The Milan community of 100 Women in Finance gathered at the Armani Hotel for a dynamic education session exploring how private markets are evolving and how investors can adapt their allocation and liquidity strategies in an increasingly complex environment. With distributions slowing, hold periods extending, and capital costs resetting, the discussion reflected the realities facing LPs and GPs across Europe.
Expertly moderated by Donatella Ceccarelli, DAF Private Office, the panellists, Chiara Calì, UniCredit, Julia Hamner, CFA, HarbourVest, Graziana Scampoli, Inarcassa, and Deborah Venturini, SVD Consulting, focused on three key questions:
- Portfolio construction: Should we rethink the role of private markets as risk/return and liquidity profiles change?
- Liquidity: When does liquidity management become an opportunity?
- Resilience: What role can private markets play in navigating different market environments?
To address these questions, the speakers debated the role of secondaries, evergreen funds, and continuation vehicles in strengthening private-market portfolio construction. The discussion explored how these approaches can help investors diversify across manager types, vintages, and durations; unlock private-market exposure; improve liquidity flexibility and distribution profiles; address potential misalignment; manage overexposure to particular sectors or geographies; and, ultimately, provide investors with greater optionality.
Thank you to the panellists for their expertise, candour, and insights. Many thanks also to event sponsor, HarbourVest for the wonderful Milanese venue and excellent catering, and for helping make this highly oversubscribed panel accessible to 100 Women in Finance Milan members.