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Risk in Context Podcast: Capturing value during the PE industry’s inflection point

Listen to Marsh specialists discuss how the private equity landscape is evolving and share risk management and insurance solutions to navigate today’s PE environment.

02/06/2026 · 2 minute read

A higher interest rate environment, slower exits, and intensified global competition are reshaping deal dynamics and forcing private equity funds to rethink how they capture value as returns compress.

At the same time, important opportunities remain — particularly for investors that protect and create value across the entire investment lifecycle, from diligence through exit.

In this episode of Risk in Context, Paul Knowles, Global Head of Marsh’s Private Equity and M&A Practice, speaks with John Romeo, Global Head of Oliver Wyman’s Private Capital Business, and Benjamin Baumann, Mercer’s Global Head of Secondaries. They discuss industry-shaping trends — including the expansion of secondary markets and rapid technology advances — that will be featured at next week’s SuperReturn conference. They also share strategies senior leaders can use to navigate the changing environment, strengthen exit outcomes, and improve returns.

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Key takeaways

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Maturing markets require disciplined entry pricing

After a period of expansion, returns are increasingly dependent on operational value creation, requiring firms to focus on disciplined entry pricing and clear, repeatable value creation plans before committing capital.

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Longer holding periods enable sophisticated risk transfer

Extended investment timeframes allow funds to adopt more advanced risk transfer and insurance strategies across portfolios, aligning coverage with multi-year value creation objectives.

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Secondaries becoming a major, distinct liquidity channel

Both general partner-led and limited partner-led secondary activity has expanded substantially, with secondaries now used to crystallise gains, reallocate exposure, and access high-quality assets.

About our speakers

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Paul Knowles

Global Head of PEMA, Chairman of Global Construction

Paul Knowles is the Global Head of PEMA, Chairman of Global Construction, and a member of the Global Specialty Executive Committee; he is also a member of the Marsh Private Equity and M&A leadership team. Throughout his 33-year insurance broking career, he has helped structure and manage risk and insurance programs for global clients, as well as manage major infrastructure projects around the world in the power and energy as well as civil engineering sectors.

John Romeo

Global Head of Private Capital Business, Oliver Wyman

John Romeo is the Global Head of Oliver Wyman’s Private Capital business, working with leading private equity funds, family offices, and alternative asset managers on business model strategy, deal generation, diligence, and value creation. Prior to these roles, he served as Head of the Americas for Oliver Wyman and has over 30 years of consulting experience, advising the boards and senior executives of the world’s leading private and public sector organisations on strategy, organisational effectiveness, risk management, and M&A.

Benjamin Baumann

Benjamin Baumann

Global Head of Secondaries, Mercer

Benjamin Baumann is a Partner of Mercer Alternatives and Global Head of Secondaries, mainly responsible for leading the continued growth of Mercer's discretionary secondary investments across asset classes and investment types. He also serves as Chief Investment Officer and member of the management committee of Mercer Alternatives AG (based in Zurich), the delegated and FINMA (Swiss Financial Market Supervisory Authority) regulated Investment Manager of Mercer's Alternatives solutions implemented in Luxembourg.

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