The IPEM conference that closed in Paris on Friday was attended by a broad range of European, American, Middle Eastern LPs and GPs and the prevalent mood was of optimism for Europe. IPEM welcomed all top 10 firms globally and 75% of the top 30 firms worldwide. Because of geopolitics, US GPs want to deploy more money on the continent and more American LPs want to invest in European GPs. The industry hopes for support from Brussels regarding investment regulations to enable more money flowing in from retail. And there were views, for example from Philipp Freise of KKR, that Europe had to experience recent challenges to rise again, as it has done so many times before. On another panel, Christophe Baviere of Eurazeo shared the view that Europe is more innovative than its reputation and portfolio companies with the right tools can benefit from this spirit, offering possibilities for growth and better productivity.

A key focus in terms of sectors was investments into technology seen as the best way to drive growth and productivity in Europe. Very timely, Eurazeo published a White Paper – ‘A fresh look at Europe’s untapped strengths’ which in its manifesto sets out ways to help the European economy by channelling some of the 35trn European savings pot into PE and related Alternative Assets, including infra, renewable energy, healthcare and financial services all supported by technological advances and new applications. Other key topics were AI and data, and PE and Private Credit firms strengthening their local presence on the continent with more offices being opened, as decentralised as Ireland (Muzinich).

On the more fun side, as every year Eurazeo hosted the best attended and most inspiring off-site event in the Musée des Arts Decoratifs. White & Case also hosted a well-attended party and Quadrille Capital’s wine tasting has become an institution for the connoisseurs.

When IPEM TV Interviewees were asked to name a colour that describes the current mood in PE and P Credit the colours went from light blue to ‘rainbow’ to red to rose to bright green, more hopeful than sceptical colours. They were also asked to say which movie or TV series best represented the sector and answers ranged from Succession (Unigestion), to Braveheart (Ambienta), to Spartacus (Tower Peak), to Rocky (Generali) to Suits (Collective Global), demonstrating the industry’s fighting spirit.

David Sturken, Partner

H/Advisors Maitland