The conversation at IPEM was largely characterised by cautious optimism. Confidence has improved, but the industry continues to grapple with a fundamental challenge: delivering liquidity and performance in an environment where exits remain difficult and pressure persists over valuations.
Against that backdrop, one communications reality stood out. Visibility remains important, but relevance matters more.
There was no shortage of discussion around the high-profile marketing activities of some firms. Large-scale campaigns certainly succeed in generating awareness and sparking conversation. The industry notices when a player occupies the space so comprehensively.
But it’s clear this strategy works only when the foundations are there.
The fundamental question is whether positioning, messaging, and stakeholder priorities remain aligned. From a communications perspective, that may well be the industry's most important challenge today.
How communications can help navigate the industry’s biggest themes
- Performance remains the ultimate measure of credibility
Research presented by AlixPartners highlighted a notable gap between GP messaging and LP expectations. While many firms continue to emphasise value creation capabilities, investors remain primarily focused on one outcome: returns.
Implication: Value creation remains a powerful communications platform because it demonstrates differentiation and explains the path to alpha generation. However, when performance fails to support the narrative, reputation risk increases significantly. Firms must be able to communicate both successes and challenges with clarity and conviction.
- The lower mid-market story is going untold
As LPs are consolidating and deepening their manager relationships, there remains interest in areas where operational value creation can have the greatest impact. The European lower mid-market was identified as one such opportunity.
Implication: This presents a significant positioning opportunity. Firms operating in this segment can build differentiated narratives around operational expertise, succession opportunities, and long-term value creation. Yet many remain underrepresented in the media conversation compared with larger players competing for headline-grabbing transactions.
- Targeted communications can frame the debate
One of the more striking observations was how quickly industry concerns can evolve. Fund gating dominated headlines earlier in the year and was a central discussion point at SuperReturn. At IPEM, the topic generated significantly less attention.
This reflects both market adaptation and a sustained effort by industry participants to educate stakeholders and improve understanding of gating mechanisms.
Implication: Communications can influence how issues are perceived over time. Proactive engagement, education, and consistent messaging remain critical tools for addressing complex or misunderstood topics.
- Private wealth requires a different conversation
While some previous concerns have faded, uncertainty remains around the expansion of private markets into the wealth channel. As more products target individual investors, scrutiny is likely to increase from regulators, media and market commentators, as well as LPs.
Implication: The conversation is evolving from expanding access to a greater focus on the quality of that access. Firms should prepare for greater examination of fees, value for money, liquidity, and performance. The questions that reshaped parts of the mutual fund industry may soon become more prominent in private markets. Those that establish clear, transparent, and consistent narratives early will be better positioned to navigate future scrutiny.
What does good look like?
- Align narratives with stakeholder priorities. LPs ultimately judge firms on outcomes. Communications should reinforce strategy but never lose sight of investor expectations.
- Address the elephant in the room. GPs that leave key challenges unaddressed are leaving themselves exposed. Acknowledging challenges and explaining the response often strengthens credibility.
- Visibility isn’t enough. Strong branding can generate attention, but long-term reputation is built on relevance, consistency, and evidence.