Evergreen Funds, Private Credit and the Information Problem | Cyril Demaria-Bengochea

Episode notes

In this episode of the Private Markets Podcast, Fund Shack , Ross Butler is joined by Cyril Demaria-Bengochea , Head of Private Market Strategy at Julius Baer and Associate Professor at EDHEC Business School . Cyril brings a rare combination of academic rigour and practical industry insight, shaped by his work with institutional investors, private banks, regulators, and industry bodies including Invest Europe and ILPA. Together, Ross and Cyril unpack what is really changing in private markets, why innovation is accelerating despite slower fundraising and exits, and why information quality, not liquidity or leverage, is now the industry’s biggest constraint. The discussion explores how continuation funds have moved rapidly into the mainstream, why evergreen structures have become central to private-wealth portfolios, and where the real risks sit beneath commonly used labels like “semi-liquid”. Cyril also offers a measured, data-driven view on private credit, arguing that its growth reflects capital filling the void left by regional banks rather than an unchecked expansion of systemic risk.

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