Balentic Edge

Private Markets Reset: AI, Risk, and Hidden Concentration

Are markets broken — or just changing? In this episode of Balentic Edge, Kasper Wichmann sits down with Balentic’s in-house expert Alex to unpack Hamilton Lane’s latest market outlook, Pandora’s Box, and what it signals for private markets. They explore why this moment represents a structural shift, not just a cyclical downturn — and why AI is emerging as the single most important investment theme. Key takeaways: * Why AI dominates everything: how it reshapes growth, returns, and portfolio construction * What markets are really signalling: strong performance masking structural fragility * How LP strategy must evolve: navigating concentration, liquidity pressure, and manager selection For LPs, GPs, and allocators, this episode provides a sharp, actionable view on positioning portfolios in an uncertain and probabilistic environment. This is a must-listen for anyone serious about private markets today. Disclaimer: The views and opinions expressed in this podcast are those of the individual speakers and guests and do not necessarily reflect the views of Balenti or any affiliated entity. This podcast is provided for informational and educational purposes only. It does not constitute investment advice, legal advice, or any other form of professional advice, nor does it constitute an offer or solicitation to buy or sell any financial instrument, security, or investment strategy in any jurisdiction. Certain statements may be forward-looking in nature and are based on current expectations, assumptions, and beliefs. Actual outcomes may differ materially due to risks, uncertainties, and other factors. Listeners should seek independent professional advice before making any investment or financial decisions.

The Operational Era: Finding Liquidity and Value at High Altitude

In this special episode of Balentic Edge, Kasper Wichmann is joined by Alex, Balentic’s in-house private markets expert, to unpack what leading 2026 outlooks are really telling us. They explore liquidity as a strategic constraint, the rise of operational value creation, growing dispersion between managers, and why AI’s real opportunity lies in infrastructure rather than software narratives. A must-listen for LPs, GPs, and allocators preparing for a structurally different private markets environment. Disclaimer: The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.

Backward Diversification, Forward Momentum: Inside HarbourVest’s Evergreen Strategy

In this episode of Balentic Edge, Kasper is joined by Craig MacDonald, Partner at HarbourVest and portfolio manager for the firm’s evergreen private equity solutions. Together they unpack how one of the world’s most established private markets platforms is rethinking portfolio construction, secondaries, and liquidity in a world of “private for longer”. Craig shares candid views on backward diversification, NAV squeezing, valuation frameworks, evergreen carry structures, and how to manage semi-liquid products without losing alignment. We also touch on the globalisation of private markets, the return of exits, and what really keeps an evergreen PM up at night. If you’re an LP, GP, or allocator thinking about evergreen exposure, secondaries, or semi-liquid structures, this is a highly relevant listen that will help frame the right questions for your own program.

Where Creativity Meets Capital: The Rise of Music as an Asset Class

🎸 Can a song become an asset class? And can private equity make artists immortal? In this episode, Kasper Wichmann speaks with Natalia Fontecha, Partner and Head of Capital Raising at PopHouse Entertainment, the Swedish firm applying a private equity playbook to music rights and reinventing how cultural IP is owned, scaled, and monetised. PopHouse sits at the crossroads of creativity and capital, where evergreen music catalogues become value-creation engines - and where AI, immersive experiences, and global licensing are just the beginning. In this episode, you’ll learn: * Why music is emerging as an uncorrelated, defensible asset class for institutional LPs * What an artist-centric investment model looks like - from ABBA to avatar shows * How PopHouse raised a record first-time fund in the toughest fundraising environment in a decade For LPs, GPs, and allocators exploring differentiated deal flow, IP-based revenue, or the next frontier of alternatives, this is a must-listen. Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.

Financing the Missing Middle: How Blume Equity Scales Europe’s Climate Champions

Guest: Clare Murray, Co-Founding Partner at Blume Equity Host: Kasper Wichmann, Founder of Balentic Europe’s climate opportunity is growing - but the capital gap between early-stage VC and buyout remains. Clare Murray joins Balentic Edge to discuss Blume Equity’s approach to growth-stage climate investing, the balance of returns vs impact, partner dynamics, and what Europe must do to lead globally in decarbonisation. Our website: www.balentic.com Disclaimer: The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax or business advice or a recommendation to buy or sell any security.