In today’s edition, a former heavyweight LP turned consultant highlights a growing interest in local economy themes among investors. John Renkema notes an uptick in mandates that stimulate regional growth, reflecting a broader shift in geographic focus.

The past 18 months have seen global investors reassess their allocations amid geopolitical concerns. Volatility linked to the Trump administration’s tariff war prompted many LPs to reconsider their overexposure to US private equity and to diversify geographically.

Advent is approaching its flagship target, signalling confidence in a more regionally focused strategy. Meanwhile, PE dealmaking continues to slump, underscoring the need for investors to seek stability in local markets.

Overall, the trend points to a strategic pivot toward themes that align with regional economic dynamics, offering a hedge against global uncertainties while maintaining attractive returns.