Resilience isn’t a buzzword anymore. It’s the make-or-break factor for portfolio companies navigating today’s volatility. That was the takeaway from the standout panel at the PE Insights Conference in Zurich, hosted by Humatica. The conversation, led by Andros Payne (Managing Partner, Humatica), brought together Michael Petersen (Partner, Cross Equity Partners), Boris Zoller (Capvis), and Thomas Zehnder (Blue Ocean Ventures) for an unflinching look at how to stay agile in a world that no longer plays by the old rules.

From Global to Local: A supply chain transformation

The panel kicked off with a blunt reality check. Average tariff rates in the U.S. have exploded 10x since the beginning of 2025. The dollar is sliding. Global growth forecasts are being slashed. And private equity is no exception. Capital inflows and deal volumes have plummeted nearly 40% since 2021.

But what’s the impact on portfolio companies, and how to mitigate emerging risks? The biggest impact is a slow but seismic move from globalisation to regional fragmentation. Michael Petersen flagged a growing need for local supply chains that can flex with the political winds. “The centralized production model is cracking,” he said. “You need to be near your customers – and your regulators.”

Flex or Fail: Transparency is the New Muscle

With global trade routes fraying and local regulations tightening, flexibility has become a competitive edge. Thomas Zehnder shared how one of his portfolio companies had to restructure its value chain to comply with Chinese local content requirements, where at least 30% of product value must originate locally.

“Full automation worked when you had stable global flows,” he said. “Now, flexibility and partial localisation are key. The winners will be those who can rewire their ops on demand.”

To do this requires deep transparency and operational control. As Zoller emphasized, “If you can’t pinpoint your cost structures and logistics in detail, you’re flying blind and you won’t be able to change fast enough.”

The Capital Crunch: Cash discipline is back in fashion

It’s not just operations that’s under pressure – financing is tighter than ever. Petersen described how even top-performing firms are facing tough refinancing terms. “The debt markets are binary. If you’re not in the right lane, you’re out of options.”

Zoller warned that many high-leverage deals from the 2021 heyday are heading toward restructuring. The playbook now? Simplify, consolidate, and get lean without killing your growth story.

Leadership in the pressure cooker

So what separates the resilient firms from the rest? It’s not just strategy. It’s execution, adaptability, and the courage to change. Petersen argued that few leaders combine both the skills for growth and for cost discipline. “We structure leadership teams to get that mix. If a CEO can’t scale down after a boom, someone else needs to step in.”

Zoller noted that resilient teams translate vision into action, and communicate with relentless clarity. “You have to make the plan real. Strategy only works when it’s lived.”

Zehnder shared the VC side: “Founders go without salaries, dig deep, and find ways to stay alive when the funding dries up. Those who scaled recklessly when capital was cheap? They crash when the music stops.”

Conclusion: Build resilience before you need It

As Payne summarized the panel discussion, one theme stood out: resilience isn’t a crisis response. It’s got to be a mindset, and part of the culture and way-of-working. In the end, the collective ability of knowledgeable employees at all levels to connect-the-dots on emerging risk/opportunities and take action before competitors is the motor of resilience. And this is driven by the quality of behaviors and management processes. Payne added: “entrepreneurial governance, not just in the Board and C-Suite has never been more important than in these turbulent times. 

For GPs and operating partners, the message was clear: investing in the organization to build resilience is not just “nice-to-have”, but essential for preserving value in the current, unpredictable world. 

Source: Humatica

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