Secondaries: a market with potential

This year’s Golding Investor Days offered a double reason to celebrate: a milestone anniversary and fascinating insights into current challenges and opportunities. In front of more than 100 investors at the Andaz Hotel in Munich, Jeremy Golding recalled the founding of Golding Capital Partners 25 years ago: “Twenty-five years ago, Hubertus and I founded Golding Capital Partners – a company that for many of us has become more than just an employer.”

For years, institutional interest in impact-oriented investment strategies has been growing. Yet from a regulatory standpoint, Impact Investing has remained a grey area in Europe. A new initiative from a multi-stakeholder taskforce – supported by industry associations such as BAI and BIII – now puts a concrete proposal on the table, outlining how Impact Investing could be positioned within the SFDR framework.

For many years, private equity was one of the fastest-growing asset classes. Driven by low interest rates, abundant global liquidity and increasing investor demand, it evolved from a niche strategy into a core component of institutional portfolios. But a series of global crises, geopolitical tensions and macroeconomic disruptions has brought this decades-long momentum to a halt. The transaction carousel is slowing down, and liquidity is becoming scarce.