europe, Asia, the U.S., Latin America…" Veronique Fournier, Managing Director at Apollo, shares how new evergreen and semi-liquid structures are opening access for private clients and fueling growth across regions.

Key takeaways

• Private wealth demand is now a reality, not a prediction.
• Private clients have long been under-allocated (<3% compared to institutions’ 20%+).
• Evergreen & semi-liquid structures are expanding access globally (EU, US, Asia, LatAm).

Private credit keeps growing but not every “flurry” is the real thing. Orla Walsh, Managing Director at Barings, shares how her team is staying disciplined, selective, and focused amid market volatility.

Key takeaways:

• Private credit continues to grow because strong businesses need capital. Barings remains focused on first-lien, senior secured, sponsor-backed lending.
• “Flurry” predictions haven’t materialised but deal volumes are steadily rising.
• Documentation discipline is critical: tight baskets, conservative covenants, cycle-tested structures.
• Europe has recently offered better risk-adjusted returns than the US.