The leading figures in the private capital world descended on Berlin again for the annual SuperReturn conference. More than 5,000 delegates attended, including tennis champion Serena Williams and U2 frontman Bono—back in the city where he recorded "Achtung Baby," taking the last-ever flight into East Germany.
The mood was serious. Some talked of deals making a comeback and the challenging COVID vintage eventually passing. Others discussed a new paradigm: higher rates for longer, muted multiple growth, and a renewed emphasis on operational expertise. There was plenty for communicators to consider for their 2026 strategizing.
Liquidity dries up
Deals are at a 20-year low, and the focus continues to be DPI. Firms that have been executing exits, like BC Partners and Triton, have capitalized on these deals to build reputations. (https://www.penews.com/amp/articles/heading-for-the-exit-buyout-bosses-prepare-to-sell-after-summer-lull-e4f51efc) These moments matter more than ever because it’s not just a transaction—it's about telling the story of a strategy that works in any cycle, the story of enduring value.
Everyone acknowledged that alternative exit strategies, like continuation vehicles, will not be enough to clear the backlog. However, they will play a significant role, and reporters remain largely skeptical of “selling to yourself.” Education on the value, governance, and guardrails of continuation vehicles is critical.
Killing it
Without money going back to LPs, fundraising remains tough. It’s estimated the top 15 funds are taking more than a third of the money raised.
The preference of the LPs we spoke to was clear: you need to be like Apollo, EQT or TPG—a large, listed, global multi-strategy firm. If not, you need to be a category killer like Hg in software or Exponent in primaries at scale.
“What’s your organizational competitive advantage?” asked Ian H. Charles of Arctos Partners on one of the panels. You need to deliver that message in a compelling and clear way in less than a minute, he added. Communications teams matter more than ever.
Widening the net
As liquidity dries up, the prospect of private wealth becomes more attractive. But it’s a whole different ballgame.
From thousands of LPs that talk your language to hundreds of thousands of individuals who have never heard of Private Equity News!
New channels and new content are needed. The Liquidity Challenge panel touched on how having a brand really matters if you are targeting that audience.
Most important is knowing your audience—something that Kekst CNC can do by tapping into the proprietary database of our advertising owner Publicis. We know what they read, whom they follow, and what it takes for them to click the link.
En vogue
Europe’s back in fashion (about time, right?) Never bet against the U.S., but Europe has much to offer too.
At our last private capital dinner in London, we heard from the first counselor of the EU Delegation to the UK about how much the EU is doing to drive competitiveness, productivity, and growth.
There is an opportunity for firms with a European legacy to highlight that. Europe is a diverse and nuanced market, and communicating about your firm’s track record can help you stand out.
Defense is particularly hot, with Germany looking for a defense budget of more than €60 billion and the UK announcing an ambitious defense review last Monday. Firms like OTB and Lakestar serve as case studies for building a reputation for deep sector expertise with their positioning in defense.
U2?
Competition is hotter than ever, deals are harder, and fundraising is a challenge. The key is differentiation and not just being a "me too." The role of private equity communicators has become more challenging, but also far more interesting.