Frans Johansson

Narrative versus nuance. Narratives can shape opinions and perspectives. Nuance matters too. Boston Consulting Group (BCG) published a report last week that noted an intriguing subtlety about the private equity industry. The title of BCG's report "Private Equity’s Advantage Is Shifting, Not Shrinking," highlighted an interesting nuance about the state of the industry. "Despite the skepticism," they wrote, "the case for private equity remains strong, and may even be getting stronger." BCG posited that "it’s actually getting easier to allocate to high-performing managers." But allocating to high-performing managers might be easier said than done. As many allocators know, manager selection matters. And that feature is true irrespective of vehicle (drawdown or evergreen), as Clearstead Chief Investment Officer Aneet Deshpande, CFA shared in recent LinkedIn post. Private markets is going through a period where more choice is coming to more investors in private markets. There are more funds, more products, and more structures. Asking the right questions about product structures will be critical for the wealth channel if they are to have success investing in private equity. KKR's Alisa Wood, Emily Pollock, and Bradlee Few recently published an instructional insights paper in January 2026 highlighting diligence questions that LPs should ask about evergreen funds. And there's another nuance as it relates to private equity funds. What exactly are allocators buying when they are investing in private equity funds? Permira’s Executive Chairman Kurt Björklund's definition of private equity that he shared on a recent podcast with Bloomberg's Merryn Somerset Webb can be useful for those looking to understand not just the “how” of private equity, but the “why” behind allocating to private equity. Understanding the nuances of private equity can help allocators know what they are buying and why they are buying it. And that’s why nuance matters more than ever when it comes to private markets. Read on for more👇 This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by DealsPlus, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 💻 Who is hiring: Senior-level positions from companies Blackstone, KKR, Apollo Global Management, Inc., Ares Management, EQT Group, Blue Owl Capital, Franklin Templeton, iCapital, Goldman Sachs, Partners Group, Ultimus Fund Solutions, Krilogy, Dynasty Financial Partners, MSCI Inc., Upper90. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/e7wu97Db

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Stepping Into the Boardroom: Reflections for Aspiring Directors As we begin a new year, I have been reflecting on what board leadership requires. Board service is more than governance - it is where experience, perspective, and purpose come together to shape long‑term vision and guide organizations into the futures, they have yet to imagine. Every voice in the boardroom carries both achievement and responsibility. A board seat is a platform for progress, strengthened by diverse perspectives, and collaborative leadership. Through my own board journey, I have learned that preparation, focus, discipline, and confidence matter, as much as credentials. For those exploring their first board opportunity, three reflections stand out: 1. Start With Honest Questions Before beginning your search, ask yourself: Why now? What organizations align with your values? What energizes you? What skills differentiate you? Clarity on your purpose and strengths, helps you approach board service not as a title, but as a meaningful opportunity to apply your judgment, experience, and voice. 2. Understand the Evolving Landscape Governance is changing. Women now hold ~35% of S&P 500 board seats, yet representation for underrepresented groups remains uneven. Boards increasingly prioritize emotional intelligence, collaboration, and strategic thinking, alongside C-suite experience in leadership, finance, digital transformation, cybersecurity, and human capital. Knowing where your skills fit, gives you the language and confidence to position your value authentically. 3. Build Visibility, Authentically Board opportunities grow from trust built, over time. Visibility is not self‑promotion. It is showing up intentionally, contributing where you can, and helping others understand your judgment, values, and leadership style, so you are top of mind, when relevant opportunities arise. Closing Thoughts This is a pivotal moment, especially for Asian American women, entering the boardroom. Each of us widens the path for those who follow. Lead with clarity, empathy, and conviction. When boards think more inclusively and act more strategically, they create enduring value for all stakeholders. #boardleadership #governance #aspiringdirectors #valuecreation #vision #strategicthinking #empatheticleadetship #enduringvalue

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No board governance structure obviates the need for effective board governors. A core requirement of being an effective board member is being willing and able to productively disagree with the organizational leader. This is true for boards of public/private cos, schools, non-profits, churches, or any organization. It's not to say that a board member's contributions come only through disagreement - not at all. It's also not to say that disagreement should occur often - hopefully that's not the case. But, if a board member is unwilling to voice disagreement when it matters and the board is made up predominantly or entirely of such individuals, then the board isn't really playing any governing role at all. It's all cheerleading, no challenging. If you are the organizational leader, you can foster a productive board by doing something that is counterintuitive and often unnatural - elevating, listening to, and engaging with those on the board who disagree with you. And do that in front of the entire board. That sets the cultural tone that you value a range of opinions and believe in the value of different perspectives - even those that might challenge your own. If you are an organizational leader and your board always agrees with you and always rubber stamps what you're doing, consider the possibility that your board isn't functioning as a board at all, and the organization isn't therefore receiving the value of a well functioning board.

