In your view, what will be the main growth drives for alternative investments by 2030?

– “For alternatives as a whole, the most frequently cited force, and rightly so, is the democratization of access, driven by retail and high-net-worth investors and supercharged by new or maturing distribution channels.

I don’t disagree, but enabling infrastructure is equally important. Democratization alone does not drive growth. It requires technology as a true enabler: fintech platforms and digital onboarding are removing friction and historical access hurdles. It also requires clear messaging and education, for investors, advisors, and intermediaries alike, to ensure products are understood for what they are: predominantly illiquid assets, regardless of how they are packaged.

Within alternatives, private credit deserves special attention as a structural sub-driver, not despite, but perhaps because of, the significant press coverage it has received, particularly in the US. The post-GFC retreat of banks from middle-market and leveraged lending created a structural gap that private lenders have been filling, and this shift is permanent, not cyclical.

For investors in private credit, the message is straightforward: quality matters, both in terms of underlying assets and in selecting managers who can demonstrate disciplined underwriting across cycles.

Private credit has evolved from a niche strategy into a major pillar of alternative investments. How do you see it impacting the broader alternatives industry in the coming years?

“When discussing private credit, its consistent growth over the past two decades is remarkable. USD 2tn shows its relevance and potential.

It has demonstrated a compelling ability to deliver steady, inherently inflation-mitigating returns through floating-rate instruments, usually with lower volatility than public fixed income. Its appeal to both yield- and income-seeking investors makes it arguably one of the most scalable segments in the alternatives’ universe.

That said, it is worth being clear about what private credit is and what it is not. Unlike private equity, where company valuations can far exceed initial targets and multiples can double, triple, or more, in private credit you lend money to a corporate borrower in exchange for interest over time and the return of your principal at maturity. In simple terms, your base case is your target case, i.e. getting your money back with some interest over time. This may sound unremarkable to some, but it reveals a key component of its attractiveness: it is about clear standards, investing in quality assets, and knowing who to lend to. Risk management sits at the core of everything a successful manager does. It’s about being disciplined and experienced not to lose your base case, hence protecting the downside is paramount.

Its greatest potential impact may therefore lie in addressing the looming retirement challenge. While debates continue around extending retirement ages, reduced benefit outcomes, and financing gaps, a reassessment of long-term investor risk profiles could be part of the solution too. Should that happen, private credit given its characteristics might deserve a front place in the debate.

Which structural transformation of the sector do you believe is currently underestimated?

“Semi-liquid and evergreen funds are taking stage. Whether they are underestimated is debatable, but they are without a doubt reshaping the landscape right now. Nowhere is this more visible than in Europe, and particularly Luxembourg, where products across alternative asset classes have been launched in significant numbers over the past few years, with some experiencing substantial asset growth in 2025.

That said, compared to the US, Europe remains at an earlier stage, also helping to explain press headlines in US and not Europe. The Wealth customers have not yet arrived at full scale. Distribution through private banks and retail platforms is still being established, and European savers’ cultural preference for deposits over alternatives strategies will take time to change.

What is often overlooked, however, is the institutional angle. These structures are not purely a retail story. Institutional investors increasingly appreciate the operational simplicity of evergreen vehicles: no capital calls, no J-curve drag, and easier portfolio construction. The underlying liquidity trade-off is well understood by sophisticated allocators, and for many, it is a trade worth making.

While democratization and access for wealth is an important factor, it’s not the full picture. Institutional investors are the backbone of the alternatives’ industry. And institutional evergreen is and likely will drive a significant part of capital formation and fundraising in future.”