Private Markets Investing

How can insurance play a transformative role in the face of climate change? As sovereign debt sustainability is a growing concern, mobilizing private-sector financing for climate mitigation and adaptation projects is crucial. Swiss Re's report ‘Changing climates: The heat is (still) on' estimated a cumulative global investment gap of over USD 270 trillion to achieve net zero emissions by 2050. There is immense potential to channel more private capital into adaptation and mitigation finance. For example, the report states, the sustainable debt market is still underdeveloped, with a total of USD 5.6 trillion (less than 5% of global bond markets), and only around 5% of new global debt issuance is ESG-labelled. Shockingly, less than 2% of adaptation finance currently comes from private sources. The insurance industry can play a pivotal role in changing that. As long-term investors, insurers can finance mitigation efforts and adaptation infrastructure. They can also underwrite climate-positive projects, share risk knowledge, and help to de-risk projects to crowd in capital. Please read the full report and its findings below. What do you see as the biggest blockers to adaptation and mitigation finance? How do they differ by sector and region? #SustainableFinance #ClimateChange #NetZero #Insurance #PrivateSector #Investment #ClimateAdaptation #Mitigation #ESG

European family offices typically split their portfolios between traditional and alternative assets, with a significant shift toward private markets in 2025. Public Equities (30%): Remains the largest single allocation for liquidity and steady growth. Private Equity (27%): A dominant focus for 2025; 42% of Benelux-based offices plan to increase this exposure further. Real Estate (11-18%): Used as a core wealth preservation tool, though some offices are scaling back from commercial property due to high interest rates. Direct Investments: Over 50% of offices now bypass funds to take direct stakes in private companies to avoid fees and exert more control. Alternative Assets (42% total): This includes hedge funds (5%), private credit, and infrastructure. 2025 Strategic Trends AI & Tech Focus: Approximately 83% of professionals rank Artificial Intelligence as a top priority for the next five years. Generational Shift: Wealth is transitioning to "Next-Gen" heirs who are more focused on impact investing, climate tech, and digital assets like cryptocurrency (now exploring/holding for ~74% of offices). Club Deals: About 69% of family office investments in 2025 are "club deals," where they co-invest with other families or institutional partners to share risk. Geography: European offices remain home-biased, with 44% of portfolios allocated to Western Europe, followed by 43% to the United States.

Survey Says Insurance companies collectively hold over $40 trillion in assets worldwide, including more than $10 trillion in the United States. Given their long-term liabilities, insurers primarily invest in fixed-income securities to align assets and liabilities. However, unlike banks, they enjoy greater flexibility to allocate capital to alternative assets. A recent survey by the world’s largest asset manager, BlackRock, highlights the insurance industry’s growing intention to expand allocations to private markets and alternative investments—reinforcing the strategic value of building robust internal alternative investment capabilities. Notably, private credit stands out as a clear area of focus, with strong industry momentum toward private credit strategies. Every insurance companies has its own considerations, yet generating a strong, steady, absolute return throughout the cycle has become a differentiating factor. 5%, 10%, or 20% allocation to alternatives is a meaningful number within a $40T sector.

