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Report: Private Markets 2025

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Some of the most compelling investment opportunities lie beyond the reach of instant liquidity. They are found in the private markets – where capital is locked up, time horizons stretch years into the future, and value creation follows a deliberate, often non-linear path. In this issue of “Private Markets” magazine, we explore this paradox: why more and more institutional investors are willingly surrendering liquidity in exchange for the potential of higher returns, diversification, and strategic depth.

Please find the report here. Happy reading!

The publication opens with a thought-provoking piece by Christoph Junge, former Head of Alternatives at Velliv, titled “What Would a Totally Unconstrained Portfolio Look Like?” Drawing on his extensive experience in asset allocation and alternative investments, Junge challenges the structural constraints that define most institutional portfolios – from fee pressures and liquidity requirements to regulatory hurdles and benchmark-driven thinking.

Building on its longstanding experience in private markets through fund-of-funds strategies in private equity, infrastructure, and beyond, Finnish asset manager Evli has launched a co-investment fund called Evli Private Equity Co-Investment Fund I. Ilja Ripatti, Investment Director of Co-investments at Evli Private Assets, outlines how the firm’s co-investment strategy is “Opening the Door to Direct Private Equity Deals.”

Tero Pesonen, Director of Private Equity and Private Credit at LocalTapiola Asset Management, explores “The Changing Role of Private Credit in a New Interest Rate Environment.” He shares insights on the evolving collaboration between banks and private credit managers, the growing convergence of direct lending and syndicated loans, and whether systemic risk is emerging within the asset class. Following that, Cathy Bevan, Head of Structured Credit and Portfolio Manager at Alcentra, takes us “From Loans to Layers,” offering a guided look through the complexities of “Navigating the CLO Capital Stack.”

We then turn to the infrastructure space, where Maria Aguilar-Wittmann – Co-Head of Infrastructure Equity Funds, Co-Investments, and Secondaries at Allianz Global Investors –shares her perspective in “Building Blocks for a Sustainable Future.” Bringing the focus closer to home, Philip Ajina, Chief Investment Officer at Infranode, explores “Investing in Nordic Infrastructure Through Partnership with the Public Sector,” highlighting the role of long-term collaboration in building resilient local economies.

Alexandra Voss, Senior Manager Selector at SEB, examines “Interrupted Momentum in Private Markets as Evergreen Structures Reshape Dynamics,” offering insights into how new fund formats are altering investor and manager behavior. Next, Mihai Florian, Senior Portfolio Manager at RBC BlueBay Asset Management, explores “Chasing the Premium in Private Credit’s Next Frontier: Emerging Markets,” delving into the risks and rewards of accessing private credit exposure beyond developed markets.

In an interview with Thor Schultz Christensen, Deputy Chief Investment Officer at Velliv, we explore why “Velliv Moves Away from Alternatives as Low-Cost Investing Takes Center Stage,” highlighting the pension provider’s shifting priorities in a changing market landscape. Meanwhile, Christian Munafo, Chief Investment Officer at Liberty Street Advisors, offers his perspective on “Private Equity Investing Amid Tariff Waves,” examining how geopolitical tensions and trade barriers are reshaping the PE playbook.

Enjoy the read! You can access the publication through the link below.

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Kamran Ghalitschi
Kamran Ghalitschi
Kamran has been working in the financial industry since 1994 and has specialized on client relations and marketing. Having worked with retail clients in asset management and brokerage the first ten years of his career for major European banks, he joined a CTA / Managed Futures fund with 1,5 Billion USD under management where he was responsible for sales, client relations and operations in the BeNeLux and Nordic countries. Kamran joined a multi-family office managing their own fund of hedgefunds with 400 million USD AuM in 2009. Kamran has worked and lived in Vienna, Frankfurt, Amsterdam and Stockholm. Born in 1974, Kamran today again lives in Vienna, Austria.

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