In private markets, the long-standing tail wind of ultra-low interest rates has shifted to a more challenging environment, where tighter financing conditions and heightened geopolitical uncertainty are weighing on valuations and limiting exit options. At the same time, the industry has become significantly more sophisticated: fund managers are increasingly focusing on specialized strategies, operational value creation, and disciplined portfolio stewardship. For investors this has created a landscape in which quality, selectivity, and longer holding periods matter more than ever—without diminishing the structural role that private markets now play in global asset allocation. It is precisely this context that made the topic of private markets especially suitable for in-depth discussion at this year's Swiss Finance Institute Annual Meeting.

Following tradition, the 2025 SFI Annual Meeting opened with welcoming remarks by Prof. François Degeorge, Managing Director of SFI. Marking the Institute's 20th anniversary, he was joined by Dr. Marcel Rohner, Chairman of the Swiss Bankers Association (SBA), and Dr. Stefan Seiler, Head Group Human Resources & Corporate Services and Member of the Group Executive Board, UBS Group AG, and Chairman of the Foundation Board, SFI, for a discussion on the role, influence, and evolution of SFI—an institution that has secured a central place in Switzerland's financial community over the past two decades.

The conference then turned to its thematic part, starting with Prof. Per Strömberg of the Stockholm School of Economics, one of the world's leading scholars in private equity. In an engaging keynote titled "Private Equity: Governance and Liquidity—A Simple Economic Framework", he unpacked the complex economic dynamics underpinning this increasingly influential asset class, highlighting the governance challenges and liquidity constraints investors must navigate. His analytical perspective was followed by a practitioner's view, Jan Philipp Schmitz, Executive Vice-President at Ardian, delivering a vivid, practical exploration under the title "Private Markets: Staying Ahead in a Changing World", illustrating how leading managers adapt to structural shifts, competitive pressures, and the cyclical realities of fundraising and deployment.

In a fireside chat, Dr. Dirk Klee, BlackRock's Country Head for Switzerland, explored the "Swiss Wealth Market in an International Context" with moderator Caroline Roth, examining the key trends shaping Europe and Switzerland, from demographic shifts and digitalization to regulatory realignment and the intensifying global competition for assets.

The 2025 Annual Meeting concluded with a lively panel discussion featuring Dirk Klee, Jan Philipp Schmitz, and Per Strömberg, once again moderated by Caroline Roth. The conversation brought together the day's central findings while also addressing numerous questions from an engaged audience eager to understand how private markets will evolve as they enter their next, more nuanced chapter.