BC Partners' Nikos Stathopoulos declares tariffs now the paramount risk factor in private equity investment strategies. Stathopoulos states tariffs have surged from irrelevance to the top concern in just 18 months, fundamentally altering how firms assess Europe's competitiveness against the US. Waterland acquired majority stake in Palletways, a European pallet freight leader, while Key Capital bought luxury yacht brand Sunseeker and Main Capital invested in Swedish manufacturing analytics firm Good Solutions. Stathopoulos attributes this shift to the 'Liberation Day' tariff deluge, which caused immediate market disruption despite later rollbacks, forcing a reevaluation of geopolitical exposure. Europe is now viewed as a safer haven, with assets trading at discounts to US equivalents.