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Side Letter: Europe’s Exit Intervention

Private equity markets in Europe are confronting a slowdown in exits, raising concerns that policymakers could step in to support liquidity. In the United Kingdom, large distribution‑capital firms are increasingly deploying capital directly, altering the structure of private‑market investing. Meanwhile, Ares Management announced the recruitment of a senior wealth‑management executive from Apollo, signaling a talent shift among top alternative‑asset managers. These developments highlight evolving dynamics across the continent’s private‑equity ecosystem.