On September 23, we had the pleasure of hosting Mario Giannini, Executive Co-Chairman at Hamilton Lane, and John Stake, Head of Portfolio Management Group, together with investors at Operaterrassen in Stockholm for an afternoon focused on the current state of global private markets and the forces shaping the years ahead.

A highlight of the afternoon was the fireside chat with Mario Giannini, reflecting on his 35 years at Hamilton Lane and discussing the global investment landscape together with Daniel Harima.

In addition, we got to hear John Stake's general overview of the private markets, covering performance, liquidity and valuations across private markets, as well as the evolving opportunity set in infrastructure and venture capital.

Key takeaways:

- AI and portfolio concentration: AI is increasingly shaping not only technology markets but overall portfolio construction. With public markets heavily concentrated in a small number of AI-related companies, understanding where that exposure sits, and how to diversify it, has become increasingly important.

- Buyout and downside protection: Buyout strategies offer diversification beyond the AI-driven concentration in public markets. In addition, buyout has historically demonstrated resilience in preserving capital over the long term, even through the most challenging market conditions.

- Private equity and liquidity: Investments made at elevated valuations during 2020–2022 continue to weigh on parts of the buyout market. A normalization in performance and distributions is therefore more likely to be gradual than immediate.

- Infrastructure beyond data centers: The AI buildout is accelerating demand for power generation, grids, storage and other essential infrastructure. Mario highlighted infrastructure as a global asset class with significant long-term investment needs and relatively low allocations in many portfolios today.

- Venture capital and access: Many of the companies that may shape the next decade are likely to create substantial value before reaching the public markets. At the same time, venture remains highly access-driven, making manager selection and access to established venture ecosystems particularly important.

The discussions offered a candid perspective on both the challenges facing private markets today and the structural opportunities emerging for long-term investors.

A warm thank you to Mario Giannini and John Stake for sharing their perspectives, and to everyone who joined us at Operaterrassen and contributed to the discussion!