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Culture isn’t something that just appears — it’s something you shape with intention. In his interview on The Greatness Machine, Dr. Geoff Smart, chairman and founder of ghSMART, explains how entrepreneurs can align their company culture with their core values by being deliberate about the way they hire, set expectations, reward behavior, train teams, and design internal systems. When leaders take the time to define what they stand for and ensure that every part of the business reflects those values, culture becomes a powerful force for growth and alignment. Don’t miss this insightful episode — check it out now!

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💥 Andrew Behar, CEO of the shareholder activist group As You Sow, believes the rhetoric around DEI retreats we’ve seen so far obscures a larger truth: “Companies are actually holding strong.” “Anyone who's looking at the data, which the companies are, comes to the conclusion that greater diversity leads to financial outperformance," he told Fortune As You Sow released released two new DEI scorecards this week that leadership teams can use to measure progress on merit-based diversity. The Racial Justice and Workforce Equity scorecards measure 64 data points at 3,000 of the largest public companies. https://lnkd.in/ghQz7_TX https://lnkd.in/gXAAaH3e 

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An important new analysis of the 2024 VC landscape reveals critical insights into the persistent gender disparities impacting female founders and investors. My latest Forbes article, "Female Founders And Women VCs: An Unrealized Opportunity For Investors," highlights key findings from PitchBook's "2024 US All In: Women in the VC Ecosystem Report:" 📉 Declining early-stage funding for female founders signals a concerning trend. 📈 Record exit shares achieved by female-founded unicorns demonstrate their significant potential. 💰 Compensation progress for junior-level women VCs contrasts with persistent senior-level gaps. 👩‍🦰 Increased representation of women in VC decision-making roles is crucial for equitable change. 🤝 Expanding investment opportunities for women LPs is essential to support diverse venture funds. The data underscores the urgent need for collective action to address these disparities and unlock the full potential of women in venture capital. This is an important read for anyone invested in the future of innovation and economic growth. Read the full article here: https://lnkd.in/eG-xuaUV Annemarie Donegan, Jody K. Thelander, J. Thelander Consulting, Julie Castro Abrams, How Women Invest, How Women Lead, Jo Ann Corkran, Loretta McCarthy, Golden Seeds #VentureCapital #FemaleFounders #WomenInVC #Investment

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One of the most important conversations I heard in Davos today wasn’t about more AI. It was about whether we trust the systems we’re building enough to deploy them at scale. At a Rethinking Risk session at Davos 2026, leaders from media, government, multilateral institutions, and global finance kept circling the same concern: the erosion of trust. The conversation included Ravi Agrawal, Editor-in-Chief, Foreign Policy; Rebeca Grynspan, Secretary-General, UN Conference on Trade and Development (UNCTAD); Amer Bisat, Minister of Economy and Trade, Republic of Lebanon; Amb. Yusuf Maitama Tuggar, Minister of Foreign Affairs, Federal Republic of Nigeria; Stephanie von Friedeburg, Managing Director & Global Head of Public Sector, Citi. Across very different vantage points, the message was consistent: misinformation, selective or low-quality data, and a growing post-truth environment are undermining consensus, multilateralism, and sound risk analysis. When trust erodes: — due diligence weakens — uncertainty rises and risk premia increase — fact-based decision-making breaks down for governments and businesses alike The key takeaway: AI doesn’t fail at deployment because the models aren’t powerful enough. It fails when the systems around it aren’t trusted. Rebuilding trust isn’t just a technical challenge. It requires rigorous verification and higher-quality data; transparent analytics and governance; and inclusive, cross-stakeholder consensus-building. As the World Economic Forum continues to emphasize, trust isn’t a soft value layered onto innovation. It’s a prerequisite for scale, resilience, and long-term economic coordination. If we want AI to reduce risk rather than amplify it, we have to start by designing systems people and institutions can trust. That may be the hardest work ahead. And also the most important.

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