Private markets 2025: Storm or breakthrough?

Private markets have never been strangers to uncertainty, but 2025 may prove to be one of the industry’s most testing years yet. Consolidation, political headwinds around ESG, and a stubborn liquidity crunch are challenging managers and investors alike. At the same time, the rise of AI and fresh momentum in Europe hint at new growth paths. The latest edition of the SuperReturn LP magazine brings together perspectives from across the globe, and what emerges is a picture of an industry under pressure, but far from powerless.

A sneak peek of what's inside:

GP stakes

• Long-term investors like Ali Raissi-Dehkordy, Goldman Sachs Alternatives argue that consolidation isn’t a threat but another exit mechanism: “Consolidation is a feature of the industry today… as an owner, it can be an upside.”

Impact investing

• The story is one of divergence rather than retreat. Josh Haacker, Climate Investment, sees European LPs doubling down while US peers face political constraints: “Impact investing is far from dead… it’s a tale of divergence, not decline.”

Liquidity

• Frustration is mounting. Cara Griffiths, Blue Owl Capital, warns against over-reliance on secondaries: “The secondary market is worth just 5% of the overall market – it is not a silver bullet.”
• Meanwhile, Orlando Bravo, Thoma Bravo, delivers a blunt reminder: “Don’t be afraid to sell. Remember, no-one is going to like your company better than you.”

Volatility

• Some see not chaos, but opportunity. Michael Bruun, Goldman Sachs Alternatives, frames it as a skill every investor must master: “Everyone needs to learn how to live with excessive volatility… Volatility can be a source of great opportunities.” And on the future, leaders are already sketching out the next horizon.
• Jenny Johnson, Franklin Templeton, cautions that AI will widen the gap between scaled and sub-scale managers. Daniel Lopez-Cruz, Investcorp, argues that while returns may be under pressure now, AI-driven productivity and energy shifts could deliver outsized upside.
• Nino Tronchetti Provera, Ambienta, makes the business case for sustainability: “Whichever business you are in, you need to manage resources and control pollution… It’s just good business.”

What ties these perspectives together is a simple truth: private markets are entering a new cycle where adaptability, discipline, and long-term vision will separate winners from the rest. This isn’t just about weathering a storm, it’s about navigating toward the opportunities that turbulence reveals.