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Monetary Matters with Jack Farley
The Private Markets Digestion Phase | Jean-Baptiste Wautier on Key Man Risk, GP/LP Returns, and Private Credit “Bubble”
Feb 19, 2025
Jean-Baptiste Wautier, a seasoned expert in private markets with experience at top firms like Morgan Stanley and BC Partners, dives into the evolving landscape of private equity and credit. He reveals insights on keyman risk and the trend of consolidation in the market. Wautier discusses the slowdown in fundraising, the dynamics of private credit, and the concept of perpetual capital for stability. He also explores the impact of AI on the economy and private equity's accessibility to retail investors, painting a vivid picture of future market shifts.
01:26:05
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Quick takeaways
- The performance of private markets closely mirrors macroeconomic conditions, necessitating a reevaluation of strategies amid rising interest rates and stock market volatility.
- Private equity fundraising is undergoing a consolidation phase, with Limited Partners becoming more selective in light of retirement risks among key industry figures.
Deep dives
The State of Private Markets in 2025
The environment for private markets in 2025 has been characterized by volatility, with private investors facing pressures similar to those in public markets. This correlation is highlighted by studies indicating that the performance of private equity is closely tied to macroeconomic conditions, particularly the vintage year of funds. Even though private markets allow for a more extended decision-making timeline than public markets, investors are still affected by rising interest rates and stock market volatility. Consequently, private markets, while generally calmer, are not immune to the broader economic landscape.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode