Last week, the Palais des Congrès in Paris hosted another edition of IPEM, with thousands of GPs, LPs, advisors, and entrepreneurs gathered under the banner “Winning the Long Game”.
This year’s event was one of the most candid we’ve attended: conversations weren’t about buzzwords, but about liquidity, specialization, and accountability.
For us at Alpera Partners, the three days confirmed not only where private equity is heading, but also why our buy-&-build focus in microcaps resonates so strongly.
1. LPs Are Focused on DPI: “Show Me the Money”
If there was one message that cut through every panel and corridor chat, it was this: LPs want their money back.
Some very blunt feedback from sessions such as “Fundraising & Allocator Outlook 2026” really set the tone. Allocators made it clear: new commitments are going to managers who can demonstrate performance and a credible path to liquidity.
Very practical discussions with investors confirmed LPs are really deploying into well-identified deal opportunities with clearly identified value creation levers while keeping costs and fees more reasonable.
The underlying theme: fundraising is bifurcating sharply.
2. Our Strategy Struck a Chord
In this environment, we saw first-hand how our differentiated approach resonates:
- Deal-by-deal flexibility: LPs consistently told us they appreciate clarity over blind pools. Knowing exactly where capital is going - and why - is a competitive edge.
- Microcap buy-&-build: The idea of acquiring small but profitable companies at highly attractive multiples, then systematically professionalizing them, was well received.
- Rapid de-risking: Explaining how we typically de-risk a platform within 12–18 months sparked strong engagement.
- Clear liquidity path: LPs liked that our model can realistically crystallize value in 3–5 years. With distributions top of mind, that clarity stood out.
We also found alignment in thematic sessions. The Value Creation Forum discussions, including “How AI is rewriting PE playbooks”, reinforced that sustainable returns will come from concrete operational uplift, not just financial engineering.
That’s exactly how we approach our microcap platforms, with systematic professionalization of the underlying businesses using simple playbooks.
3. Building Momentum
For us, IPEM was not just about listening, but also about building momentum.
- We walked away with several LP follow-ups, spanning Europe and North America.
- We broadened our network significantly, meeting allocators, co-investors, and operating partners aligned with our thesis.
- Most importantly, we came back with validation: our differentiated buy-&-build microcap strategy is resonating.
Basile Paul-Petit, Managing Partner, noted:
We had just announced our launch prior to IPEM and were very happy with the warm reception we got during the event. Our simple approach to buy&build resonated well. We came here to listen and validate our thesis, we connected over high-quality conversations with allocators and fellow investors, and are going back to work super motivated to deliver.
Final Remarks
IPEM Paris 2025 underscored that the private equity landscape is changing fast. LPs are shifting from “promises” to proof, from “potential” to payouts.
At Alpera Partners, the focus on microcap buy-&-build, executed deal by deal, with rapid de-risking and clear liquidity, fits what investors are demanding today.
We left the event energized, encouraged, and convinced: we’re building real momentum.
If you want to hear more about our model and what we do, reach out to us directly via our Contact form or on LinkedIn
.png)