SuperReturn 2026 saw Ardian experts clarify the path forward for private equity

A new approach to value creation 

If the next decade in private equity will look fundamentally different from the last, the question is what firms must do differently to succeed in it. Thibault Basquin, Member of the Executive Committee and Co-Head & CIO of Buyout, took that question head-on during the panel State of the Union: This time is different — the strategic imperative in private equity.

His answer was clear: the rules of the game have changed. Geopolitical complexity, longer investment cycles and heightened execution risk are reshaping how value is created in private markets and where competitive advantage actually lies. Success depends as much on where firms invest their time as where they invest their capital. Long-term relationships and meaningful operational partnership with management teams have become prerequisites for winning deals.

Ardian's response to this shift includes the creation of its Embedded Value Creation model, designed to give portfolio companies the support and proximity they need to evolve and deliver sustainable financial performance. It represents a more operationally engaged philosophy, built for a market where value creation has become key to unlock the full potential of portfolio companies. 

Trust as the new co-investment currency  

Not every firm remained active when markets turned difficult. Patrick Kocsi, Co-Head of Co-Investment and Senior Managing Director, used the turbulence of 2022, marked by rising interest rates and inflation, as a lens through which to read the co-investment landscape today.

That period drew a clear line between fair-weather participants and committed long-term co-investors. Those who stayed the course through challenging conditions are now benefiting from significantly increased investor demand.

The co-investment market that emerged from that moment is more discerning and more relationship-driven. Success increasingly depends on alignment and trust, with investors underwriting risk alongside GPs and engaging actively in deals rather than participating passively. The outlook Kocsi described is one of disciplined growth, anchored in long-term partnerships and deep manager knowledge. 

Twenty years ahead of the curve

Some of the most confident predictions about the future are made possible by decisions taken decades earlier. Amir Sharifi, Senior Managing Director and CIO of Hy24, illustrated this with stories of deals as far back as 2005, when Ardian was already laying the foundations of its sustainable infrastructure strategy.

Twenty years later, that early conviction has compounded into something significant. Ardian's evolution toward evergreen and flagship strategies and the creation of Hy24 reflect a deliberate build-out across the energy value chain, grounded in a long-term view of the transition ahead.

Sharifi's perspective on that transition is industrial rather than ideological. The priority, he argued, is adding clean capacity to meet rising global energy demand, given the extended timeline for full electrification. Renewables remain core, and their shift toward merchant risk calls for a rigorous investment approach. Clean fuels, and hydrogen in particular, represent a major growth frontier, supported by regulation and rising demand. His central conviction throughout was consistent: sustainability and performance must be demonstrated together, and the synergies across platforms are key to meeting LP expectations.

The firms asking better questions about AI  

Skander Kamoun, Lead Data Scientist in the Infrastructure team, brought a grounded and deliberately measured perspective to one of the most discussed topics at the conference. During the session How is AI changing PE investment hypotheses?, he argued that the most important thing AI has changed in private equity is the quality of the questions being asked.

At Ardian, AI is treated as a core strategic issue in how investments are assessed. The focus is on understanding a company's full business model and roadmap, with AI serving as an enabler of corporate strategy. Past performance and traditional analysis remain essential inputs, and AI adds depth and speed of scrutiny to that foundation.

Internally, Ardian's approach is pragmatic and disciplined: starting small, controlling costs through token governance and training, and prioritizing productivity gains. Efficiency benefits are increasingly visible, and quantifying AI-driven revenue growth remains an active area of focus across the industry.

Seeing around the corner

Taken together, the perspectives Ardian brought to SuperReturn International 2026 form a coherent picture of a market in transition. Whether the subject was geopolitics, co-investment discipline, energy infrastructure or artificial intelligence, the underlying message was consistent: the firms that will define private equity's next chapter are those already building for it today.