Liquidity reimagined: Regulation, access and the next phase of private markets

Tuesday 08 December 2026 | 18:00 - 20:30 | Evening Event

This event has been organised by CFA UK's Private Markets Community 

Private markets are entering a new era of accessibility and scrutiny. As regulators push for greater transparency, and initiatives such as PISCES and private market liquidity venues gather momentum, the traditional illiquidity premium is being re-examined. 

At the same time, institutional investors are balancing long-term allocation strategies with increased demand for flexibility, interim liquidity, and improved portfolio management tools. Slower exits and longer holding periods have added to this pressure, increasing demand for new routes to liquidity and prompting LPs and GPs to rethink distributions and portfolio construction. 

Hosted by Druces in collaboration with JP Jenkins and the CFA UK Private Markets Community, this senior-level evening will bring together investors, managers, and market infrastructure leaders to explore how liquidity is evolving and what it means for the future of capital formation, portfolio construction, and investor access. 

Through a focused presentation, panel discussion, and interactive Q&A, the session will provide practical insights and forward-looking perspectives on how regulation and innovation are reshaping the private markets landscape. The discussion will draw particularly on private equity experience, while the themes apply across private markets. 

What you will learn 

• How regulation is reshaping private markets. Key regulatory developments, including UK initiatives such as PISCES, and how they are influencing transparency, reporting, and investor protections. 
• What “liquidity” means in a private markets context today. Growing ecosystem of secondary markets, private exchanges, and structured liquidity solutions and how they are changing expectations around access and exit.
• How LPs and GPs are responding to slower distributions. The impact of longer holding periods and a tighter exit environment on distributions, and how investors should weigh rolling into a continuation vehicle against taking liquidity.
• The strategic implications for institutional investors. Understand how pension funds, insurers, and allocators are adapting portfolio construction and liquidity management approaches in response to these changes.
• How GPs and market operators are responding. Learn how managers and platforms are innovating to provide access, facilitate trading, and align with evolving investor demands, including continuation vehicles and other GP-led liquidity solutions.
• Where the opportunities and risks lie ahead. Assess whether increased liquidity enhances market efficiency or introduces new complexities, including pricing challenges, governance considerations, and potential unintended consequences. 

Who should attend? 

This event is designed for institutional investors, pension funds, insurers, family offices, private market fund managers, advisers, lawyers, consultants, and market infrastructure professionals interested in the evolving role of liquidity, regulation, and innovation across private markets. 

Timings

18:00 - 18:30 Registration
18:30 - 19:30 Event presentation
19:30 - 20:30 Networking

Speakers

Anita Rana, Principal, Portfolio Management Group, Hamilton Lane

Anita is a Principal in the Portfolio Management Group, where she focuses on leading portfolio management and research efforts in EMEA.

Prior to joining Hamilton Lane in 2024, Anita was a Vice President at BlackRock, where she held several roles specialising in multi-asset private markets portfolio management across closed-end and evergreen products, portfolio construction, research and analytics. She began her career as an analyst at BlackRock in 2014.  

Anita received a bachelor of science in actuarial science from the London School of Economics and political science. She is also a CAIA charterholder.

Richard Moon, Guest Lecturer, University of Oxford’s Saïd Business

Until recently, Richard led Railpen’s £5bn Private Markets portfolio, investing across a broad range of illiquid strategies through funds, co-investments, secondaries and direct investments. Having joined Railpen in 2007, he played a central role in developing and implementing its approach to private markets, built around the principles of flexibility, control and cost efficiency.

Earlier in his tenure at Railpen, Richard was responsible for the commodities portfolio. He began his career in 2003 as a strategy consultant to the private markets industry.
Richard is a guest lecturer on the Private Equity course at the University of Oxford’s Saïd Business 

Click here to view our event terms and conditions.

If you require special assistance or have specific requirements, please contact the events team at events@cfauk.org