In an insightful ION Influencers fireside chat, Giovanni Amodeo sat down with Shenal Kakad, Head of Private Markets at Barclays, to discuss the evolution of private markets and their increasing accessibility. With over 20 years of experience, Kakad provided valuable insights into market cycles, investment strategies, and the role of private banks in guiding clients through complex financial landscapes. Key Topics Discussed:

Evolution of Private Markets:

• Initially, private markets were primarily accessible to large investors, such as family offices and ultra-high-net-worth individuals.
• Over time, democratization efforts have expanded access to a broader range of investors.

Investment Cycles & Trends:

• Private capital allocation has evolved through various market cycles.
• Growth in evergreen funds as an alternative to traditional closed-end structures.

The Rise of Evergreen Funds:

• Addressing challenges in traditional private equity, such as capital drawdowns and vintage diversification.
• Offering a more straightforward approach for investors unfamiliar with complex private market structures.
• Potential trade-offs, including liquidity options and the impact on overall returns.

Role of Private Banks in Investment Advisory:

• The importance of access versus advisory services.
• Private banks provide holistic wealth management by considering clients’ risk tolerance, liquidity needs, and portfolio composition.
• The value of expert guidance in navigating private markets.

Client-Centric Investment Strategies:

• Private bankers tailor investment strategies based on individual financial goals.
• Combining access to exclusive opportunities with expert advisory services for optimal portfolio allocation.

Conclusion: Kakad emphasized that while private markets continue to evolve, the combination of access and strategic advice remains crucial for investors. Barclays’ approach integrates market expertise with a client-focused advisory model, ensuring that investors make informed decisions aligned with their long-term financial objectives.

Key timestamps:

00:09 Introduction
01:46 Evolution of Private Market Access
03:40 Democratization of Private Markets
05:37 Defining Retail Clients in Private Markets
07:13 Regulatory Landscape in Europe
08:52 Manufacturer vs Distributor Roles
10:21 Client Feedback in Selection Process
11:50 Future Transparency in Private Markets
12:34 Changes in Due Diligence Practices
14:11 Succession Planning in Management
15:28 Growth Trends in GP Stakes
16:49 Current State of Market Consolidation
18:09 Complexities of Asset Management Roles
21:10 Cost Considerations in Fund Management
22:31 The Rise of Evergreen Structures
25:08 The Role of Wealth Management