𝟭 𝗶𝗻 𝟰 𝘃𝗲𝗻𝘁𝘂𝗿𝗲 𝗰𝗮𝗽𝗶𝘁𝗮𝗹𝗶𝘀𝘁𝘀 𝘁𝗵𝗶𝗻𝗸 𝘄𝗼𝗺𝗲𝗻’𝘀 𝗽𝗮𝗿𝘁𝗶𝗰𝗶𝗽𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗳𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝘁𝗲𝗮𝗺𝘀 𝗶𝘀 𝗼𝘃𝗲𝗿𝗿𝗮𝘁𝗲𝗱. 𝟭 𝗶𝗻 𝟭𝟬 𝘀𝗮𝘆 𝘁𝗵𝗲𝘆 𝗱𝗼𝗻’𝘁 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝗶𝗻 𝘄𝗼𝗺𝗲𝗻. Together with Laura Koch and Elisabeth Berger (JKU - Institute for Entrepreneurship), I surveyed 361 international VCs using a randomized response technique to bypass social desirability bias. The results aren't unconscious bias. The results are open discrimination. And it’s personal. Some of the strongest startups I’ve seen at the University of Hohenheim were women-led, such as Holiroots or Viva la Faba. What a waste of potential. We knew gender bias existed in venture capital. Now we know how much — and where. 𝗪𝗵𝗮𝘁 𝗻𝗼𝘄? One recommendation from our findings that’s both practical and powerful: 👉 Increase the share of women in venture capital. Why it matters:  • Women VCs show significantly less bias.  • Diverse teams make better decisions.  • Mixed teams perform better. If we want fairer funding decisions, we must rethink who’s making them. 𝗟𝗲𝘁’𝘀 𝗻𝗼𝘁 𝗮𝘀𝗸 𝗶𝗳 𝘄𝗼𝗺𝗲𝗻 𝗮𝗿𝗲 “𝗶𝗻𝘃𝗲𝘀𝘁𝗮𝗯𝗹𝗲.” 𝗟𝗲𝘁’𝘀 𝗮𝘀𝗸 𝘄𝗵𝘆 𝘀𝗼𝗺𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝘀𝘁𝗶𝗹𝗹 𝗮𝗿𝗲𝗻’𝘁. The paper is open access in Venture Capital—An International Journal of Entrepreneurial Finance. Feel free to share it or use it in teaching, workshops, or policy work. 📄 https://lnkd.in/eN4jfJQx

For the first time in venture history, three distinct channels share the liquidity burden roughly equally. A decade ago, secondaries barely registered. They accounted for roughly 3% of exit value in 2015. Today they claim 31% : nearly $95b in the trailing twelve months. The shift accelerated after 2021’s IPO bonanza. When public markets closed their doors in 2022, investors found alternative routes. Secondaries absorbed demand that would have flowed to traditional exits. When Goldman Sachs acquired Industry Ventures, the transaction signaled secondaries have arrived. Morgan Stanley followed with EquityZen, then Charles Schwab announced its acquisition of Forge Global. Wall Street recognized the structural change before most of venture did. This matters for founders & investors. When IPOs dominated exits, fund models assumed a small number of public offerings would generate the bulk of returns. Now liquidity arrives through multiple doors. A founder might sell secondary shares to patient capital while the company remains private. A GP might move positions through continuation vehicles. An LP might trade fund stakes on an increasingly liquid secondary market. The 830 unicorns holding $3.9t in aggregate post-money valuation cannot all exit through IPOs. The math doesn’t work. At 2025’s pace of 48 VC-backed IPOs, clearing the unicorn backlog would take seventeen years. Secondaries provide a release valve that traditional exits cannot. Companies like OpenAI have embraced this reality, running employee tender offers while voiding unauthorized secondary transfers. The largest private companies now manage their own liquidity programs rather than waiting for public markets. Today, secondary liquidity concentrates in the top 20 names. SpaceX, Stripe, OpenAI. For the founder of company #50, the secondary market remains largely theoretical. For secondaries to succeed as a broad asset class, buyers must underwrite positions in companies without household recognition. As the market grows, this coverage gap becomes opportunity. For LPs starved of distributions since 2022, the expansion of secondary channels offers hope. The $169b in cumulative negative net cash flows needs somewhere to go. More exit paths mean more opportunities to return capital. When a Series B employee asks about liquidity today, the answer isn’t “wait for the IPO.” It’s “we’re planning a tender offer next year.” A decade ago, secondaries were a footnote. Now they’re infrastructure. Liquidity flows where it can, not where tradition suggests it should.

