SuperReturn Berlin 2026
We were at SuperReturn International in Berlin. These are our notes from the room, and the numbers on who was in it.
Receipts, not stories
DPI is the new IRR, the defining theme of the week across attendee recaps (Thomas Allgeyer's roundup), with LP attention moving squarely towards realised gains, as Enrico Reiche noted. Distributions over marks.
GP-led deals are now 15 to 20% of sponsor-backed exits
Dawson Partners' estimate. Continuation vehicles, NAV facilities, and secondaries now sit inside ordinary portfolio management, and Michael Sidgmore described LPs moving towards active portfolio management and solutions-led allocations.
The LP base is widening, and each pool wants different things
Private wealth, insurance, sovereigns, and family offices ran through the whole program, each wanting different things: pensions want governance and duration, family offices want direct access and co-invests, insurance brings regulatory constraints. One blind-pool fund for everyone is no longer the whole answer; product design is now part of the strategy.
India, unlocked in Berlin
India Catalyst hosted India Unlocked on the sidelines: a keynote taking India from macro story to investable reality, and a panel on private market opportunities, early stage to exit. It was one of 50+ side events that ran that week. A lot happens off the main stage. We understand this game far better now, and next year we plan to do a lot more.
