Coller Capital's Munk: Power balance has shifted from private equity managers to investors

Supply and demand imbalance

The balance of power has shifted away from private equity managers to investors for the first time in more than a decade, said Rune Munk, partner at private equity firm Coller Capital.

Speaking at the second day of Investment Week's debut Alternatives Summit, he told delegates the volatility and uncertainty that gripped 2022 meant IPO exits, which are one of the key ways private equity firms return cash to investors, fell sharply. "We are not yet in a space where we see investors leaving the industry, but what we have seen is that there are fewer investors increasing allocations to private equity than at any point over the last five years," he said.  "Investors expect for the macro environment to remain this way for the next couple of years, so they are largely look...