Private Credit

Since early 2026, Dominic Nys has been responsible for Golding’s international sales activities. In this short interview, he shares his priorities for Golding’s international markets, his approach to working with investors and what shapes him beyond his professional role.

The private markets industry is undergoing a structural transformation. Expanding regulatory requirements, increasing technological integration across fund operations and rising expectations from institutional investors are fundamentally reshaping how private equity firms structure and operate their platforms. Highly standardised, predominantly price-driven AIFM models are increasingly reaching their limits.

With the introduction of new European requirements on digital operational resilience and an increasing supervisory focus on operational risks, cybersecurity is moving further into the centre of institutional investment discussions. Issues such as data access, outsourcing and the use of external service providers are therefore gaining strategic relevance – including within alternative investment structures.

The secondaries market reached a new all-time high in 2025. Following a strong first half with transaction volumes of around USD 105 billion, total market activity amounted to approximately USD 225-240 billion by year-end. Growth was driven by a broadly balanced mix of traditional LP-led transactions and GP-led solutions. At the same time, the buyer base continued to expand: cumulative fundraising reached a new record of roughly USD 165 billion. More important than the absolute volume, however, is the underlying market structure. Industry dry powder, measured as available capital relative to annual investment volume, stood at around 1.4x – a historically low level. This points to strong absorptive capacity and a well-functioning market environment.