In this recent ION Influencers Fireside Chat, host Giovanni Amodeo sat down with Dimitri Krikelas, CIO of Century Park /Westmount Partners, to discuss the evolving landscape of private assets allocation. From private credit to real estate and private equity, the conversation covered critical insights for investors navigating today’s markets.

Topics Discussed

1. The Rise of Private Assets in Investor Portfolios

• Private markets have historically delivered strong returns, often outperforming public markets.

• Key drivers include higher yields in private credit, growth potential in private equity, and tax advantages in real estate.

• Increased retail investor accessibility due to more shareholder-friendly investment vehicles.

2. Investor Education & Common Pushbacks

• Many investors are unfamiliar with private credit and private equity, often perceiving them as risky.

• Education is crucial—breaking down complex concepts (e.g., private credit = loans to businesses) helps build confidence.

• Common concerns: liquidity constraints, delayed reporting, and K1 tax forms.

3. Macro Trends & Market Risks

• Tariffs are a major concern—potential inflationary pressures could impact markets.

• Other risks: Fed rate uncertainty, geopolitical tensions, and economic volatility.

• Investors should focus on long-term trends rather than short-term noise.

4. Manager Selection & Fund Strategies

• Specialization is growing: Smaller managers can exploit niche markets, while larger firms offer scale.

• Due diligence factors: Track record, team experience, deal sourcing, and crisis management.

• Succession planning is critical—look for diversified leadership and team-based decision-making.

5. The Case for Mid-Sized Funds

• Goldilocks effect: Mid-sized funds balance deal access, liquidity, and portfolio diversification.

• They often find off-market opportunities with less competition than mega-funds.

6. Infrastructure as an Emerging Asset Class

• Bullish on data centers due to AI and data storage demand.

• Traditional infrastructure (ports, roads) remains attractive for income, inflation hedging, and tax benefits.

• A global approach provides access to unique assets like airports.

7. Fees, Liquidity & Investor Behavior

• Fees are declining due to increased competition and retail-friendly structures.

• Institutions vs. private wealth: Institutions prioritize long-term returns, while retail investors focus on liquidity, taxes, and risk.

8. The Growing Secondary Market

• Private equity secondaries offer the highest return potential due to illiquidity discounts.

• Private credit secondaries provide quicker exits and stable income.

9. The Future of Private Asset Management

• Active management and exclusive deal access will differentiate firms like Century Park.

• Data-driven insights are improving due diligence and investment decisions.

Final Thoughts

Private assets continue to play a pivotal role in diversified portfolios, offering yield, growth, and tax advantages. As the market evolves, investors must balance liquidity needs, manager selection, and macroeconomic risks to maximize returns.

Key timestamps:

00:07.36 Introduction to the ION Influencers Fireside Chats
01:22.67 The Rise of Private Assets
02:57.74 Investor Education on Private Assets
05:59.86 Current Macro Trends Impacting Investments
07:24.01 Trends in Asset Management
09:07.48 Manager Selection Criteria
10:38.54 Assessing New Fund Managers
12:04.29 Succession Planning in Fund Management
13:32.75 The Role of Mid-Sized Funds
14:50.39 Investment Opportunities in Infrastructure
16:24.84 Tax Considerations in Investment
17:14.68 Fee Structures and Investor Expectations
18:24.07 Differences Between Institutional and Retail Investors
20:11.24 Growth in Secondary Markets
21:42.02 Data Insights in Investment Management
22:41.84 Team Selection at Century Park
24:35.00 Evaluating Key Roles in Investment Management
25:47.06 The Evolving Value Proposition of Century Park
27:39.93 Access to Exclusive Investment Opportunities