SuperInvestor, Europe’s annual gathering of private markets fund managers and investors, took place among the yachts and luxury car showrooms of Monaco. While there was plenty of glitz in the surroundings, the conference itself was focused on some of the grittier aspects of private markets investing.
Several recurrent themes dominated the discussions – from managing liquidity in a “DPI drought” to understanding how geopolitical dynamics and market shifts will influence strategies in 2025. There was clear consensus on one thing – differentiation matters. Managers should lean into their strengths and use storytelling to magnify their competitive edge.
The conference underscored that perception matters as much as performance in the private equity arena. With LPs tightening their purse strings and gravitating toward established, brand-name managers, the need for private equity firms to tell compelling, credible stories has never been greater. Whether it’s demonstrating value creation, showcasing successful exits, communicating a contrarian investment thesis or relaying expertise in niche markets, GPs must invest in storytelling to rise above the noise in a crowded market. They should concisely articulate their firm’s unique DNA and weave this messaging through all communications – whether it’s with the media, investors, or potential investees.
Assert the right to win in the middle market
The middle market enjoys plenty of interest for its lower acquisition multiples (around 1.5x lower than large-cap deals), reduced leverage, and strong potential for value creation.
But it’s a crowded market. LPs might be swayed by a manager’s sharp sector focus or operational expertise that can drive EBITDA improvements and multiple expansion, meaning potential for higher returns without reliance on IPO exits. To help convert interest into a commitment, the manager must demonstrate:
1. How their deal origination model is optimized for efficiency
2. The wider connection between hands-on management and value creation
3. Operational transformation resulting in top-line and bottom-line improvement
All of this should ideally be validated with proof points and case studies of portfolio performance, successful exits and how they are returning capital to investors. When it comes to deal-making, the GP must assert the right to win through a clear and compelling story of their vision and what sets them apart – whether that’s true sector specialization or real operational value-add.
Multi-channel communication for proactive reputation management
With private wealth investors increasingly venturing into the private markets, there was growing recognition of the need for GPs to broaden their reach, using a variety of platforms to tailor messaging for different audiences. There is opportunity to engage and educate these investors on favorable entry points to the asset class, such as secondary funds with their promise of J-curve mitigation and vintage year diversification, or evergreen structures with their flexibility and better liquidity than drawdown funds.
GPs should, as best they can, control the narrative. Effective multi-channel communication that integrates thought leadership, media coverage, social media updates, video content and conference speaking roles can help GPs shape the picture LPs will build of their firm upon a Google search. Together, these elements can reinforce a firm’s brand and ensure its unique value proposition resonates across every touchpoint.
Flight to quality familiarity
With PE funds now taking an average of 18 months to close, smaller and emerging managers are bearing the brunt of the slowdown. Capital concentrates among the top managers as LPs opt to extend their re-ups rather than committing to new funds. Emerging managers are on track for their lowest fundraising figures in a decade.
Panelists asked: Clearly there is a flight to familiarity and size, but what about quality? They encouraged investors in the room to look beyond the big names and find those with a contrarian approach, where the potential for alpha generation is often higher.
While a well differentiated approach was identified as essential, that is of no use if it is not well communicated. In a selective investment environment, the firms with strong branding and communication strategies will be best positioned to attract and retain LP commitments.
This emphasis on quality over size applies equally to the selection of PR and communications partners. Private equity managers should resist defaulting to big, generalist firms and instead seek out specialized agencies with deep industry knowledge, sector-specific expertise, and proven tools to maximize visibility. Just as LPs look for tailored investment strategies, GPs need communications partners that understand their unique positioning and can craft narratives that resonate with their target audience.
Planning for 2025: Communications as a strategic advantage
As private capital is set to rise to $20 trillion by 2028, there is significant innovation encompassing everything from products and strategies to the use of technology and AI for deal sourcing, asset management and operations. Meanwhile, there are new types of investors eyeing the asset class. With a renewed emphasis on quality, managers are looking to balance investor demand for liquidity with the discipline of long-term value creation, all while navigating a complex geopolitical and economic environment.
To keep up, GPs will need to offer well differentiated solutions and brush up their storytelling to do them justice. From a communications and branding standpoint, there’s plenty of possibility – and much work to be done.