This was the main conclusion of the Observatory, “The potential of private equity for insurance companies and pension funds: facing a new regulatory shift,” which we hosted together with the law firm Cuatrecasas and El Economista at the Club Financiero Génova. 

The discussion featured our partner Javier Alemán, alongside Jorge Canta, partner at Cuatrecasas; Romualdo Trancho from Mercer; María Concepción Bravo from Mapfre Asset Management; Josep Sentís from Sabadell Asset Management; Antonio José Hernández Corona from BBVA Asset Management in Spain; and Antonio Morales from Mutua Madrileña. The event was also attended by other institutional representatives, including José Luis García Muelas from Loreto Mutua, among others. 

During the session, participants analysed how regulatory changes, particularly within the frameworks of IORP II and Solvency II, can act as a catalyst for increased allocation to private markets. Interest in this asset class is growing: nearly 40% of institutional investors expect to increase their private equity investments over the next year, and more than 50% of large asset owners have already increased their exposure to private markets in response to the current economic and geopolitical environment. 

Spain still maintains a high concentration in fixed income within institutional portfolios, which limits access to structural sources of long-term returns. Moving towards more diversified models will be key to strengthening the sustainability of the pension system. Key topics also included the role of the lower mid-market, given its higher return potential and lower correlation, the evolution of evergreen vehicles, and the need to strengthen a solid complementary pension pillar supported by large, long-term institutional investors. 

At Qualitas Funds, we see these types of events as an important way to bring alternative investment closer to institutional investors, and we would like to thank all the speakers, as well as the attendees, for their participation.