Investors’ Forum 2026

Macro and tariff uncertainty weighed heavily on exit markets in early 2025, resulting in a contraction in divestment value to €13 billion at cost in the first half, according to Invest Europe data. Challenges have led to a rise in alternative exit routes including continuation funds, while advisers point to record secondary market activity. Although sentiment has improved, US markets have been quicker to embrace the recovery in divestments, including flagship IPOs, than their European counterparts. This is contributing to a disconnect between LPs and GPs. Over half of investors would favour a traditional exit, even if the valuation were below expectations, compared with GPs who prefer continuation funds or to wait for a recovery in valuations. We investigate the divestment routes for LPs and GPs and analyse liquidity options. Are strategies that can distribute capital in volatile environments also able to maximise returns? And are holding periods and exit routes undergoing a profound long-term shift?

The growth in ELTIFs and the opening of US 401(k)s to private markets is set to unleash a wave of retail capital into private markets. Ratings agency Scope forecasts that ELTIF AUM alone could triple to as much as €70 billion by the end of 2027. The democratisation of private equity and venture capital is leading to the development of semi-liquid and evergreen structures that are very different from the closed-end funds typically aimed at institutional investors. This, in turn, is contributing to complex questions for industry participants. Are new managers in the retail and wealth space adequately equipped to manage private markets investments? How can GPs balance the contrasting performance fee and management fee models of institutional and retail vehicles? And what are the deployment and performance risks of a wave of new capital into private markets?

Appetite for private equity continues to grow with over 90% of LPs expecting to allocate the same or more capital to the asset class over the next three years. Investors are also viewing European funds more favourably as the unpredictable White House administration dampens sentiment around US funds. At the same time, there are insights emerging from Invest Europe activity data. Funds from by managers in the UK & Ireland are accounting for a lower proportion of fundraising than in the past, while regions such as France & Benelux are taking more. Capital raised by venture and growth funds is expanding at a higher rate than for buyouts. And in the short term, the proportion of capital allocated to mega funds dipped in 2024, while small and mid-market funds raised more of the total. We analyse the data and debate the trends. Where will capital flow across Europe? Which investment stages will LPs favour in the future? And can smaller funds focused on the mid-market continue to draw more capital in LPs’ strategic mix?

In a conversation with Jim Strang, Chairman of the Board and the Nomination Committee, Hg Capital Trust

The event networking areas will stay available until 16:00.