Frank Jons: chromatic explosions!
He could have ended up as a partner in an auditing firm, but a job interview convinced him to follow his true calling: painting. Interview.
Fèmy Mouftaou (IQ-EQ): Liquidity Meets Private Assets
The emergence of private market platforms, growth of continuation funds, uses of AI and the ongoing trend toward retailisation were among the key issues discussed at IPEM 2025, Europe’s premier private markets event, according to Fèmy Mouftaou, IQ-EQ’s Head of Fund Strategy for Continental Europe and Head of Fund Management in France.
What developments in the private markets sector were highlighted at IPEM 2025?
IPEM 2025 illustrated the vibrancy and dynamism of the private equity industry and alternative investments in general. One interesting trend was that ESG was not the centre of discussions – because it is now standard and mainstream. Another was the emergence of players such as iCapital, Airfund and Moonfare offering proprietary private market platforms that present alternative options for wealth management, such as innovative feeder funds enabling a broader base of investors to invest in large private equity funds. There are also developments such as the growth of evergreen structures and co-investments instead of traditional mandate structures. The new focus seems to be on the capacity to structure and offer, if possible, the best of both worlds – liquidity along with private asset returns.
©360Crossmedia / MA
What are the implications of artificial intelligence for the industry?
It was impossible to stop by a booth at IPEM without hearing a conversation about the rise of AI and how it’s impacting the industry with use in fund selection, data analysis on assets, and even providing GPs with assistance in pitching to LPs when fundraising, as well as the use of generative AI to review quarterly business plans. Another ongoing shift for the industry is the rise of continuation vehicles. Previously used to transfer discounted assets, this tool was discussed at IPEM as a solution to ensure fair valuation, retain good assets or manage the evolution of an industry facing disruptive trends – such as AI and tokenisation.
“The new focus seems to be on the capacity to structure and offer, if possible, the best of both worlds – liquidity along with private asset returns.”
How are the prospects for private markets this year and in the future?
One of the most important takeaways is the increasing retailisation of private markets. Traditionally, private equity, infrastructure and private debt have been the domain of institutional investors, but that’s changing – for example, with the integration of private assets into life insurance products in France, and more broadly with the launch of the European Long-Term Investment Fund (ELTIF) 2.0. One year into this evolved framework, which has the primary objective of increasing the attractiveness of ELTIFs to a wider range of investors by simplifying regulatory requirements and expanding investment opportunities, we’re seeing significant acceleration in the adoption of ELTIF funds. As a leading cross-border investment hub, Luxembourg is playing a key role in structuring private market funds and ensuring their compliance across multiple jurisdictions. Reflecting the retailisation trend, IQ-EQ’s AIFM and fund administration teams are seeing growing demand for regulated fund structures that offer both accessibility and investor protection, through vehicles (such as ELTIFs) that balance long-term investment horizons with liquidity and seamless distribution across European markets. While many GPs are now concerned about the negative impact of protectionism and foreign investment restrictions, IPEM attendees seemed confident that the industry’s long-term focus can help it ride out cycles.