PAW 2027 Chicago | Agenda

How to due diligence semi-liquid funds

The number of evergreen or semi-liquid private markets funds is continuing to increase and choosing the right manager and the right strategy becomes even more difficult. What are the key questions to ask when selecting these funds, what resources are needed and are investors receiving all the information they ask for? Gatekeepers will also discuss how they are constructing model portfolios, how allocations are changing now that private assets are becoming more mainstream and how is rebalancing done? On the other hand, how are GPs answering some of the most crucial questions from gatekeepers?

Is real estate back?

Investors spent the post-Covid period trimming their real estate allocations, even though it can be a source of stable income and hedge against inflation. Last year saw the start of a recovery and capital has been flowing back into the sector. Where are investors focusing their investments and what are still some of the challenges in this asset class?

Bringing the traditional and the alternative together

Traditional asset managers have expanded their private markets offerings in recent years, and have been at the forefront of the push into the wealth channel utilizing their existing distribution networks and client bases. But how difficult is it to go from a mutual fund house to offering private markets as well? What’s the best way to build such a business (M&A or organic growth)? And how do you convince investors to choose you over a private markets veteran?

How to think about tech investing in the AI era

The disruption from AI in private equity’s software-heavy portfolios has been an important theme in 2026. Many have argued that the true impact of AI on many of these businesses is still not known fully. So how are GPs assessing their existing portfolios and due diligencing new investments in the AI era and what do investors want to see from their managers?

How RIAs build private market propositions

RIAs are accessing private assets through a variety of channels, including by creating their own funds and through platforms. But how has the adoption of private assets been among this group, what are the challenges and how can GPs better serve them?

Private equity investing in 2027

Rates are looking unlikely to come down, so new deals might continue to be challenging in private equity. But exits seem to be picking up and the IPO window has reopened, at least for some businesses. How are private equity managers navigating this environment? With many expecting dispersion of returns to persist, where are managers looking to deliver higher returns?

The promise of secondaries

Secondaries have been popular among managers creating funds for the wealth channel as they help provide more mature portfolios with greater diversification. But this has come with its own challenges as questions around NAV mark-ups have persisted. Is there another way to value these assets in wealth portfolios? How are managers using secondaries in wealth portfolios? What’s the difference between GP-led and LP-led deals and what are the lessons learned from the early years of evergreen secondaries funds?

Alts in 401(k)s

It’s no secret that many in the industry view the 401(k) market as the biggest growth area for flows. But what do the rules actually allow, what changes are expected and where are plan sponsors and asset managers at today with actual implementation. Will this opening up lead to new challenges for the industry and raise additional questions for them to answer around fees and transparency?

Infrastructure’s hedging promise

With infrastructure investments touting inflation protection, built-in price increases and projects that are frequently government-backed, investors in the wealth space are increasingly interested. But the US landscape is highly fragmented and managers need to navigate state regulations as well as federal policies, creating additional complexity. At the same time, opportunity is growing as eyes turn towards the AI buildout and energy transition. How are managers and investors navigating these challenges and taking advantage of the growing opportunity in this space?

Evergreen innovation

Evergreen funds have moved towards standardization, adopting similar liquidity mechanisms, gates and fee models. But there is still product innovation taking place and some groups are moving beyond individual private asset funds and are creating portfolios and hybrid public/private funds. Where is product development headed, what’s the next innovation in evergreen funds? Who are these funds for and how are they being used?

Where is private credit going?

Private credit had a challenging 2026, with portfolios, valuations, defaults, coming under scrutiny from investors. How did funds deal with the headwinds and what’s in store for private credit in 2027?