Private equity in flux: How are industry leaders adapting in North American capital markets?
Private Equity in North America is at a turning point. As heightened uncertainty stemming from macro economic pressures, geopolitical tensions and fluctuating interest rates continue to reshape the investment environment, PE firms are navigating uncharted waters.
Despite these challenges, the market has shown resilience, adapting to new realities and uncovering opportunities amidst the chaos. At SuperReturn North America 2026, we spoke to several market leaders on the evolving state of private equity in North America, exploring how the market has developed in recent years and the biggest hurdles firms face today. Watch the interviews below to learn about the strategies being employed to mitigate risks, capitalise on emerging trends, and drive sustainable growth in an unpredictable economic climate.
The key to successful investing in uncertain times: Ken Fine, Affinity on AI and relationships
Hear from Ken Fine, CEO, Affinity, who met us after his panel to discuss today’s “state of uncertainty,” citing macroeconomic, AI/technology impacts on SaaS, and geopolitical factors such as the conflict in Iran that are slowing fund flows and creating fear but also investment opportunity.
Drawing parallels to the dot-com era, the 2008 crisis, and COVID, he argues strong opportunities emerge for firms with clear theses that keep investing rather than waiting for equilibrium. Watch the interview below to learn the three key ways firm are embracing AI and how to build success within change and volatily.
Private credit faces its first real stress test
Christina Lee, Co‑Portfolio Manager, U.S. Private Debt, Oaktree Capital Management, explained that private credit is entering a maturing phase. With over 600 direct lenders now active, most launched post‑GFC, volatility is exposing differences in experience and discipline.
Key priorities at Oaktree include:
• Defensive portfolio construction across end markets
• Cautious deployment during highly competitive periods
• Willingness to lean in when volatility creates opportunity
“Not every year is a green light, sometimes it’s yellow.”
Pricing has begun to widen from the extremes of 2025, and Christina expects increased dispersion of returns as stress separates seasoned managers from newer entrants. Looking ahead, she sees opportunity across junior capital, asset‑based finance, and diversified private credit strategies — reinforcing the importance of manager selection.
A tale of two managers: How to approach private equity fundraising in turbulent times
Fundraising has long been under pressure, with private equity navigating increasingly difficult waters. Victoria S. Forrester, Partner, Paul Weiss joined us, to discuss how private equity managers can find opportunity in a challenging, bifurcated fundraising environment by differentiating themselves through creative ways to deliver distributions to LPs (including GP-led secondaries), rethinking portfolio companies, and deepening LP relationships. Watch the interview to learn about:
- How to stand out as a GP amongst the tough LP competition
- The increased importance of building and strengthening relationships
- The rising importance of succession planning
- Advantages and challenges for established and emerging managers alike
- Expected market movements in the years to come
What this means for North American markets
Across both private equity and private credit, a consistent message emerged: experience, selectivity, and discipline are becoming decisive advantages.
