Private Capital Summit 2026 – key takeaways

At our inaugural Private Capital Summit, we brought together over 100 prominent investors, advisers, founders and business leaders to discuss key elements of the liquidity journey.

Federico Ceresole, Economist and Head of Portfolio Advisory Group EMEA at Goldman Sachs, kicked off the event with an insightful keynote address sharing his economic outlook for 2026. The summit also featured two expert panel discussions with speakers from across the private capital ecosystem.

Below are the key takeaways from the event.

Economic outlook 2026

Keynote: Federico Ceresole (Goldman Sachs)

• Economic growth: The probability of a recession across major developed economies has fallen from 35% in 2025 to 25%, with the baseline outlook remaining one of steady, continued economic growth.
• Mixed monetary policy: Monetary policy continues to diverge across developed economies, with the US and UK rates easing further while Japan tightens.
• Benchmark returns: Benchmark returns for moderate risk portfolios are expected to be in the mid-single digits, with equities continuing to be the primary driver of returns. US equities are forecast to return approximately 7%, non-US developed markets 6% and emerging markets leading at 8%.
• Localised vulnerabilities: There are several areas where bubble risk is worth monitoring, particularly around AI expectations, capital expenditure and AI private market valuations. 

Venture and growth: backing the innovators – capital strategies for scaling companies 

With Dannie Hanna (Taylor Wessing), Barry Brennan (Elkstone), Heidi Davis (Peri) and Will Prendergast (Frontline)

The Irish venture ecosystem is stabilising – but fundraising remains tough

• The angel ecosystem in Ireland is beginning to find its footing again, with a notably broader ecosystem emerging overall.
• Funds returning to market to fundraise still seem to be doing so at the lower end and raising capital at early stages remains difficult. 
• The Ireland Strategic Investment Fund (ISIF) and Enterprise Ireland are playing a significantly larger role in direct investments which is helping to fill gaps in the market.
• AI remains an enabler and the opportunities for success are still there for founder-led businesses with a genuinely unique perspective on where the world is heading and the role their company will play in that future.
• Despite recent challenges, the overall position and sentiment are broadly positive – a mixed bag, but with genuine momentum.

Ireland's unique structural advantage

• The absence of a significant local market serves as a major advantage for Irish founders – there is no debate about whether to expand internationally; it's simply a given from day one.
• Irish seed-stage companies often already have US customers, showing the outward-looking nature of the ecosystem and the US market's criticality to sustained growth.
• Ireland's deep FDI technology footprint also serves as a unique characteristic which sets it apart from other ecosystems and this should be leveraged by founders to the maximum extent possible.

Women's health is a sector with significant untapped potential

• Ireland offers a genuinely accessible environment for getting in front of VCs. This is a real structural positive, but not every sector benefits equally – some , including those aligned with women's health, may not be as specifically catered to by the mainstream VC community.
• Women's health is receiving more attention than ever before though, with the broader societal costs of neglect – particularly in relation to the age gap – becoming more widely recognised.
•  Many women's health companies have historically been miscategorised (eg into medtech), but a deeper look at the statistics shows that these companies still achieved significant exits, suggesting the opportunity is real and growing.

The US remains the primary value driver

• Getting into the US market is the single biggest value driver for Irish companies and, once a company establishes a presence, it can then build a team on the ground to drive future growth.
• Founders should be thinking about US investors from day one and make it a priority to build relationships with contacts with US-based angel investor connections. 

Liquidity and wealth: exits and wealth transition

With Paddy Quinlan (Taylor Wessing), Trish McCarvill (Taylor Wessing), James Westropp (Goldman Sachs), Andrew Murphy (Erisbeg) and Barry Doyle (Eudia)

It's never too early to prepare for an exit

• You can't predict when you'll get a tap on the shoulder, so preparation is everything. Founders who have their house in order before a process begins spend less time pulled away from running the business, are less exposed to price chips and are far less likely to see deals fall away. 
• That means getting verbal equity and contractual arrangements documented, ensuring the share register is accurate and up to date and taking care of the basic housekeeping that's easy to overlook when you are focused on growth. 
• Engaging advisers in the background early, even when an exit feels distant, can also pay dividends. As the panel noted, those who are ready can move quickly when the moment arrives, and speed matters.

Staff incentivisation must be done right

• Management incentive plans and growth share schemes are among the most powerful tools available to founders looking to retain and reward key talent, but they are not straightforward. 
• Structures that aren't properly designed from the outset can create significant tax inefficiencies and due diligence headaches at exactly the wrong moment. 
• Keeping the cap table clean is equally critical. Where appropriate, the considered use of nominee structures for employees, combined with carefully planned option arrangements, can make a material difference when a buyer arrives. 
• The message from the panel was clear – take advice early, structure properly and do not let this become a problem to be solved under the pressure of a live transaction.

The emotional impact is real and underestimated

• Founders consistently underestimate the psychological shift involved in moving from building a business, and building wealth, to suddenly managing wealth after a sale.
• The sense of identity that comes from running a company does not simply transfer to a bank account. Planning for the personal and emotional transition is as important as planning for the financial one. 
• Engaging with wealth management advisers early, something that is standard practice in the US at the very outset of building a business, but less embedded in the Irish market, was highlighted as a significant gap. With the benefit of hindsight, founders almost universally wish they had started those conversations sooner.

Competitive tension remains essential

• Whether a company has been deliberately preparing for sale or an approach arrives unexpectedly, running a process with genuine competitive tension is one of the most effective ways to protect value. 
• Relying on a single buyer can drag out a process, leave founders exposed to late-stage price chipping and significantly weaken negotiating leverage. Real competition, not just the appearance of it, keeps buyers disciplined and timelines moving.
• Founders should also consider pushing for warranty and indemnity insurance at term sheet stage, which can meaningfully de-risk the post-completion period, something that is particularly important in partial exits or where founders will remain in the business and alignment between parties is crucial.

Succession planning: small steps early = big wins later

• The conversation on wealth transition extended beyond the exit itself to the longer-term question of what happens next. Ireland is still in the relatively early stages of multigenerational wealth creation and exiting founders need to take time to plan the next phase carefully rather than rushing into early-stage investing or other deployment decisions under pressure. 
• When it comes to passing wealth to the next generation, the panel's message was clear – small structural decisions made in good time (such as early tax planning, proper succession structures and considered use of available reliefs) can lead to very significant long-term savings. 
• For those founders who are comfortable remaining in Ireland, a broad awareness of the reliefs available is essential. For those considering a change of residence, early planning is even more critical.