SuperReturn 2025 – FTI’s 5 hot takes
The FTI team attended SuperReturn earlier this month in Berlin
Now back in London, we’ve summarised the themes and issues that were on people’s minds in and around the conference:
Geopolitical tensions are driving a European renaissance. With macro uncertainty driven by conflict and unpredictable US policy-making, combined with relative stability in Europe, (in particular a host of new fiscal policies introduced by Chancellor Merz) investors are weighting back to Europe.
LPs want to see distributions: “it’s all about DPI”. Whilst there are exceptions, fundraising is taking longer with Bain & Co noting that $3.6 trillion of capital remains locked up, with further allocations to the PE asset class and individual funds being carefully considered by LPs until cash returns are delivered.
Building on the exit challenges, co-investments, secondaries and consolidation were in the spotlight as with CVC’s Rob Lucas noting “the inability to return capital is creating real pressure… consolidation is inevitable.”
Private credit continues to remain strong: many firms are capitalising on private equity’s continued need for deal funding at a time when retail investors are beginning to be offered access to private credit funds through new structures, regulatory changes and 401(k) access.
The “Hail Mary” prediction of SuperReturns: Vista Equity Partners CEO Robert F. Smith announced on stage that he expected that 60% of attendees at SuperReturn “will be looking for work” next year due to the imminent and profound impact he believes AI will have on the sector. That’s a big call in an industry where personal relationships in combination with insights and capital is often the secret to success.
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