Despite political uncertainty and the potential rollback of clean energy tax credits in the US, long-term investors remain bullish on renewables. The latest FT analysis highlights that, even as Trump’s “big, beautiful bill” raises concerns across the sector, the fundamentals driving clean energy growth are stronger than ever. Surging electricity demand—driven by AI data centres, onshoring of manufacturing, and the electrification of the economy—is creating a powerful tailwind for renewables. As the International Energy Agency notes, data centres alone could account for nearly half of US electricity demand growth by 2030. What’s striking is the resilience and confidence among major investors. Many are staying the course, betting on mature technologies like onshore wind, utility-scale solar, and battery storage, which are now cost-competitive with natural gas even without subsidies. Perhaps most importantly, the shift away from reliance on government incentives towards direct partnerships with Big Tech and other large energy buyers signals a maturing market. As one investor cut d in article put it, this administration is just a blip in a 30-year megatrend. The message is clear: the transition to clean energy in the US is not just policy-driven—it’s underpinned by robust demand, technological progress, and long-term investor confidence.

The decision to go public is one of the most critical crossroads for any company—and it’s not as straightforward as it used to be. Experts like Bill Gurley often champion the benefits of IPOs: cheaper capital, increased accountability, and the discipline that comes with operating under public scrutiny. And he’s not wrong—when a company scales, that accountability can push it toward being a healthier, more sustainable business. But the landscape has shifted. In 2023, there were 154 IPOs on the US stock market, compared to 181 in 2022. Both were significantly lower than the record-breaking 1,035 IPOs in 2021. Many companies that seemed unstoppable a few years ago now fall short of the benchmarks expected by public markets. Investors are hesitant to bet on high-risk startups when they can back established players like NVIDIA or Amazon, still posting double-digit growth. And then there’s the founder mindset. The old playbook said IPOs were the ultimate flex. Now, autonomy is the goal. Founders are asking, “Why hand over control when private markets can give me the cash I need without the headaches?” Liquidity options in private markets have leveled up, and many companies are staying private longer, dodging the scrutiny and rollercoaster ride of going public. That said, it’s not all smooth sailing. Some companies get stuck in messy deals to avoid down rounds, which makes going public later even more complicated. Sure, players like SpaceX and Stripe are thriving, but plenty of others are stuck in no man’s land—neither crushing it privately nor ready to IPO. The reality? There’s no universal playbook. For some, the public markets bring the discipline and access they need to hit the next level. For others, staying private keeps their autonomy intact and simplifies their path forward. The real question isn’t just “When should we go public?”—it’s “Why does it make sense for us?” And that depends entirely on your company.

Women-owned SMEs make up roughly one-third of formal SMEs globally, yet face an estimated $1.9 trillion financing gap. When a market of this size remains underfinanced, investors have an opportunity to uncover overlooked sources of growth. Earlier this month, I joined the Global Gender-Smart Fund's Gender-Smart Lab (#GGSF2026) to discuss why gender-lens investing is an increasingly important discipline for investors. GGSF recognizes that where capital goes matters; they pair investment capital with practical support, helping institutions redesign products, strengthen data, and reach more women. What does that look like in practice? It starts with changing how institutions operate: 1. Women hold about 33% of senior roles in financial institutions, but only 19% of top leadership positions. When women remain underrepresented where decisions are made, institutions are more likely to overlook the needs and potential of a significant customer segment. 2. In India, Women's World Banking’s work with Lendingkart found that women-led SMEs had lower default rates than men (3.5% vs. 5%), yet still received fewer loan approvals. That’s why it’s critical for financial institutions to have the data and tools to recognize opportunity that traditional approaches can miss. 3. Working with Women's World Banking Asset Management, UGAFODE Microfinance in Uganda redesigned their lending to women entrepreneurs. Between 2022 and 2024, women borrowers increased by more than 50%, the women's loan portfolio more than doubled, and women maintained stronger portfolio quality than men. When institutions redesign products, processes, and incentives around women's realities, stronger business performance can follow. My thanks to the Global Gender Smart Fund for convening this important discussion, and to Minister Yuriko Backes for demonstrating the value of bringing a gender perspective across her entire ministerial portfolio — from Defense to Public Transport! Women are entrepreneurs, business owners, investors, and decision-makers. Financial systems that recognize that reality will be better positioned for growth.

