Sam, at Top Tier Access, you specialize in private equity investments. Given the current market conditions, is the U.S. still the best place to invest?
Sam Desimpel: That’s an excellent question. Historically, the U.S. has been the gold standard for private equity, consistently outperforming Europe. However, in recent years, that gap has become much smaller than most investors realize.
Does that mean Europe is becoming more competitive?
Sam Desimpel: In some cases, yes. The top U.S. funds remain dominant, but they’ve grown significantly, and their returns haven’t always kept pace with that growth.
On a median level, the difference in performance between U.S. and European private equity is much smaller than people assume. Investors often look at the strong economic growth and stock markets in the U.S. But if you strip away the influence of Big Tech and government stimulus, the U.S. economic advantage is much less pronounced.
A U.S.-based family office recently told us:
“If you look at mid-sized industrial companies in the U.S., we should have been in a recession for three years now.”
That’s surprising. What’s causing this uncertainty?
Sam Desimpel: The biggest issue is unpredictability. Private equity investors prefer stability and long-term visibility. Right now, shifting trade policies, fluctuating government spending, and changing immigration rules are making it difficult to plan for the future.
A year ago, many fund managers were optimistic and eager to close deals before interest rates rose further. But now, even the most bullish investors are becoming more cautious.
Do you think Warren Buffett would still consider the U.S. his top investment destination?
Sam Desimpel: That’s an interesting question. Buffett has always emphasized the importance of the rule of law, strong institutions, and responsible governance. Traditionally, the U.S. was at the top of his list, followed by Canada, the U.K., and other Commonwealth nations.
But today, we’re seeing trends that raise concerns:
- Excessive deregulation
- Conflicts of interest within government agencies
- Increasing concentration of executive power
The U.S. remains an economic powerhouse, but these shifts remind us why strong institutions are crucial.
Despite these concerns, do you still believe in U.S. private equity?
Sam Desimpel: Absolutely. The U.S. remains one of the most business-friendly markets, with unmatched financial infrastructure and an innovation-driven economy. Unlike many other countries, the U.S. doesn’t need the rest of the world to thrive—it has the resources, talent, and capital right at home.
We’ve seen this kind of pessimism before. A few months ago, Germany was considered one of the least attractive markets. Now, with increased defense and infrastructure spending, sentiment has completely shifted. The same could happen in the U.S.
How is Top Tier Access responding to these changes?
Sam Desimpel: Our approach remains the same: focus on long-term fundamentals rather than short-term uncertainty. We continue selecting and investing in top U.S. private equity funds. We strengthen our partnerships with leading fund managers. We maintain a diversified strategy to navigate market cycles.
As Thomas Jefferson once said:
“A stable government is the greatest of human blessings. Without it, neither life, liberty, nor property is secure.”
Our goal is to invest across cycles, making decisions based on deep analysis—not short-term emotions. If investors want to discuss how to adapt their strategies, we’re always open to that conversation.
Thanks, Sam.
