[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"

"During technological transition periods, waiting to act until a technology is 'proven' can be the most expensive decision you make."

Nicolo Somaski, CEO of Kwandella, said this during his keynote speech at the 4th Asia Business Daily Alternative Investment Forum held at Conrad Seoul in Yeouido on September 29. He stated 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 all agreed that deep tech such as quantum computing and AI is not only reshaping the industrial landscape but also redefining the standards for alternative investment. In the first session, CEO Somaski, who leads a photonics-based quantum computing company, discussed how quantum technology will transform industries and investment environments. In the second session, experts from EQT Partners, Samil PwC, and KPMG FAS presented strategies for deal sourcing, due diligence, value scaling, and exits in the AI era, as well as approaches to the Japanese M&A market. The common message was that technological change should be considered a present-day investment criterion, not just a theme for the distant future.

CEO Somaski cited Kodak, which invented the digital camera but stuck to its film business, and Nokia, which missed the transition to smartphones, as examples. He pointed out, "It wasn't a lack of technology that brought them down, but the decision to wait for certainty." He emphasized that "quantum is not a single technology bet, but a long-term and illiquid alternative asset." Somaski explained, "The combined market capitalization of eight pure quantum companies is about $51 billion, which is more than 200 times their total revenue last year," adding that "the market is valuing technological milestones rather than 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 forum continued with both general and specific discussions about how deep tech is transforming private equity (PE) investment. Sebastian Lorenz, Head of Digital for Asia Pacific at EQT Partners, emphasized, "AI is both a criterion for selecting portfolio companies and a tool for driving value." He added, "A successful AI implementation achieves both revenue growth and operational cost reduction," which "directly improves EBITDA and maximizes investment returns."

Sangmin Lee, Partner at Samil PwC, connected this to real-world deals, detailing how AI translates into tangible business value. As an example, he cited INNIO, a gas engine company acquired by Advent International from GE for $3.3 billion in 2018. By leveraging its AI service platform, INNIO transformed from an 'engine manufacturer' into a 'technology platform generating recurring revenue.' When the company went public on Nasdaq this year, it was valued at $20.3 billion, and its valuation multiple soared from 12x to 40x. He explained, "AI does not create value by itself; it accelerates the conversion of intrinsic value into cash flows," and stressed that, "You need to work backward from which data you can control and how you'll be valued among peers at exit."

Hideyuki Ishii, Partner at KPMG FAS, focused on strategies for 'winning' in the hot Japanese M&A market. Although carve-outs and management buyouts (MBOs) are creating a surge in available deals, money alone is not enough to win them. He said, "In Japan, sellers do not choose the highest bidder, but the acquirer who earns the trust of management, employees, and business partners," emphasizing that "price is a necessary condition but not a differentiator." He advised, "Build relationships before assets come to market, and earn trust before price becomes the key factor; Korean private equity funds do not have 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

Hyunsangsoon, Chairman of The Asia Business Daily, said in his opening remarks, "As quantum computing moves closer to commercialization, we are witnessing another revolutionary transition on top of the wave of change ushered in by AI." Kim Sungjoo, Chairman of the National Pension Service, said in his congratulatory speech, "The faster the change, the more it calls for the ability to identify new investment opportunities, and, at the same time, accurately assess and manage the underlying risks."

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.