We have joined Berlin’s SuperReturn International 2025 with over 6,000 members from over 80 countries. This week provided valuable insights from industry leaders during this dynamic period in the private market. Participants had the opportunity to engage with thought leaders and experts who shared perspectives on emerging market dynamics and technological innovations that shape the future of private equity.
Here are my highlights and the main takeaways of the week:
*The information in this article should not be interpreted as a direct quote from a panelist.
Market outlook: Management through uncertainty
Macroeconomic factors, including tariff uncertainty and changing geopolitical dynamics, have a significantly shaped transactional flow, particularly for US contributions. These challenges have temporarily changed the market benefits to Europe and Asia. Fundraising is increasingly focusing on global business strategies, with an emphasis on these regions at the time of dislocation.
Sector Opportunities and Strategic Focus – Key sectors such as infrastructure, secondary and asset support credits present notable opportunities according to panelists. Large companies are strategically collaborating with sectors such as energy, artificial intelligence, healthcare and alternative investments. Long-term planning and comprehensive strategies are key to successfully navigating your current environment.
Building Market Feelings and Trust – While direct effects from tariffs may not be of concern, indirect effects such as changes in CEO consumer sentiment and business trust are increasingly relevant. Despite these uncertainties, industry leaders are optimistic about the market’s ability to recover and forecast activity pickup. The themes of longevity, connection and reputation emerge as key factors for sustained success in private equity.
AI Applications
In 2025, AI is poised to have a major impact on private market landscapes. Companies are moving from exploring AI to actively implementing it for value creation. This shows that it focuses on achieving measurable results from AI investments made over the past few years.
Private Equity AI Applications – Artificial Intelligence helps streamline processes and enhance value creation. Use cases include automating back-office operations, optimizing supply chains, and results from A/B testing investments. AI may assist due diligence by simplifying data analytics and document reviews and potentially speeding up the valuation of transactions. Portfolio monitoring and optimization can also benefit from AI providing real-time performance tracking and risk management.
Innovation for Customers – There is a significant shift in leveraging AI to improve the customer experience. Companies focus on AI-enabled products and platforms that drive revenue growth, surpassing early infrastructure and model-based applications.
Operational Efficiency – Improve operational efficiency is a key priority. AI can be used to create predictable value and reduce costs, particularly in areas such as business process outsourcing and customer service.
Investor Relationships and Reporting – AI may simplify investor relationships by automating report generation and personalizing communications. This could increase transparency and strengthen our relationships with investors.
Data Preparation – The success of AI in private equity relies heavily on high quality, well-structured data, highlighting the growing importance of robust data governance to completely unlock the possibilities of AI.
“DPI is a new IRR”
In 2025, Payroll Capital Distribution (DPI) emerged as a vital indicator for private equity sponsors and limited partners, reflecting the efficiency of capital deployment and the ability to return cash to investors. As fundraising is still competitive, sponsors focus on increasing DPIs to attract investors, but LPS uses it as an important benchmark to assess fund performance and shape allocation strategies.
The focus of DPI comes from its value in providing a clear and direct measure of fluidity. This is an important aspect in the current environment where exit activity is slow. By demonstrating tangible capital returns, DPI provides investors with both a sense of security and a practical tool to showcase successful exits for sponsors, allowing them to unlock new funding opportunities. This focus highlights the growing importance of liquidity management as a driver for private equity success over the next few years.
Secondaries Summit: Important takeouts and trends that will shape the Secondaries market
As secondary markets evolve, its role in providing liquidity, managing risk, and providing operating returns will become more pronounced. SuperReturn’s Secondaries Summit insights highlight the importance of innovation, adaptability and transparency when navigating this complex yet promising landscape.
The Evolving Role of the Secondary Market – The Secretary market has undergone transformational growth and has become an important tool for liquidity management in private equity. A notable trend is the increase in second use by general partners, currently accounting for almost half of M&A activities between sponsors. This shift highlights how secondary allows GPS to retain valuable assets while providing liquidity to their ultimate partners. LPS also takes a more proactive approach to portfolio management, highlighting long-term strategies over immediate liquidity concerns. The increase in specialized participants further reflects market maturity.
CV: Transparency and Best Practices – The importance of transparency in GP-led Continuous Vehicle (CV) transactions has been a recurring theme. It was emphasized that adherence to ILPA guidelines and ensuring fairness in the pricing and hardworking process is essential to maintaining the LP Trust. Competitive bidding, intermediary involvement, and fairness opinions were identified as important measures to mitigate conflicts of interest, making GP-led overall fair and accessible.
Diversifying Liquidity Options – The emergence of diverse liquidity solutions, including NAV lending, preferred stocks, and continuing vehicles, highlights market adaptability. These options can be used at different stages of the fund’s lifecycle, addressing the goals of a wide range of investors and creating the potential for mutually beneficial results. However, there are challenges that are particularly diluted in complex structures and are tailored to ILPA Dispute Management Guidelines. Within the venture sector, the secondary market is being used to provide an opportunity for investors to exit without putting pressure on the growth targets of portfolio managers.
Future forecasts – Secondary markets are poised for significant growth, suggesting that projections could reach a volume of $400 billion by 2030. Artificial intelligence (AI) and technology innovations are expected to streamline trading processes and provide sustainable alternative solutions for efficiency, transparency and investor liquidity management.
