[2026 Alternative Investment Forum] "In the Quantum and AI Transformation, Waiting Comes at a Cost"

Nicolo Somaski, CEO of Kwandella
"Waiting for certainty may cause you to miss the right moment"
Lorenz, Head of Digital at EQT Partners
"AI is an opportunity for both revenue growth and cost reduction"

"In periods of technological transition, waiting to act until something is 'proven' can be the most expensive option."

On September 29 at Conrad Seoul in Yeouido, Seoul, Nicolo Somaski, CEO of Quandela, stated in his keynote speech at the 4th Asia Business Daily Alternative Investment Forum that artificial intelligence (AI) and quantum technology will bring dramatic changes to the investment environment.

Nicolo Somaski Quandela, CEO, is delivering a lecture titled “The Present and Future of Quantum Technology, Industries and Investment Environments Changed by Quantum” at the 4th Asia Business Daily Alternative Investment Forum held at Conrad Hotel in Yeouido, Seoul on September 29, 2026. Photo by Kang Jinhyung

At the forum, themed "Deep Tech Frontier: Alternative Investment Strategies in the Era of Quantum and AI," domestic and international speakers agreed that deep tech fields such as quantum computing and AI are not only reshaping industrial landscapes but also fundamentally altering the investment criteria of alternative assets. In the first session, CEO Somaski, who leads a photon-based quantum computing company, discussed how quantum technology will transform industries and the investment landscape. The second session featured experts from EQT Partners, Samil PwC, and KPMG FAS, who outlined deal sourcing, due diligence, value-up, exit strategies, and approaches to the Japanese M&A market in the AI era. The common message was that technological change should not be seen as a distant theme of the future but rather as a current investment decision-making criterion.

CEO Somaski cited cases such as Kodak, which invented the digital camera but remained complacent in the film business, and Nokia, which missed the smartphone transition, pointing out that "they failed not for lack of technology, but because they waited for certainty." He stressed, "Quantum is not a single technology bet but a long-term, illiquid alternative asset." Somaski explained, "The combined market capitalization of eight pure-play quantum companies is about $51 billion—more than 200 times their combined revenue last year," adding, "The market is valuing technological milestones, not revenue."

Sebastian Lorenz, Head of Digital at EQT Partners, is delivering a lecture on the theme "The Direction of Private Equity Investment in the AI Era" at the 4th Asia Business Daily Alternative Investment Forum held at Conrad Hotel in Yeouido, Seoul on September 29, 2026. Photo by Kang Jinhyung

The impact of deep tech on private equity (PE) investment was explored both in overview and in detail. Sebastian Lorenz, Head of Digital for the Asia-Pacific region at EQT Partners, emphasized, "AI serves as both a selection criterion for investee companies and a tool for enhancing value." He explained, "Successfully implementing AI delivers both revenue growth and cost savings, directly improving EBITDA (earnings before interest, taxes, depreciation, and amortization) and maximizing investment returns."

Lee Sangmin, Partner at Samil PwC, brought this into the transaction field by analyzing how AI is actually reflected in company valuations. He cited the case of Advent International acquiring the gas engine company INNIO from GE for $3.3 billion in 2018. INNIO, leveraging its AI service platform, transformed itself from an "engine manufacturer" to a "technology platform with recurring revenue," and when it listed on NASDAQ this year, it received a valuation of $20.3 billion. The applied earnings multiple jumped from 12 to 40. Lee emphasized, "AI does not itself create value; rather, it accelerates the conversion of intrinsic value into cash flow. You must think backwards from what data you control and which peer group your company will be compared to at exit."

Hideyuki Ishii, Partner at KPMG FAS, focused on how to win in Japan's increasingly heated M&A market. With assets coming to market through carve-outs and management buyouts (MBOs), money alone is not enough to secure deals. He explained, "In Japan, sellers choose acquirers who earn trust from management, employees, and business partners, not just the highest bidder; price is only a necessary condition, not a differentiator." He further advised, "You need to build relationships before deals come to market and earn trust before price becomes the decisive factor. Korean private equity firms do not need to compete in the same way as large Western funds."

Hyun Sangsoon, chairman of The Asia Business Daily, is delivering the opening speech at the 4th Asia Business Daily Alternative Investment Forum held on September 29, 2026, at the Conrad Hotel in Yeouido, Seoul. Photo by Jinhyung Kang

Hyun Sangsoon, chairman of The Asia Business Daily, said in the opening speech, "As quantum computing moves ever closer to commercialization, yet another revolutionary transformation is being signaled atop the wave of change initiated by AI." Kim Sungjoo, Chairman of the National Pension Service, remarked in a congratulatory address, "The faster the pace of change, the greater the requirement for the ability to identify new investment opportunities, as well as the capacity to accurately assess and manage the risks beneath them."

Kim Sungjoo, Chairman of the National Pension Service, is giving a congratulatory speech at the 4th Asia Business Daily Alternative Investment Forum held at the Conrad Hotel in Yeouido, Seoul on September 29, 2026. Photo by Kang Jinhyung

This content was produced with the assistance of AI translation services.