Renewables and nuclear met nearly half of global energy demand growth in 2024 — a turning point that carries significant implications for companies and investors alike. According to the latest Global Energy Review (IEA), renewables supplied 38% and nuclear 8% of the growth in energy demand last year. In other words, nearly half of the additional energy the world required was delivered without adding to carbon emissions. What has driven this shift? →Policy and Regulation: Major economies have accelerated support for clean energy through mechanisms such as the Inflation Reduction Act and the European Green Deal, unlocking substantial investment. →Cost Competitiveness: Renewables, particularly solar and wind, have become the most cost-effective sources of new electricity generation in many regions. The commercial case is now as strong as the environmental one. →Energy Security: Recent geopolitical tensions have underlined the strategic importance of domestic and diversified energy systems, leading many countries to fast-track renewables and nuclear. →Corporate Demand: The rise of corporate power purchase agreements and the proliferation of net-zero commitments have significantly boosted private sector demand for clean energy. Why does this matter for companies? →Decarbonisation is no longer peripheral — it is becoming integral to competitiveness. Companies that continue to depend on fossil fuels risk exposure to volatile prices, regulatory tightening, and reputational damage. →Early movers will secure cost advantages, supply chain resilience, and preferential access to capital. Clean energy is increasingly recognised not just as a sustainability issue but as a strategic and financial one. →The direction of travel is clear. Investors, regulators, and customers expect credible decarbonisation strategies, and those who deliver will differentiate themselves. Evidently the shift to renewables and nuclear is a commercial and competitive reality. Further resources to consider: https://lnkd.in/dasZ6qFw https://lnkd.in/dY_F2Dna https://lnkd.in/dseEXjtw #energytransition #decarbonisation #sustainability #netzero #climatestrategy #businessstrategy

📈 The surge of private equity-backed IPOs in 2025 creates strategic opportunities for Family Offices managing multi-generational wealth. Nine of ten major IPOs from 2024 exceeded their listing prices, with half achieving gains above 100%, signaling robust market appetite for quality offerings. Today's IPO candidates like Medline and Genesys represent a departure from 2021's speculative listings, bringing proven profitability and established operations to public markets. This shift aligns with Family Offices' focus on sustainable value creation. The projected $38 billion in IPO activity demands precise portfolio positioning. Strong public valuations and president-elect Trump's expected policy changes suggest optimal timing for private equity position reviews. However, the broad market's 70% rise from 2022 lows, concentrated among select large-caps, requires careful entry point analysis. Upcoming fintech offerings from Klarna and Chime will provide valuable benchmarks for private technology holdings. Family Offices should focus on companies with proven business practices, using established relationships to secure preferred investment access while maintaining long-term portfolio balance. Working directly with over 100 Family Offices across three continents, we've observed a marked shift in IPO participation strategies. Many are building dedicated teams to evaluate these opportunities, combining traditional investment analysis with new approaches to assess management quality and growth sustainability. Several Family Offices have successfully negotiated cornerstone positions in recent IPOs, securing board observer rights and maintaining influence similar to their private market investments. The true value in this IPO wave extends beyond immediate investment returns. Family Offices that position themselves as strategic partners rather than passive investors often secure advantages in deal flow, co-investment rights, and governance participation. This approach has proven particularly effective in mid-market offerings where Family Office capital and expertise can significantly influence outcomes. As IPO activity accelerates through 2025, successful Family Offices will distinguish themselves through selective participation, focusing on companies where their industry expertise and long-term capital can create mutual value. This renaissance in public offerings marks not just a liquidity event, but an opportunity to reshape how Family Offices engage with public markets for generations to come. #IPO #FamilyOffices