Investors are navigating a market where opportunities remain abundant, but the conditions for deploying capital are becoming more demanding. At the 280th Global Investment Leaders Club gathering, investors from different regions and sectors exchanged views on liquidity, credit markets, artificial intelligence, healthcare, robotics and emerging markets. The discussion reflected a growing emphasis on resilience, practical applications and disciplined valuations rather than simply following the fastest-growing investment themes.

Several investors noted that the current environment is being shaped by a combination of geopolitical uncertainty, elevated valuations and changes in the technology cycle. At the same time, healthcare, AI, robotics and other frontier technologies continue to create opportunities. The conversation also highlighted how investors are increasingly looking across borders and sectors to diversify their portfolios and identify companies capable of creating long-term value.

Credit Conditions and Liquidity Put Investors on Alert

The gathering began with a discussion of the broader financial environment and the growing pressure being felt across private and credit markets. Investors raised concerns about liquidity, fundraising and the possibility that tighter financing conditions could expose vulnerabilities in highly valued markets. Redemption delays of up to 90 or 120 days were highlighted as a sign of increasing pressure in parts of the private market, while equity valuations remain near historically elevated levels.

Anthony Jarrin, President &  CEO of The Cannaregio Group from the United States, whose activities span hospitality and real estate, described the environment as increasingly difficult for both operators and investors. Beyond geopolitical developments, he pointed to the strain appearing in private and credit markets and the growing difficulty of raising capital. His observations suggested that investors are becoming more cautious about liquidity and the possibility of a broader market correction. He said, “On the liquidity front, a lot of concerns with liquidity caps not being met already.”

Guido Contesso, Founder & Managing Partner of EBW Capital Group from the United Kingdom, focused more specifically on the relationship between the credit market and the enormous investment taking place in AI infrastructure. He noted that the scale of infrastructure spending could create vulnerabilities if credit conditions deteriorate, particularly because large amounts of capital are being committed to projects whose economics depend on continued access to financing. He said, “A small increase of the credit for swap could provoke quite a big storm.”

The two perspectives point to a common concern: the availability and cost of capital may become increasingly important in determining which companies and investment strategies can continue to grow. While capital remains available for compelling opportunities, investors are paying greater attention to balance sheets, financing structures and downside protection.

AI Investment Is Expanding Across the Technology Stack

Artificial intelligence remained one of the dominant subjects of the discussion, but investors described a market that is becoming more complex. Capital is increasingly moving beyond the largest hyperscalers toward semiconductors, specialized infrastructure, applications, energy and other technologies supporting the broader AI ecosystem.

Anneliese Sound, Managing Director of Future Potential Management, an investor from Germany focused on deep technology, battery solutions and targeted AI applications, highlighted the increasing importance of specialized technology rather than simply investing in large language models. She also pointed to the growing role of Asia-Pacific, particularly China and Hong Kong, where open-source AI development is creating new competitive dynamics. She said, “As we all know that if you look at AI and energy, the bottleneck is actually other semiconductors, compute, power and memory, meaning the chips, the semiconductors.”

Cary Toor, Founder and Principal of T-Ventures Corporation, from the United States, who has spent decades investing in software, described a significant change in his own view of AI. Although initially skeptical about the technology, he has become considerably more convinced by the rapid improvement of AI models and now sees meaningful investment opportunities emerging from the sector. He is also using healthcare opportunities encountered through the investment community as a way to diversify beyond traditional software investments. He said, ”When I started this process about six months ago, I was not a true believer in AI.”

The combination of these perspectives shows that AI investing is becoming less about identifying a single dominant technology and more about understanding the wider ecosystem. Investors are examining where AI creates genuine commercial value and which supporting technologies are positioned to benefit as adoption expands.

Healthcare Investment Is Showing Signs of Renewal

Healthcare provided another strong area of discussion, particularly across medical technology, biotechnology, pharmaceuticals and AI-enabled healthcare. Investors noted that the sector is beginning to attract renewed attention after a period of weaker investment activity following the COVID-era surge.

John Abeles, General Partner of Northlea Partners LLLP from the United States, a physician and experienced investor in medical technology, pharmaceuticals, biotechnology and diagnostics, pointed to increasing activity in both medtech and biopharma. He sees opportunities emerging as pharmaceutical companies seek new products and as patent expirations create greater potential for acquisitions, licensing arrangements and other transactions. More reasonable valuations are also creating a more attractive environment for investors. He said, “Major pharma companies, patents are starting to get mature, so they're on the hunt for new devices, new drugs.”

Niresh Ramsamujh, Group CEO of Verbose Holdings, from South Africa, similarly emphasized the intersection between healthcare and technology. His perspective centered on the development of new therapeutic areas and the potential for AI to improve efficiency and strengthen medical solutions. Rather than treating healthcare and AI as separate investment themes, he sees opportunities where the two areas can reinforce one another. He said, “We invest across multiple sectors but the primary focus is always healthcare.”

The healthcare discussion reflects a broader shift toward technologies that can demonstrate clear medical and commercial applications. Investors appear increasingly interested in solutions that can move beyond technical innovation and establish a credible path toward adoption, scale and eventual strategic value.

Robotics Brings AI Into the Physical World

The investment landscape is also expanding from software into technologies that apply AI directly to physical environments. Robotics was identified as an increasingly interesting area, particularly where intelligent systems can address practical industrial and operational challenges.

Zubair Sobani, CEO of Thinkventures, a private-equity investor from Canada with more than 25 years of experience, described robotics as an important focus of his current investment strategy. His interest is specifically in AI that can be implemented in the real world, and he has already invested in companies where he holds significant ownership and governance positions. He said, “These days my emphasis is a lot on robotics, so AI that can be implemented into the real world.”

This emphasis on implementation reflects a wider shift in technology investing. As AI becomes more accessible, investors are increasingly interested in how it can be incorporated into machines, healthcare systems, industrial processes and other physical applications where it can generate measurable improvements.

Biotech and Medtech Attract Renewed Investor Attention

The renewed healthcare momentum was also reflected by Ross Morton, Managing Partner of Nodenza, from the United States, who brings a life-sciences background to the investment market. His family office has a history in pharmaceuticals and biotechnology, and after moving to the United States, he launched a venture fund focused specifically on biotech and medtech opportunities. He said, “Our history is in the life sciences space, pharmaceuticals and biotech.”

Ross's focus adds another indication that investors are beginning to revisit healthcare and life sciences with greater confidence. The combination of more realistic valuations, continued medical innovation and strategic interest from larger pharmaceutical and healthcare companies is creating a potentially attractive environment for venture investors with sector expertise.

The broader conversation also demonstrated that healthcare opportunities are increasingly being evaluated alongside other technology themes rather than in isolation. AI, biotechnology, diagnostics and medical devices are becoming increasingly interconnected, creating opportunities for investors who can understand both the underlying science and the commercial pathway.

Conclusion: A More Selective Investment Environment

The 280th Global Investment Leaders Club gathering reflected a market that remains optimistic about innovation while becoming more selective about capital deployment. Liquidity concerns, credit conditions and elevated valuations are pushing investors toward greater financial discipline, while AI, healthcare and robotics continue to create new opportunities.

Geographic diversification is also gaining importance, with growing interest in Asia-Pacific and other emerging markets. The overall message was one of selective optimism, with investors prioritizing practical applications, credible commercialization, sustainable financing and scalable opportunities.