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Podcast: Private Equity Outlook 2026


Series Introduction:

The Outlook, from BNP Paribas Asset Management Alts, examines the macro forces shaping key asset classes. The conversations offer an intimate, accessible way to absorb the ideas shaping tomorrow’s investment landscape. You’ll find out where durable value still resides, how long-term conviction meets rapid change, and what investors should be preparing for.

Private Equity

Private Equity enters 2026 not as a year of pause, but one of precision. The industry is still working through a lingering liquidity overhang, even as exit markets begin, cautiously, to turn. With distributions under pressure, secondaries have grown in importance as a critical release valve, alongside trade sales and a gradually thawing IPO market, helping to restore cash flows and confidence. This episode explores what that means in practice, and where precision matters most.

Alpha is no longer the product of financial leverage alone. It is earned through operational excellence, sustained EBITDA growth and disciplined buy-and-build strategies, as AI emerges as a defining fault line between genuine value creators and value destroyers.
2026 takes shape not as a vintage to avoid, but one that demands selectivity, speed and conviction.

We’re joined by: Pascal Christory  - CEO, Prime, BNP Paribas Asset Management Alts, and Marcus Thiel  -  CIO & Global Head of Customized Solutions, BNP Paribas Asset Management Alts.


Hosted by Ali Bernat. 

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    AXA IM and BNPP AM are progressively merging

    AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure

    AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.