AI and Private Markets as Dual Pillars of the Industry
The Securities Investment Trust and Consulting Association held the "2026 International Asset Management Forum II" on the 12th at the Qianzhan Hall of the Fuhua Cultural Center, inviting Vista Equity Partners Value Creation Team Director He Lixian, BlackRock Managing Director Marko Milek, Capital Group Equity Investment Director Matt Raynolds, BlackRock Managing Director Ling Yao, Brookfield Asset Management Managing Partner Yang Qi, KKR Asia Limited Director Xu Tongguang, and Neuberger Berman Managing Director Chen Zhiyang as speakers, attracting nearly 200 guests. Chairman You Zhaowen said in his opening remarks that AI applications and private market development are the two major transformations reshaping the industry, and thanked the Financial Supervisory Commission for opening the 99-person cap for qualified investors in Asia Bay private equity funds, echoing the Asian Asset Management Center policy. FSC Vice Chairperson Chen Yanliang noted that AI can assist in collecting market information, analyzing financial data, and strengthening compliance, anti-money laundering, and risk management, while private equity supports corporate innovation, with due attention to investor suitability, information disclosure, and risk management.
Global Institutions Discuss AI Implementation and Governance
He Lixian noted that companies have begun adopting AI-native tools, promoting systematic training, and establishing dedicated AI leadership functions, but overall adoption remains at an early stage. He shared experience in helping portfolio companies develop agentic AI solutions, optimize computing costs, and embedding AI across investment opportunity sourcing, due diligence, deal execution, value creation, and portfolio monitoring. Marko Milek said AI has been deeply integrated into investment research, portfolio analysis, client services, and operational processes, and companies must build a secure and reliable data foundation and governance mechanism to ensure human oversight, with professional judgment and fiduciary responsibility remaining with humans. Matt Raynolds believes AI strengthens human judgment rather than replacing it, with the cost of AI use falling rapidly. He estimated that token usage by AI agents will grow 24-fold by 2030, with near-term opportunities coming from bottlenecks in computing power, electricity, cooling, and data centers, and a long-term focus on structural winners.
Private Market Expansion Shifts Focus to Operational Value Creation
Ling Yao said global private market assets are expected to exceed US$30 trillion by 2030, with companies staying private for longer, and AI, energy transition, and demographics bringing opportunities. Under a high-interest-rate environment, operational improvement has become the core of value creation. Yang Qi noted that artificial intelligence, automation, and reindustrialization are reshaping the industrial company landscape, with supply chain shifts bringing new opportunities. High financing costs have constrained financial engineering, making earnings growth and operational improvement increasingly important. Xu Tongguang shared experience in driving growth by strengthening management teams, improving operational performance, and expanding into new markets, and mentioned employee stock ownership plans at portfolio companies. Chen Zhiyang said global PE assets under management had exceeded US$6.4 trillion as of end-2025, with small- to mid-cap buyout funds delivering outstanding long-term returns. In 2026, AI-related companies accounted for nearly 90% of VC investment, the unlisted Private Magnificent 7 reached a valuation of US$2.5 trillion, and Asia holds potential in software, healthcare, and green energy.