At the first edition of Asset Management Tomorrow 2025, one theme stood out across sessions, panels, and conversations: private assets are moving from the sidelines to the center of portfolio strategy. From private credit to infrastructure and evergreen funds, private markets are reshaping how investors think about performance, diversification, and resilience.
Sessions featuring industry leaders from firms like Amundi Asset Management, BlackRock, BNP Paribas Asset Management, and Schroders highlighted how private markets are no longer optional — they are becoming foundational.
Private Assets: From Complementary to Core
The panel "Private Assets: Cornerstone for Future-Proof Investment Strategies" led the charge in making the case that private markets should be a core part of diversified portfolios.
The panel offered a cohesive case for why private assets are becoming a strategic allocation. Evergreen fund structures are making it easier to deploy long-term capital, while regulatory shifts like ELTIF 2.0 are expanding access to previously exclusive markets. Private credit emerged as an attractive entry point for many investors — combining regular income with lower volatility — while semi-liquid structures are helping bridge the gap between traditional illiquid strategies and the growing demand for flexibility.
Why investors are leaning in:
- Historical outperformance vs. public markets (+200–400bps)
- Access to companies not available via public markets — especially in Europe
- Alignment with long-horizon themes like decarbonization, AI, and aging populations
This shift in thinking reflects how alternatives are evolving from optional diversifiers into core components of modern investment portfolios.
Copyright: Emy Elleboog
Access, Liquidity & the Importance of Manager Selection
With broader access comes responsibility.
Speakers emphasized that while evergreen structures and semi-liquid funds reduce barriers, they do not remove the need for due diligence. Manager experience, deal sourcing, and risk controls are critical — especially in private credit.
Key points:
- Retail appetite is real, but must be matched with transparency
- Europe is heating up, as asset managers chase mid-market opportunities
- Democratization is coming, but not without risk of mis-selling — investor readiness is key
Investors were urged to focus on selecting managers with deep track records, high-quality deal flow, and disciplined underwriting. Diversification — across vintages, managers, and strategies — was a recurring theme.
Macro Themes: Risk, Uncertainty & Long-Term Thinking
Keynote speaker Michelle Wucker, author of The Gray Rhino, reminded us that many risks are obvious — but often ignored. Her framework encourages investors to focus on what’s directly in front of us: rising rates, climate shocks, AI disruption, and global instability.
Her message echoed what private asset managers have been advocating:
In times of volatility, long-term thinking and patient capital aren’t luxuries — they’re survival tools.
Private markets — with their longer time horizons, active ownership models, and resilience to daily market swings — are well-positioned for this environment.
Thematic Investing: Finding Substance Beyond the Hype
The day also included panels on innovation and thematic investing, touching on:
- Biotech and rare diseases — with insights from firms focused on immunology and oncology
- Biodiversity and precision agriculture — sectors ripe for modernization via tech
- AI and healthtech — especially in the context of commercializing treatments
The key message? Don’t chase themes — find companies. Speakers urged attendees to avoid hype cycles and focus instead on fundamentals, scalability, and underappreciated growth.
Purpose vs. Profit: A Nuanced Discussion
In a provocative session, Desiree Fixler challenged the asset management industry’s stance on ESG. Drawing from personal experience, she raised concerns about greenwashing, bureaucratic overreach, and the need to return to fiduciary-first principles.
While opinions in the room varied, her remarks added useful tension to the broader discussion about transparency, purpose, and accountability in investment strategy.
Final Thoughts
The biggest signal from AMT2025? Private assets are no longer a side conversation — they’re becoming the playbook.
Across every session, the themes were consistent:
- Diversification is non-negotiable
- Long-term thinking wins in uncertain times
- Access must be paired with education
As we reflect on these key themes from AMT2025, it's clear that the future of private markets demands both accessibility and transparency. At openthebox, we're proud to be at the forefront of this evolution, providing the comprehensive data and analytics that European investors need to navigate this increasingly important asset class with confidence.
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