Kasper Wichmann 
Welcome to Balentic Edge, where private markets meet insight. I’m your host and on this special edition, we take you inside one of the most anticipated events in private equity, SuperReturn International 2025 in Berlin. From geopolitical uncertainty to continuation vehicles and the rise of defense investing, SuperReturn delivered both substance and spectacle, and we’re here to unpack it all. Joining me today is our returning contributor, market observer, and in-house private markets expert, Alex who was on the ground in Berlin all week. Welcome back.

Alex
Thanks for having me. Super Return 2025 was part conference, part street parade, and part insider social circuit. You could say it was chaotic, but undeniably informative.

Kasper Wichmann
Let’s start with the big themes. What stood out most?

Alex
First and foremost, liquidity. LPs and GPs alike were laser-focused on exit channels and distributions. GP-led continuation vehicles are now fully mainstream, even if many LPs remain skeptical. And geopolitical strategy, especially defense, was a dominant theme.

Kasper Wichmann
We also heard that infrastructure and private debt are drawing major LP interest. What’s driving that?

Alex
Predictability, and yield. In an environment marked by volatility, LPs are doubling down on areas like infrastructure and private credit. Brookfield, BlackRock, and Copenhagen Infrastructure Partners were all name-checked in conversations. These assets offer both downside protection and upside potential.

Kasper Wichmann
And the social side of super return?

Alex
Unmissable. Bono showed up. Mel C was DJing. And at least one prime minister made an appearance at a private dinner. But many attendees grumbled about the logistics. Crowded elevators, badged policing security, and overflowing side venues.

Kasper Wichmann
Any overlooked signals or unusual indicators?

Alex
Socks? No joke. Last year’s bright stripes and white sneakers are out. This year, dark socks and dress shoes are back. It might seem trivial, but the mood was noticeably more subdued. And it aligns with broader risk-off sentiment.

Kasper Wichmann
What are LPs actually doing beyond talking?

Alex
They’re committing to safer bets, infra, private debt, and energy transition. But they’re also deeply concerned about distribution timing and NAV transparency. One LP summed it up perfectly. We take it tweet by tweet.

Kasper Wichmann
Tweet by tweet indeed. Final takeaway.

Alex
Private markets are adapting fast. Despite the noise, the innovation, liquidity tools, and cross-sector opportunities show this industry’s resilience. But it’s not without friction. Superreturn is both a mirror and a magnifier of where we’re heading.

Kasper Wichmann
Thanks for tuning in to Balentic Edge. If you enjoyed this episode, check out our recent deep dives on NAV loans, continuation vehicles, and defense investing. Until next time, stay illiquid.